“The impasse over the debt and budget issues continues to throw a wet blanket over the market, as the dollar once again slid to a record low against the Swiss franc and the cost of insuring U.S. debt rose to a 17-month high. Continuing its recent back and forth pattern, today the bond market decided that it wants to rally and push yields below the 3% level for the 10-year once again on today’s “reasoning” that the deadlock on the federal debt limit will slow economic growth.”
Click here to read 7-26-11 Daily market notes