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Empire Manufacturing Declines
05/16/2011
Empire Manufacturing declined more than expected due to the higher costs of raw materials. Greece will plead for an increase in their 110B euro ($155B) lifeline today; equites are down as the market anticipates the bump will be approved by European ministers and the IMF. Right now, the futures market is pricing in about an 83% chance that the Fed keeps rates between 0% and 0.25% through September 20th, 2011. Currently, the Ten Year yield is at 3.18% (3.21% on Friday) and the 2-10 yield spread is at 264bps, flattening 1bp since Friday morning.
