February 23, 2015
Bonds are slightly firmer this morning following a Friday session in which the market traded heavily. Friday's weakness was likely a function of reports of an accord between Greece and European lenders - and yet another set of record highs for stocks (S&P now +2.5% for 2015). For now, whatever momentum there is remains negative - though a breakdown in oil would ge the rally going again quickly.
A busy week ahead - Yellen's testimony on Tuesday/Wednesday, and lots of housing data - existing home sales on Monday, Case-Shiller home prices Tuesday, new home sales due Wednesday, FHFA home prices Thursday and pending home sales Friday. Housing activity appears to have flattened out over the past two months, this may confirm. Also consumer confidence (Conference Board) Tuesday, CPI Thursday - potentially interesting in the wake of Yellen's talk earlier in the week - jobless claims Thursday, consumer confidence (U. Michigan), Chicago purchasing managers and an update to Q4 GDP Friday.
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