- Another weaker than expected durable goods reading set an early tone of lower equity prices and Treasury yields.  The weakness was broad based with the only strength being found in the energy complex as April crude futures were up more than 2% on continued tensions regarding Iran.  The equity weakness accelerated following the release of Bernanke??™s testimony before the Congressional Join Economic Committee.  The Fed Chairman noted that inflation remains uncomfortably high and housing is likely to remain a drag on growth.  Treasury yields have continued lower with the 10-year back below 4.6% while the spread between the long and short end of the curve widens further.  There has been no real notable change in the July fed fund futures as it continues to project roughly a 40% chance of a rate cut by mid-year.  The Dollar moved lower following the soft durable goods reading and remains in the red.  The Yen is seeing some real strength today on initial talk of repatriation trades.  The Japanese currency trades up nearly 1% against the Euro, Pound, Franc, Aussie Dollar and the Greenback.  Gold has spent the session in positive territory helped by higher crude and continued focus on geo-political tensions.