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President Obama Jobs Speech Tonight
09/08/2011
Treasury prices have retraced yesterday’s losses as bearish economic data from overseas combined with today’s potential market moving events to push investors back into Treasuries. Today’s three headline events include the just announced decision from the European Central Bank to keep rates unchanged, Fed Chairmen Bernanke’s speech at 1:30PM eastern and President Obama’s speech tonight on jobs to a joint session of Congress. Meanwhile, today’s weekly jobless claims reports showed an unexpected increase in initial claims (414k actual vs 405k predicted). This report will likely add fuel to the already raging fire that the US economic recovery is stalling. Currently, the 10yr yield is at 1.986% (2.022% Wednesday) and the 2-10 yield spread is at 1.79 bps, flatter by 3 bps since yesterday morning.
