2/12/10

Yesterday’s bond auction was below expectations as the 30-yr yield came in at the cheapest level since June. But at least it is out of the way! This morning the delayed Retail Sales figure was released. Sales rose more than expected in January, according to the Commerce Department, after falling in December. Sales, compared to January ’09, were up 4.7 percent. We are seeing a bit of a bounce in bond-land, with mortgage rates slightly lower this morning. Have a nice 3-day weekend.