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Compass Financial Advisors

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View from the Observation Deck

Treasuries declined this week while investors speculated that the Federal Reserve might end its monetary-stimulus quantitative easing program as the economy continues to improve. Yields were higher on Monday and the April Chicago Fed National Activity Index was reported at -.53. On Tuesday, yields fell and Treasuries inched higher ahead of anticipated release of Fed minutes and economic commentary by Ben Bernanke the next day.

Equities fell for the week, marking their first weekly loss in a month, over concern the Federal Reserve will taper its stimulus effort if unemployment improves. In addition to fears of reduced monetary stimulus, investors were disappointed by a weak Chinese Purchasing Managers Index number, which contracted for the first time in 7 months. The Japanese market was hit especially hard from the Chinese manufacturing news, dropping 4.7% for the week. However, not all news was bad as U.S. durable goods orders jumped 3.3% in April led by strength in residential construction and autos.

View from the Observation Deck

Treasury yields were higher again this week as better than expected economic data early in the week and increasing concerns that the Fed may curtail bond purchases earlier than anticipated trumped soft economic releases Wednesday and Thursday. Yields were higher Monday as retail sales in April increased 0.1% vs. estimates of a decline of 0.3%. Yields were higher again Tuesday on concerns that the Fed may slow bond purchases.

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Securities offered through Harbour Investments, Inc.,
member FINRA/SIPC. http://www.finra.org/
http://www.sipc.org/about-sipc

Investment Advisory Services offered through
Compass Financial Advisors, LLC,
a registered Advisor. 
Compass Financial Advisors, LLC &
Harbour Investments, Inc.
are separate entities.

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