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.

Treasury prices are mostly unchanged this morning as news that China has reiterated a pledge for more EU assistance was offset by the cancelation of a planned EU finance ministers meeting today.  In place of the meeting, a teleconference will be held as concern lingers about whether Greek leaders can stick to the new austerity measures. 

Today's US economic calendar is quite busy with a slew of data set to be released.  The weekly MBA mortgage applications index showed a modest -1% dip as mortgage rates edged higher.  Refinances eked out a 0.8% increase while purchases posted -8.45% drop.  Meanwhile, the Empire State Manufacturing report showed a better than expected gain of 19.53 vs predictions of a 15.0 gain.  Later this morning, data on US industrial production and home building is set to be released followed by the notes on the latest FOMC meeting. 

Currently, the 10yr yield is at 1.926% (1.957% Tuesday) and the 2-10 yield spread is at 164bps, 3bps flatter since yesterday morning.

Treasury prices are slightly higher this morning amidst several overnight stories from overseas.  The most noteworthy included a surprise announcement from the Bank of Japan that it plans to increase asset purchases to help stimulate its economy, as well as news that Moody's cut the credit ratings of several European countries. 

Also in the news, Italy's borrowing costs dipped after successful debt auctions.  In US economic news, the headline Jan retail sales report showed a disappointing 0.4% increase vs expectations of a +.7% increase.  However, this was offset by a better than expected results in the retail sales ex autos and gas that showed a .6% increase vs .5% expected. 

Currently, the 10yr yield is at 1.957% (2.00% Monday) and the 2-10 yield spread is at 167bps, 6bps flatter since Friday morning.

Treasury prices are edging lower today on improved optimism following the early morning approval of the new Greek austerity package.  However, EU finance ministers still need to approve the new aid package amidst headlines that suggest the new austerity measures don't go far enough. 

The US economic calendar gets off to a slow start but heats up as the week progress.  The calendar is blank today but tomorrow's schedule brings the January retail sales report followed up by industrial production and the FOMC minutes on Wednesday.  There are also several Fed representatives schedule to speak this week, including Fed Chairman Bernanke on Thursday at the FDIC's Future of Community Banking Conference. 

Currently, the 10yr yield is at 2.000% (1.979% Friday) and the 2-10 yield spread is at 173bps, 1bps steeper since Friday morning.

Treasury prices are surging higher this morning as yesterday's optimism on a new Greek debt deal fades. The flight to quality bid was further strengthened by overnight news that Chinese exports fell for the first time in two years.

A very light week of economic data ends today with another relatively calm day. The Dec trade deficit widened to $48.8bln, largest since June of last year. Later this morning, the Univ of Michigan consumer confidence index is expected to show a slight dip in confidence. Lastly, Fed Chairman Bernanke is scheduled to speak before the National Association of Homebuilders in Orlando at 12:30PM eastern.

Currently, the 10yr yield is at 1.979% (2.036% Thursday) and the 2-10 yield spread is at 172bps, 6bps flatter since yesterday morning.

Treasury prices were mostly unchanged overnight as the waiting game continues on a new Greek debt deal.  However, treasuries began to move lower after the ECB announce that it was keeping its benchmark rate at 1%. 

Today's economic calendar is fairly benign with the weekly jobless claims report producing mixed results.  Initial claims unexpectedly dropped to 358k (367k previously) but continuing claims increased slightly more than expected to  3.515M vs expectations of 3.5M.   Later this morning the calendar concludes with the Dec wholesale inventories report. 

Currently, the 10yr yield is at 2.036% (1.998% Wednesday) and the 2-10 yield spread is at 178bps, 5bps steeper since yesterday morning.

Treasury prices are slightly lower this morning as Greece continues to work on a new debt deal.  Optimism produced some light selling overnight, which has the yield on the10yr flirting with the 2.00% threshold. 

Economic data remains light today with the schedule already completed.  The weekly MBA mortgage applications index posted a healthy 7.5% increase.  Refinances carried the load with a 9.4% increase versus an anemic 0.1% increase in purchases.  Later this morning San Francisco Fed President John Williams will be appearing, followed by a 1PM eastern $24bln 10yr auction.

Currently, the 10yr yield is at 1.998% (1.936% Tuesday) and the 2-10 yield spread is at 173bps, 3bps steeper since yesterday morning.

Treasury prices are easing lower this morning after a quiet overnight session.  With little progress in Greek debt talks, focus shifted to Australia as the reserve bank surprised investors by keeping its benchmark rate unchanged at 4.25%. 

The US economic calendar remains light with only the Dec US consumer credit report due to be released.  Outside of data, Fed Chairman Bernanke is scheduled to testify today on the economy to the Senate Budget Committee. 

Currently, the 10yr yield is at 1.936% (1.921% Monday) and the 2-10 yield spread is at 170bps, 1bp steeper since yesterday morning.

Treasury prices are mostly unchanged this morning as the euphoria around Friday's payroll data wears off and focus shifts back to Greece debt concerns. 

This week's economic calendar is relatively tranquil with very little data scheduled to be released.  However, there are numerous Fed representatives scheduled to speak throughout the week, including two planned appearances by Chairman Bernanke (Tuesday and Friday).  With no data scheduled to be released today, markets will likely stay focused on Greek debt swap developments and Fed speak. 

Currently, the 10yr yield is at 1.921% (1.915% Friday) and the 2-10 yield spread is at 169bps, 1bp steeper since Friday morning.

Treasury prices were mostly unchanged prior to the payroll numbers but have headed south as a much better than expected report has caught many by surprise.  Nonfarm payrolls surged 243k vs predictions of a more modest 140k increase.  Private payrolls also increased more than expected to 257k, sending the unemployment rate down to 8.3% from December's level of 8.5%. 

Later this morning, a busy week of economic data is concluded with US factory orders report and the UM non-manufacturing index. 

Currently, the 10yr yield is at 1.915% (1.826% Thursday) and the 2-10 yield spread is at 168bps, 8bp steeper since yesterday morning.

Treasury prices are mostly unchanged this morning as markets wait for further developments from Europe.  Things seem to be on hold as the EU is apt to wait for an outcome of Greek debt discussions before moving forward with a new strategy. 

Today's economic calendar is fairly tranquil ahead of tomorrow's NF payroll report.  The weekly jobless claims report showed slightly better than expected results in both initial and continuing claims. 

Currently, the 10yr yield is at 1.826% (1.807% Wednesday) and the 2-10 yield spread is at 160bps, 1bp steeper since yesterday morning.

Treasury prices are slightly lower after overnight reports from Europe and Asia indicated an uptick in global manufacturing.  In US economic news, rumors of a national refinance program continue to swirl with indications that details may be released as soon as today. 

The latest MBA mortgage applications index showed a slight dip in applications of -2.9%, following last week's -5.0% decline.  Ahead of Friday's payroll report, today's US ADP employment report showed a disappointing gain of 170k vs estimates of a 185k gain.  The previous month's report was also revised lower to +292k vs the original amount of +325k.  

Currently, the 10yr yield is at 1.807% (1.847% Tuesday) and the 2-10 yield spread is at 159bps, 3bps flatter since yesterday morning.

Treasury prices initially moved lower overnight but have leveled off this morning and are hovering near unchanged.  The latest EU Summit in Brussels has reportedly made some progress on improving budgetary discipline, but the market has shown little reaction.  

The US economic calendar is fairly active today with data on US housing, consumer confidence and employment.  The already released employment cost index was in line with expectations of a 0.4% increase in the 4^th qtr.  Next up will be the CaseShiller home price index (expected -0.4% vs prior -0.6% m/m), followed by the latest reading on consumer confidence, which is expected to improve to 68 from Dec level of 64.5. 

Currently, the 10yr yield is at 1.847% (1.835% Monday) and the 2-10 yield spread is at 172bps, unchanged since yesterday morning.

Treasury prices are moving higher to start the week as the latest EU Summit begins in Brussels.  The weekend failed to produce a Greek debt deal and markets are a bit uneasy as a result. 

The US economic calendar is jam packed this week with a plethora of data.  Key reports included today's Dec personal income and spending reports, tomorrow's CaseShiller home price index and consumer confidence index, Wednesday's ISM data and the much anticipated non-farm payroll report on Friday.  Today's PCE report produced mixed results with personal income slightly above expectations but consumption slightly below.

Currently, the 10yr yield is at 1.835% (1.93% Friday) and the 2-10 yield spread is at 172bps, wider by 1bp since Friday morning.

Treasury market is flat this morning with GDP posting a moderate advance and a significant easing of the GDP Price Index. Consumer sentiment still to come. 

Currently, the 10yr yield is at 1.93% (1.973% Thursday) and the 2-10 yield spread is at 171bps, tighter by 4bps since yesterday morning.

Treasury yields continue to fall this morning extending yesterday's rally on the Fed policy announcement that an accommodative environment will be maintained into 2014.  Early data showed Initial Claims in line with expectations and Durable Orders well above consensus. 

Currently, the 10yr yield is at 1.973% (2.053% Wednesday) and the 2-10 yield spread is at 175bps, tighter by 4bps since yesterday morning.

Treasury prices are modestly higher this morning after giving up ground in five consecutive trading sessions.  Economic activity has been relatively light to start this week but that will change today. 

For starters, the World Economic Forum's annual meeting begins today in Switzerland. Later in the day, focus will shift to the US as the latest FOMC rate decision will be released, followed by Fed Chairman Bernanke's press conference.  Meanwhile, the latest release of the MBA mortgage applications index showed a modest decline of -5% versus last week's surge of 23%.  Purchase and refinance activity both decreased 5%. 

Currently, the 10yr yield is at 2.053% (2.042% Tuesday) and the 2-10 yield spread is at 180bps, steeper by 1bps since yesterday morning.

Treasury prices are nearly unchanged this morning ahead of another light day on the economic calendar with nothing new emerging out of Europe.  Two year note auction today is followed by five and seven year auctions tomorrow and Wednesday, respectively.  

Fed meeting begins today with an announcement due at 12:30 eastern tomorrow and a press conference to follow at 2:15. The consensus is no change in fed funds target rate of zero to .25. 

Currently, the 10yr yield is at 2.042% (2.048% yesterday) and the 2-10 yield spread is at 179bps, tighter by 2bps since yesterday morning.

Treasury prices are off slightly this morning with no data to digest and futures are indicating a flat to slightly higher open for equities. 

The economic calendar is quiet to start the week with the Fed announcement scheduled Wednesday afternoon. 

Currently, the 10yr yield is at 2.048% (1.998% Friday) and the 2-10 yield spread is at 181bps, 5bps steeper since Friday morning.

Treasury prices are mostly unchanged this morning as negotiations for a Greek debt settlement continue.  The flight to quality bid has lost some of its luster over the past few sessions as equity markets have surged. 

The US economic calendar takes it down a notch this morning with only US existing home sales report on the docket.  Sales are expected to increase slightly in Dec to 4.65mln from the prior month's level of 4.42mln.

Currently, the 10year yield is at 1.998% (1.938% Thursday) and the 2-10 yield spread is at 176bps, steeper by 6bps yesterday morning.

Treasury prices are edging lower this morning after successful French and Spanish auctions pushed borrowing costs lower. 

The US economic calendar brings another heavy dose of data today.  Both the initial and continuing claims reports posted much better than expected results.  Initial claims dipped to 352k vs. estimates of 385k and continuing claims dipped to 3.432mln vs estimates of 3.590mln. 

Meanwhile Dec CPI data was mostly in line with expectations but housing starts dipped more than expected (657actual vs 690 est).  Currently, the 10 year yield is at 1.938% (1.857% Wednesday) and the 2-10 yield spread is at 170bps, steeper by 7bps yesterday morning.

Treasury prices are mostly unchanged despite overnight news that the World Bank cut its global growth forecast to 2.5% from last year's estimate of 3.6%.  The move associates the risk of an EU recession with an overall slowdown in developing markets. 

Meanwhile, today's US economic calendar is quite active with data on US housing, industrial production and prices.  The early morning release of the MBA mortgage applications index showed a surprise surge of 23.1% vs last week's increase of 4.5%.  Refinances spiked 26%, while purchased posted a less impressive increase of 10%. 

The December PPI report was mixed as the headline PPI unexpectedly fell -0.1% but core prices rose a greater than expected 0.3%. Currently, the 10 year yield is at 1.857% (1.884% Tuesday) and the 2-10 yield spread is at 163bps, unchanged since yesterday morning.     

Treasury prices are edging lower to begin this holiday shortened trading week due to better than expected data on Chinese GDP. Yields are currently hovering near levels posted early on Friday before numerous EU credit downgrades began a flight to quality bid. 

This week's economic calendar is fairly busy with key data including today's Empire Manufacturing report, tomorrow's PPI and Industrial Production Data and Thursday's CPI data.  The already released Jan Empire Manufacturing report was stronger than expected at 13.48 vs estimates of 11. 

Currently, the 10 year yield is at 1.884% (1.895% Friday) and the 2-10 yield spread is at 163bps, 4 bps flatter since yesterday morning.    

Home Savings of America is closed in observance of Martin Luther King Day. 

The Lock Desk will resume normal business hours on Tuesday,  January 17, 2012.

Happy Friday the 13th!

Treasury prices are moving higher this morning as EU debt fears resurfaced after mixed results from Italian debt auctions.  1.90% is the new 2.00% for the 10yr yield as it continues to gravitate to this new lower level.  News out of the EU has remained sparse but the commitment to keep Greece in the EU seems to be weakening.  

Today's economic calendar is fairly busy with reports including Nov trade balance, import/export prices and Univ Michigan consumer sentiment.  November's trade deficit increased more than expected and represents the first increase since June of last year. 

Later this morning, consumer confidence is expected to increase to 71.5 from December's level of 69.9.  Currently, the 10 year yield is at 1.895% (1.900% Thursday) and the 2-10 yield spread is at 167bps, 1 bps flatter since yesterday morning.