Bonds Down Despite Weak Economic Data
26 June 2007
The bond opened down on Tuesday despite weaker than expected economic reports.
The Conference Board’s June CCI (Consumer Confidence Index) indicated that consumer confidencewas lower than expected. Forecasted reading was 106, and the report came in at 103.9. This is good news for bonds and mortgage rates as it eases inflation concerns.
May’s New Home Sales also posted weaker than expected data, demonstrating that the housing sector is showing continued weakness.
We can expect most likely volatility later this week after the FOMC ends Thursday afternoon and the markets wait for a statement from the Fed.
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