S&P 500 FINANCIALS INDEX
| Value 209.94 | Change 1.16 | % Change 0.6% |
Ahead of the big meeting, the Alerian MLP Index is up pennies in the204s while the REIT index rose 1+ to the 195s (highest level since Oct 2008). Junk bond funds keep edging higher to their highest levels in a couple of years. The yield on the 10-year Treasury bond fell 3 basis points to 3.68% (generally little changed relative to where it's been in recent months).
Alerian MLP Index --- 2 weeks
Dow Jones REIT Index --- 2 weeks
Oil is strong again, going back over $80 & gold is also have a nice day.
| CLJ10.NYM | ...Crude Oil Apr 10 | ...81.25 | ... 1.45 .......(1.8%) |
| Gold | ...1,124.50__ | 19.10__ | 1.7% |
Administration officials admit that employers won't be hiring enough workers this year to lower the unemployment rate by a significant amount. Uh oh!! The Treasury Secretary Tim Geithner said, the percentage of those not able to find work will “remain elevated for an extended period.” Uh oh again!! The officials estimate the the economy will add only about 100K jobs monthly (based on 3% growth for GDP), not enough to bring down the unemployment rate. At the same time they are going full steam to ram an unpopular health care bill thru costing$Ts whether the people want it or not.
•U.S. Jobless Rate Will Be Elevated for `Extended Period,' Obama Aides Say
The EU worked out a strategy for emergency loans in case Greece’s plan for 4.8B € ($6.6B) in tax increases & wage cuts fails to prevent a fiscal disaster. Greece still has to roll over €55B of debt this year, including €20B in the next couple of months & is looking to tap the bond markets to borrow at cheaper rates. There's skepticism about whether the Greek gov can push through its plan to reduce the budget deficit by 4 percentage points this year alone to 8.7% of the country's national income, given likely social unrest as wages & state benefits are reduced. Despite the confusion, the € at $1.37+ is above recent lows of $1.34.
Greece Gets EU Financial Lifeline Pledge
Now much to do but wait for the outcome of the Federal Reserve meeting. Greece is hoping to muddle by until its next refinancing problem pops up. Nancy Pelosi looks like she is hell bent on ramming health care legislation thru no what it costs. Obviously I'm not in favor & am afraid of how the markets will react if this confusing bill is passed. Today the big news will come from the Federal Reserve, maybe advising us how they intend to unwind their bond positions.
Dow Jones Industrials --- 2 weeks
No comments:
Post a Comment