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Thursday, August 28, 2008
Rate Watch 8/28/08: Carefully Floating
Bonds have tested an important ceiling (100 day moving average) and are already off of their best pricing for the day. Two important factors are going to continue to test Bonds today. First, 2nd Quarter Gross Domestic Product numbers were released and they exceeded expectations and this is putting selling pressure on bonds because of the strenghtening of the stock market. Second, there is a $22 Billion dollar 5 year Treasury Note Auction this afternoon that could put additional selling pressure on Bonds. For now, I continue to recommend floating and will watch as the day progresses for changes in direction.
