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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 660.19

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4:00 PM EST

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To: j g cordes who wrote (16545)	6/9/1999 11:21:00 AM
From: Les H	Read Replies (2) of 99985

Long Bond Yields Hit 6.0% Negative comments late yesterday from several Fed members pushed yields on the thirty-year bond to 6.0%. This is the first 6.0% reading since 5/98. Bonds have added to their losses this morning. Thirty-year bonds are down 4/32, yield 6.01%. Two-year notes are unchanged, yield 5.57%. St. Louis Fed President Poole stated the risks to the economy have shifted to higher inflation. Richmond Fed President Broaddus stated the economy is continuing to experience above trend growth. Neither of the men are FOMC voting members. However, their comments raise the already high level of concern in the marketplace regarding the direction of the Fed. Also weighing on bond priced is the heavy agency and corporate calendar. The Federal Home Loan Mortgage Corporation is slated to sell $5 billion in debt. Others on the calendar include General Motors Acceptance Corporation, Bank of America, Diageo Plc, Marsh & McLennan, Ford Motor Credit and Williams Cos. An aide to Japans Prime Minister Obuchi said Japan's first quarter GDP will be positive. Apparently, a smaller decline in spending on new factories and equipment could propel the number into positive territory. The number will be released tomorrow. The comments drove the yen higher against the dollar. Speakers today include Minneapolis Fed President Stern and Treasury Secretary Rubin. No economic data is scheduled for release today. Thursday will bring data on initial jobless claims. Friday will bring the much awaited CPI and retails sales reports. Have a great day. jobs-online.com

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