Credit Crunch Keeps Bonds Down Despite Strong Economic Reports
24 August 2007
The bond market opened Friday up, despite some stronger than expected economic data.ﾃつ The Commerce Department reported that durable goods orders rose 5.9%, greatly exceeding analysts expectations and showing strength and possible inflationary pressure at the level of industrial production.ﾃつ ﾃつ Normally this would have more of an impact on the bond market, but the credit concerns in the market have kept the bond prices low.ﾃつ
July New Home Sales data also showed an increase in sales, against an expectation of a decline.ﾃつ However, this data is typically not taken as greatly relivant to bond prices.
Compareﾃつ New York Mortgage Rates from Local Lenders
Next week we’ll get several important economic reports as well as the minutes from the last FOMC meeting.
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