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December 16, 2010

CNN Money: Kenneth Naehu Quoted in “Treasuries Stay Put on Mixed Economic Data”

“Treasuries Stay Put on Mixed Economic Data,” by Charles Riley, CNN Money.

“There has been a preponderance of selling in the past few weeks. I think right now the market seems to be taking somewhat of a breather,” said Kenneth Naehu, managing director and head of fixed income at Bel Air Investment Advisors.

… “We are still at relatively low yields,” Naehu said. “We’ve gone back to where we’ve been. I would say this is a correction to a more normalized level.”

In Washington, the House of Representatives appeared set to approve the controversial $858 billion tax deal largely negotiated by the White House and top Senate Republicans. That might send yields higher, but Naehu said that since the deal has long been expected, the effect on markets might be mitigated.

“The market is searching for news and reasons why its moving, but it would be a stretch to believe traders have not factored that [tax cut deal] in,” Naehu said.

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