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Intermediate Treasuries Set to Fall

Ten year rates may have reached bottome this morning after falling in response to expanding job claims numbers.  The 637,000 new job losses were much greater than expected as many were believing that losses would be dwindling to only 500K per month.  Not so lucky.

But job loss data were the only figures out this morning.  Producer Price Index data came in a bit hotter than expected.  At 0.3%, with food prices leading the way, the ever increasing flood of dollars in the marketplace is sure to have a chilling effect on food and other commodity prices.  Look for stocks and bonds to fall again with hard assets and short ETFs as perhaps the only place to find safety.