Bernanke On Capitol Hill, Treasury Auction, Inventories, Beige Book

by devteam June 10th, 2010 | Share

Global markets were mixed overnight but domestic stock futures are higher as investors wait for the latest economic assessment from Federal Reserve chairman Ben Bernanke.</p

Ninety minutes before the opening bell, Dow futures are up 51 points to 9,965 and S&P 500 futures are 7.50 points higher at 1,066.75. The 2-year Treasury note is 2 basis points higher in yield at 0.766% while the benchmark 10-year note yield up 3.1 basis points to 3.222%.

WTI crude oil is up $0.82 to $71.81 per barrel, but Spot Gold is down $0.48 to $1,236.07.</p

China’s Shanghai index closed up 2.78%, but Japan’s Nikkei fell 1.04%. In Europe, stocks are mostly higher with London’s FTSE 100 up 0.28%, the CAC up 0.86%, and the DAX +0.90%

Last night, Kansas City Fed President Thomas Hoenig said the central bank should raise interest rates to 1.00% from their current range of 0.0% to 0.25% by the end of September. He said the economy is undergoing a modest, sustained recovery with “some stabilization” in the troubled domestic real estate sector.</p

Meanwhile, the IMF warned that risks to the global economy have “risen significantly.” It said: “a key concern is that the room for continued policy support has become much more limited and has, in some cases, been exhausted.”</p

Key Events Today:</p

10:00 â€

About the Author


Steven A Feinberg (@CPAsteve) of Appletree Business Services LLC, is a PASBA member accountant located in Londonderry, New Hampshire.

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