Chris Rupkey
Chris Rupkey
benchmark came large mac market pricing selling treasury
A lot of selling came in around 9 o'clock because Freddie Mac priced a large 10-year note, their benchmark security. Right at the pricing of that note, the Treasury market went down and it wasn't able to recover.
indicate reading softer
It may come down to 59.5. This reading would not indicate a softer economy.
commodity inflation matter prices start time
It may be just a matter of time before the public's inflation expectations start to rise. Commodity prices are soaring.
business immense inflation pressures sidelines stage
They're not on the sidelines yet. The inflation pressures are immense at this stage of the business cycle.
easiest treasury
This is not going to be the easiest Treasury refunding sale.
decided path people prices resistance selling
The selling abated, prices stabilized and people decided the path of least resistance is up.
consumer fears gasoline higher home oil prices rise spending
consumer spending has not been dented by the hurricane-inspired rise in gasoline prices and fears of higher home heating oil bills.
adding drawing fed fuel global guard market markets nearer raises rates rebound reckoning reminded stock
The market is on guard after Broaddus reminded us that the day of reckoning when the Fed raises rates is drawing nearer and the rebound in global stock markets is adding fuel to the fire.
broken budget constrain continue despite effort ink likely record records red remains side spending
The red ink was a one-month record in February, and the records are likely to continue to be broken this year. The spending side of the budget ledger remains out of control, despite some effort to constrain these expenditures.
fed officials point suggest
There is nothing at this point to suggest that Fed officials will pause.
credit due
We were due for a pullback in credit,
added boost changed cut december expecting federal funds limit low rate saying stock thinking today
We're back to expecting a rate cut on December 11. Meyer changed people's thinking by essentially saying there's no limit as to how low (the federal funds rate) could go and today we're getting an added boost from the (weak) stock trade.
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Unfortunately, I think they tried to fight the inflation dragon a little too long, and rejected the counsel of the markets which urged them to cut rates as early as November that year.
easily economy economy-and-economics likely momentum surprise
There is considerable momentum here that will not be easily slowed. This economy is strong, and it is likely to surprise on the upside.