Interest Rate and Treasuries Market Recap

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April 17th, 2012

The Treasury market was mostly off balance today despite scheduled data that should have favored the bull camp. While Permits jumped that positive news was at least partially countervailed by slow housing starts figures. With Industrial production figures also flat for the second month in a row, some traders would suggest that the forward motion of the US economy could be starting to wane. In retrospect, the Treasury market seemed to take its direction from the US equity markets and not from the scheduled data flows. There is a portion of the Treasury trade that thinks the market was short term technically overbought and that the action today was simply technical balancing.

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