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Treasuries surged on Friday in a flight to safety, after reports an NBC News employee located in New York City tested positive for Anthrax. The safety bid for shorter-maturities pushed spreads back. Attorney General John Ashcroft addressed a news conference on the New York Anthrax case.
New week, Fed Chairman Alan Greenspan highlights a busy week. He will testify Wednesday on the economy and Fed policy before the Joint Economic Committee (JEC) of Congress. The market will be rapt to hear what he has to say about the current situation and future prospects. S&P analysts doubt he will be too pessimistic, especially for the long run. Along with Greenspan, a number of other Fed officials will be speaking. Data on the horizon include industrial production, housing starts (permits, completions), Philly Fed, initial claims, trade, and the Consumer Price Index. Neither the data nor Greenspan are likely to provide conclusive hints about where policy is headed.