Market update

The Bond markets are trading near unchanged this morning as the weight of today's $21B Treasury auction and a gloabal economic slowdown are offsetting each other. Here in the U.S., the Economic Cycle Research Institute has stated the we are already in a recession or about to enter one.
The Fed minutes will be released at 2:00pm ET today from the June meeting and the details could imapct trading. There were no major economic reports delivered today.I will continue to recommend a Floating bias in the long-term, but it still makes sense to lock in the short-run. If anything changes, I will get back to you.

Leonard Winslow
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943 Glenwood Station Lane, Suite 200

Charlottesville, Va. 22901
leonard.winslow@newamerican.com
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