FDIC Information for Home Savings of America, Little Falls, MN
On Friday, February 24, 2012, Home Savings of America, Little Falls, MN was closed by the Office of the Comptroller of the Currency. Subsequently, the Federal Deposit Insurance Corporation (FDIC) was named Receiver. No advance notice is given to the public when a financial institution is closed. An assuming bank could not be located; therefore, the FDIC will fulfill its obligation to insured depositors by mailing checks for their insured amounts. The FDIC has assembled useful information regarding your relationship with Home Savings of America. Besides a checking account, you may have Certificates of Deposit, a business checking account, a Social Security direct deposit, and other relationships with the institution. You should continue to make your payments as agreed. Make checks payable to Home Savings of America and utilize the same payment address information. Please select the link below to read more about this event: FDIC Bank Closing Information for Home Savings of America All accounts have been closed, and you will no longer have access to the website. Online Banking Login

Treasury prices are beginning to migrate higher this morning as the 10yr has once again dipped below the 2.0% threshold.  The initial euphoria has worn off from the Greek bailout deal and possible recessions still loom over all of Europe, indicating big problems still exist. 

This week's muted economic calendar comes to a close today with readings on consumer confidence and new home sales.  Both reports are expected to edge out small gains from previous postings.  In other activity, several Federal Reserve Bank President will be out and about with planned speaking engagements today. 

Currently, the 10yr yield is at 1.981% (2.040% Thursday) and the 2-10 yield spread is at 168bps, 6 bps flatter since yesterday morning.

Treasury prices are giving up some of yesterday's gains as better than expected economic news from Germany has sparked some selling. 

Today's economic calendar is fairly benign with weekly jobless claims followed by the FHFA housing index.  The claims report produced slightly better than expected result showing an unexpected dip of 340k in continuing claims. 

Currently, the 10yr yield is at 2.040% (2.045% Wednesday) and the 2-10 yield spread is at 174bps, unchanged since yesterday morning.

Treasury prices are creeping higher this morning as weak economic data on EU manufacturing is lending some support to the treasury market.  Investors continue to question whether the new Greek deal will only stave off default for the short term. 

The US economic calendar finally awakens from its long President's weekend slumber.  Data is contained to US housing today with reports on mortgage applications followed by existing home sales.  The weekly MBA applications index showed an overall decline of -4.5%, adding to last week's -1.0% dip.  Refinances dropped -4.8%, while purchases dipped -2.9%.   Lastly, the Obama administration is expected to announce plans today on lowering the corporate tax rate to 28% from 35%.

Currently, the 10yr yield is at 2.045% (2.031% Tuesday) and the 2-10 yield spread is at 174bps, 3bp steeper since yesterday morning.

Treasury prices are modestly lower as investors continue to mull over the latest Greek bailout deal.  Treasuries have recovered some earlier losses as questions still linger on the final details of the deal as well as whether or not the package goes far enough to prevent an eventual default. 

This week's holiday shortened economic calendar gets off to a slow start today with no significant data releases planned.  The schedule for rest of the week remains unremarkable as a smattering of housing data accompanies some consumer confidence data.  Lastly, investors will likely keep tabs on treasuries heading into today's $35bln 2-yr auction at 1:00PM eastern.  

Currently, the 10yr yield is at 2.031% (2.035% Friday) and the 2-10 yield spread is at 171bps, 1bp flatter since Friday morning.

Treasury prices are lower this morning in a continuation of yesterday's selloff.  Better than expected economic data combined with Greek optimism has pushed the 10yr yield above the 2.0% threshold. 

This week's robust economic calendar concludes today with the early morning release of the January consumer price data, followed by the leading indicators report at 10AM eastern.  The already released CPI report was mostly in line with expectation with both the headline and core reports showing 0.2% gains m/m. 

Currently, the 10yr yield is at 2.035% (1.948% Thursday) and the 2-10 yield spread is at 174bps, 7bps steeper since yesterday morning.

Please remember Home Savings is closed on Monday, February 20, 2012 in observance of President's Day and will resume normal business hours on Tuesday, February 21, 2012.

Treasury prices edged higher overnight as uncertainty increases around the latest Greek bailout.  EU finance ministers failed to finalize terms for a rescue and have asked for additional controls on future budget decisions. 

The US economic calendar remains fairly busy today with data on US housing, labor and inflation.  The weekly jobless claims report showed better than expected results in both the initial and continuing claims reports.  Initial claims unexpectedly fell to 348k vs expectations of a 7k increase to 358k.  Meanwhile, both housing starts and permits increased in January, building off of yesterday's increase in NAHB housing market index.  The January PPI data produced mixed  results with the headline number coming in below expectations but core above.  As a result of this data, treasury prices have begun to edge lower this morning.  Lastly, Fed Chairman Bernanke is scheduled to speak early this morning at an FDIC conference. 

Currently, the 10yr yield is at 1.948% (1.926% Wednesday) and the 2-10 yield spread is at 167bps, 3bps steeper since yesterday morning.