NEW YORK, Feb 18 (Reuters) – U.S. Treasury yields held in
tight ranges on Tuesday, hemmed in as a weaker-than-expected
regional manufacturing report and the biggest ever one-month
decline in homebuilder confidence nibbled away at confidence in
the strength of the U.S. economic recovery.
The benchmark 10-year U.S. Treasury price
gyrated after the New York Federal Reserve’s Empire State
general business conditions index slowed in February, although a
forward-looking component of the index appeared to be more
Is it all over? Is the emerging market turmoil no longer a concern among investors, economists and academics? Measured at least in the last week, the market is recovering some lost ground. Maybe January’s sell-off was enough and in the last week all boats seem to be rising once again. After all, there’s a new Fed Chair in Janet Yellen who has now officially taken over and the likelihood of easy monetary policy, tapering of asset purchases notwithstanding, isn’t expected to change.
MSCI’s emerging market benchmark stock index has rebounded 3.5 percent from a Feb. 4 low. The U.S. benchmark S&P 500 stock index has risen slightly more over the same period.
NEWARK, Delaware (Reuters) – Assessing the U.S. economy’s underlying economic trends has become more difficult because of record low temperatures and heavy snowfall across much of the nation, Federal Reserve Bank of Philadelphia President Charles Plosser said on Tuesday.
“I suspect it may be another couple of months before we have a better read on the economy,” Plosser said in a speech at the University of Delaware. He characterized the weather as “unusually disruptive.”