3/3/10

Greece announced a well-publicized $5.4 billion plan to cut its deficit (3rd one in 3 months), which of course has their workers protesting. Taking a longer term view, these measures should help the country. Depending on the news from Greece, money either flows in to or out of our Treasury market with 10-yr Notes in Greece yield about 6 %. ADP showed February private sector jobs declining 20,000, with a back-month revision. Later this morning we’ll see some ISM numbers, and the Beige Book, but overnight (and for now) the rate markets are pretty quiet