Money Market Recap & Forecast from the Daily Communicator

May 10th, 2010

Written by Frost Mortgage

The week began badly for U.S. Treasury securities, but the benchmark 10-year note did a major U-turn on Tuesday sending it plunging from Monday’s close of 3.70% to 3.39% on Thursday. Yields and prices move in opposite directions.

Monday’s problems were twofold. The proposed Greek bailout by the EU and the IMF dried up safe-haven buying in bonds, which had been keeping yields low. In addition, a trio of good economic releases added to selling pressure.

Consumer spending in March increased for the sixth straight month, rising 0.5%. This pushed it past the pre-recession high reached in November, 2007. Purchases of autos and durable goods led demand, while income rose only 0.2% and the savings rate fell 2.7%.

If you’re interested in reading the entire report, published every day and packed with valuable information you can use in your business from mortgage industry leader Greg Frost, please visit The Daily Communicator: http://www.thedailycommunicator.com/

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