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800-634-3194(March 20, 2002) FINANCIAL INSTRUMENTS: U.S. TREASURY BONDS--The Fed's comments that U.S. economic weakness vs inflation were reasonably in line soothed rate hike fears, but not so the housing starts number. Housing starts jumped by 2.8%, versus the decline that most analysts had looked for. New lows were scored after the impressive housing starts number rekindled rate hike fears. In a nutshell, traders are beginning to suspect rates are as low as they are going, and that an upward move in rates is about to take place.
M. Steven Morgan www.commodityreview.com
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