The latest push for bonds moving higher has been fueled by a Stock market selloff where investors are parking the sale proceeds into Bond instruments. Additionally, the US is being viewed as a safer place to invest than Europe, which is evidenced by the Euro hitting a 14 month low agaist the Dollar. Much of this European discontent comes from the situation in which Greece finds itself. With riots and now deaths grabbing the headlines, as Greek workers do not want to accept some of the cutbacks needed to help Greece get on firmer economic footing, which is a conditional reuirement for the ECB and IMF's bailout, it is no wonder the US is becoming a safe place to park dollars.
The jobless claims were announced today, which were reported at 444,000, a touch above the expected 440,000. Continuing Claims, or individuals receiving unemployment benefits lasting up to 26 weeks, fell by 59,000 to 4.6M. Here is the kicker though, as those who have maxed out their Continuing Claims benefits can claim emergency benefits, which can extend them to a total of 99 weeks of benefits! Do you realize that is one year and nine months being able to get paid buy us tax payers for not working! I'm not trying to be hard here, but in my humble opinion, a person can get a job and will find work if he/she is not being paid to not work!
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