It?s good to be the least-ugly sister.
American markets powered ahead again yesterday, despite ongoing tensions in Europe and very bad economic data. Stocks rallied 0.9% on volume that is again slipping into the ?sleepy? zone (the last three days? volume is the lowest 3-day volume since the holiday season), but the indices seem dead-set on skittering to new highs over the next couple of weeks. Bonds sold off once again, pulling the 10-year yield up to 3.41%. TIPS, however, did marvelously after a terrific 10y auction that cleared well through the screens, 0.92%, on a 2.97:1 bid-to-cover ratio. Demand for inflation protection is plenty strong enough to sustain a market with no net issuance.
Initial Claims was on-target, but the
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