The grind higher in interest rates (or should I say sprint higher) is painful – not just in a monetary fashion, but on a persons mentality – I am certainly glad I have no intention of using my investments anytime soon. My accounts hit new lows today–I knew it was coming–just a question of when.
Today we had a mixed bag of economic data. New jobless claims came in lower than expected. Philly Fed manufacturing index came in soft at a -8.7 versus 5 expected. Existing home sales came at 4.71 million units versus 4.7 million expected–a couple percent below the last reading. While leading economic indicators came in soft at -.4% versus -.3% expected – last month was flat.
This mixed bag of news didn’t keep the 10 year treasury from jumping 10 basis points higher to 4.23%. The 1 year bill is at 4.63% which is 4.57% higher than a year ago. All I can say is WOW!!!