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No weather influence this week/reflation catches a bid

Posted By Peter Boockvar On March 29, 2010 @ 8:25 am In MacroNotes,Uncategorized | Comments Disabled

Following a month of free pass data where the Feb economic data was seen as ‘weather related,’ this week brings us a batch of weather clean March news with the highlight being the ISM and Payroll figures. While supply and credit issues were last weeks bond factors, this week will be the economic data. US$ 3 mo LIBOR rose again and hasn’t fallen in 7 weeks. The reflation trade has a bid after Chinese stocks rallied to a 9 week high (copper at near 3 mo high) and was followed by a euro rally after Euro zone Economic Confidence rose to the highest since May ’08. Greece is quickly taking advantage of their new found IMF/Euro Zone support system by coming to market with a 7 yr note. S&P reaffirmed UK’s credit rating at AAA but kept its negative outlook and said “In the absence of a strong fiscal consolidation plan, the UK’s net general government debt burden may approach a level incompatible with a AAA rating.”


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