Following speculation of a practical solution to the European debt catastrophe, treasuries plunged further yesterday. Pressure from external authorities binds government and financial experts overseas, as U.S. Treasury Secretary Timothy Geitner continues to urge European nations to diffuse compounding debt.
The roller coaster ride continued as the Dow rebounded from a large loss for the second time this week, increasing 423 points. Yesterday’s 30-year treasury auction drew the lowest level of demand since 2009. The July Retail Sales numbers were released this morning, falling right in line with market expectations.