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Daily Market Commentary

Formed Fed chief Alan Greenspan is once again having ink spilled as he spoke in Mexico.  He thinks the worst in the markets has been seen, but is worried about inflation.

"If you're going to keep inflation rates down ... the Federal Reserve is going to have to put increasing pressure on the money supply and reserves, and as a result we're going to see interest rates rising," Greenspan said.

Interestingly, bonds are starting the week higher as the Ten year treasury has shed 4 basis points despite Greenspan's comments.

The Empire Manufacturing index was reported this morning, and bonds are extending their gains on the news.  The business sentiment index came in much lower than expected at -8.36.  While this is better than March's horrible -22, it's the second month in a row of worsening data and brings into question if we'll see those Feb-March lows again. 

As for the outlook for the week, the data is light but important.  CPI will be out, as will leading indicators later in the week.



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