Treasury Prices Rise After Weak Consumer Sentiment Report |
| Wall Street Journal - Jul 16, 2010 |
Prices of Treasurys rose Friday, recovering from early losses, as weak consumer sentiment report added to concern about the economic outlook, bolstering demand for safe assets.
The benchmark 10-year note's yield was pushed down to the lowest level in more than a week.
The Reuters/University of Michigan consumer sentiment index fell to 66.5 in early July, from the final June reading of 76.0. Economists had expected an early-July reading of 75.0.
"The demand for Treasuries point to significant headwinds ahead and further downside to the future trajectory of global growth," said Christian Cooper, senior rates trader at Jefferies & Co. in New York.
The data added to the string of weak economic releases this week, including a drop in retail sales, raising worries that consumer spending, the main pillar of the U.S. economy, may falter in the second half of the year just when federal government fiscal stimulus fades.
Read Full Article from Wall Street Journal
- Posted: 2010-07-16 10:15:00
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