Wednesday’s early bond rally turned lower as oil prices rose and moved above the $68 per barrel price, causing some investors to move money to riskier investments. However, other investors continue to push money into the safer treasury investments as concern over the sub-prime equities market continues.
Bond prices have rallied slightly this morning as the final 1st GDP number was weaker than expected. The Weekly Jobless Claims number came in near expectation. Today’s big event will be the FOMC Policy statement expected at midday, as the FOMC meeting wraps up it’s two day session. The bond yield is currently 5.083%.