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Markets Digest Details of EU Plan
10/28/2011
Treasury prices are higher this morning as markets continue to digest the details of the EU plan. The bloom was off the treasury rose yesterday as yields busted through support levels and settled into a range not seen since early August. Today’s economic calendar is fairly active once again with the personal income and spending reports already released. Spending in September was in line with expectations of a +0.6% increase but an increase of 0.1% in income failed to meet expectations of a +0.3% gain. This week’s calendar concludes with the final Univ of Michigan consumer confidence index, which is expected to show a slight increase to a level of 58. Currently, the 10yr yield is at 2.349% (2.288% Thursday) and the 2-10 yield spread is at 205bps, steeper by 6bps since yesterday morning.
