Market Analysis

Bonds are slightly worse this morning.  This morning’s headlines are dominated by Europe where the Greek prime minister will be stepping down and where there is speculation that the Italian Prime Minister will resign. The big news in the US is the Nov 23rd deadline for the Congressional Joint Select Committee on Deficit Reduction to announce whether they can reach a deal to begin to address with the US debt problems.

This week’s economic calendar is very light on economic data. The US Treasury will be selling bonds on Tuesday ($32 billion of 3-year notes), Wednesday ($24 billion of 10-year notes) and Thursday ($16 billion of 30-year bonds). Outside of the Treasury sales, the only economic report of significance will be the Initial Jobless Claims on Thursday. Initial Claims are expected at 400,000 vs 397,000 the prior week.