Mortgage bond prices opened weaker this morning following the higher
than expected inflation data. This erased the small gains from
yesterday afternoon.
The producer price index rose 0.1%,
higher than the expected 0.5% decrease. The core, which excludes
volatile food and energy prices, rose 0.2% as expected.
We still have consumer sentiment data @ 10am et.
Stock futures are slightly higher.
News
out of the euro zone is generally tame this morning. Italian officials
are railing against another Moody's downgrade of Italy's credit rating.
Concerns continue to grow in Spain regarding reports that Spanish
banks are having difficulty staying capitalized. Turmoil abroad is
generally good for U.S. debt instruments which are viewed as a
safe-haven amid all global uncertainty.
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