Bernanke claims he could begin tapering bond purchases as early as July, causing the market to fall with a somewhat reckless abandon.
It was a rough week for the bond market last week. Strong economic indicators drove investors toward the stock market and we saw our rates increase as a result.
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Treasuries rose yesterday amidst mixed economic news. Housing starts fell and initial claims for jobless insurance climbed, while sales at U.S. retailers unexpectedly increased.
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Yesterday was an ugly day for the bond market. The media focused on stocks, specifically equities, for the volatility in the bond market. However, that doesn’t explain the sell-off we saw yesterday.
Yesterday the Retail Sales Report was a small contributor to a sell-off we saw in the early afternoon.