Last week we had limited economic news, but the stock market felt the sting of a stream of weak quarterly earnings reports, ending the week with declines. A flight-to-quality bid boosted Treasury prices amid concerns of continued economic weakness. Expectations the Federal Reserve will continue lowering near-term interest rates has kept the short end of the yield curve low, while inflation expectations have created a floor for the longer rates.
Source: http://www.lind-waldock.com/trading_advice/commentary041408.shtml
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