This week appeared to be a likely preview of what the market will have to deal with this summer: a weak economy, European debt issues, and national debt/budget fighting between the Republicans and Democrats.  All of this was in this was in the holiday-shortened start-to-summer week.

Weaker than expected economic news (Chicago PMI, S&P/Case-Shiller HPI, ADP Employment, ISM Index, and Consumer Confidence) and continued worries about Europe, particularly Greece, sent the 10-year note yield through the key 3% threshold by Wednesday to close at 2.966%, down 10 basis points from the previous Friday's close and to its lowest level since mid-December 2010. 

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