Bernanke claims he could begin tapering bond purchases as early as July, causing the market to fall with a somewhat reckless abandon.
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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.
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.
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.
10-year Treasuries reached their highest level in almost seven weeks after a sharp sell-off in the market late Friday.
30-year bonds rose amid speculation rates near 3% and falling inflation expectations will attract investors for the 30-year auction this afternoon.