Posted by
boxflyz About Econ on Wednesday, April 11, 2007 11:30:50 AM
Rates are down only slightly this morning as the bond market awaits the publication of the FOMC minutes. See the last previous day’s posts for this blogs views on this event. We will repeat only one thing; the bond market will probably become volatile when the minutes are released at 13:00cdt {1:00pm, 18:00GMT}.
There is one other item to be announced at 13:00cdt; the Treasury Budget. It is an important number, and it can occasionally impact rates. However, it probably will not affect rates today as it will be overshadowed by the FOMC Minutes. In the unlikely event that the minutes are ignored by the bond market, the Treasury Budget could influence rates to lower. It is expected to be -$89.0B to -$95.0B. All estimates are higher than the last month’s -$85.3B. If it does surprise the market, it could surprises as a lower than expected figure.
At this time the 10-year Treasury is -.012% with the rate at 4.712%.
Energy prices are mixed, with NYMEX Crude up only slightly from yesterday, but lower than where it was just last week when it opened close to $65.94/bbl. Gasoline on the other hand is in short supply (WE NEED TO BUILD REFINARIES!!!). The Robb Gasoline today is $216.43/gal.
We will post on the FOMC Minutes, the T-Budget, and tomorrow’s data late this afternoon once the events take place.
[Publisher’s note: In an attempt to clean up our blog, we will post all three outlooks on Monday only. We will post an outlook on days when one is modified.]
Steve Boxmeyer [612] 799 – 6858
steve@LendWithIntegrity.com