Chris Rupkey
Chris Rupkey
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It's not like the deficits back in the Reagan years because the economy is much larger now, so theoretically we can handle this amount of debt.
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A lot of selling came in around 9 o'clock because Freddie Mac priced a large 10-year note, their benchmark security. Right at the pricing of that note, the Treasury market went down and it wasn't able to recover.
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consumer spending has not been dented by the hurricane-inspired rise in gasoline prices and fears of higher home heating oil bills.
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Consumers are more optimistic during this holiday season, and retailers hope this means that they will hear the ringing of cash registers in what has been a lackluster sales period so far. This augurs well for a continued expansion of the economy next year.
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There was very strong demand -- off the charts -- from the indirect bid -- about 65 percent, bigger than the 55.6 percent at the 10-year note auction in November 2005.
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This is not going to be the easiest Treasury refunding sale.
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This budget number is way out there; it was quite a shock.
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Prices received rising so much is the first sign that businesses have increased power to pass on these energy-price increases. Energy will shortly be a major factor in the inflation equation, and this is what the Fed is worried about, so expect policy makers to keep pushing interest rates higher.
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Cars seem to be pivotal in keeping the wheels of consumer spending turning and certainly this quarter is starting out with a thud.
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The jobless claims number went up quite a bit, but the idea here is that because it stayed below 300,000 there's a good chance that the U.S. unemployment rate continues to fall.
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The details of the GDP report may have given Treasuries a boost as the Fed's preferred inflation target, the core personal consumption expenditures index, was revised down to 1.7 percent from 2 percent for the first quarter,
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The markets were prepared for Greenspan to end his final meeting with the funds rate at neutral. What they got instead is the statement that rate hikes still 'may be needed.' This was not music to the market's ears.
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The market is on guard after Broaddus reminded us that the day of reckoning when the Fed raises rates is drawing nearer and the rebound in global stock markets is adding fuel to the fire.
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The economy is creating over two million new jobs a year and these workers will need housing. Fears of a collapse in the housing market have been overblown.