Market Analysis

Bonds are under pressure this morning, with the US 10 Year Treasury yield inching up to 3.74%.  European Commission President Romano Prodi made statements indicating that the Greece crisis is over in terms of any real concern for a default in Greece or for a collapse of the Euro system.  The "flight to safety" benefit that mortgage-backed securities and US Treasury notes have received from concerns about Greece are consequently abating. Stocks are up this morning.

In economic news today, January's wholesale inventories were expected to have increased .2% but instead declined .2%.  Manufacturing activity remains muted.