With Passover beginning tonight and Friday being Good Friday, I expect volume to become even lighter than it has been this week. I’ll be watching to see if those numbers changes following Friday’s jobs number. Following today’s ADP report, there is a better than 60% chance the Fed will leave rates alone next month and about a 40% chance rates will increase a quarter point. Although it appears for now that worst of that is behind us, attention will likely turn back to inflation and the Federal Reserve’s May meeting. That could explain why, despite a pullback in interest rates, we’re seeing gold make a new high for the year.įears over inflation were pushed aside last month in the wake of the banking crisis. According to AAA, the average price for a gallon of gas is currently $3.53, up from $3.40 a month ago. However, we’ve seen a recent rise in oil prices and subsequent increases in prices of gasoline. 2 year notes, which had broken above 5% last month are also down at 3.75%. After breaking 4% in March, yields on the benchmark 10 year note are down to 3.30%. Speaking of inflation, we’ve seen a pullback in interest rates.
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