Mel's Blog

Bond prices are trading a bit higher, but remain within a tight range between a floor at the 50-Day Moving Average & ceiling at the 100-DMA.  Although there is only 13bp between the ceiling and floor, prices have settled here for the past 3 days.

The National Institute of Supply Management Manufacturing Index (ISM) was reported in line with expectations at 50.9.  Readings above 50 indicate economic expansion, so this morning's reading of 50.9 shows the manufacturing sector is growing...however, very slightly and less than previous months.  

The tight trading range bonds are in is not likely to last very long, especially with some strong economic reports ahead.   The feature for the week will, of course, be Friday's Jobs Report for March.  The current estimates are for 120,000 new jobs to have been created.