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Today’s Global Market News
01/03/2012
Treasury prices are lower to open the New Year as better than expected overseas economic data has equities on the rise. This week’s condensed economic calendar is relatively busy with key economic activity including today’s December ISM manufacturing data and FOMC meeting minutes, tomorrow’s November factory orders and Friday’s December nonfarm payrolls report. Today’s ISM data is expected to show a moderate increase to 53.4 from the prior level of 52.7 but all eyes will be on FOMC minutes to see if there were any shifts in consensus policy from the committee. Currently, the 10 year yield is at 1.944% (1.897% Friday) and the 2-10 yield spread is at 169bps, steeper by 6bps since yesterday morning.
