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IMF Prepares Bailout for Greece
05/10/2011
A higher-than-expected print on import prices has Treasuries and mortgages pointing slightly lower. The IMF is preparing another bailout for Greece, to replace the last one, in the amount of 100B euros ($144B). The Treasury is scheduled to auction $32B in 3yr notes today, $24B in 10yr notes tomorrow, and $16B in 30yr bonds on Thursday. 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 3.17% (3.16% yesterday) and the 2-10 yield spread is at 261bps.
