Gary Siegel

The high unemployment level results from "a broad-based cyclical shortage of demand" and the Fed is correct to target maximum employment as part of its policy stance, Federal Reserve Board Vice Chair Janet L. Yellen said Monday.

Tender rates for the Treasury Department's latest 91-day and 182-day discount bills were higher, as the three-months incurred a 0.085% high rate, up from 0.070% the prior week, and the six-months incurred a 0.120% high rate, up from 0.110% the week before.

The Treasury Department said it will auction $40 billion 64-day cash management bills on Tuesday, Feb. 12.

The Treasury Department said Monday it will sell $45 billion of four-week discount bills Tuesday.

The median price of existing single-family homes grew 10% $178,900 in the fourth quarter, up 10% from $162,600 in the fourth quarter of 2011, the largest year-over-year gain since the last quarter of 2005, according to the National Association of Realtors.

The Treasury Department said Thursday it will auction $35 billion 91-day bills and $30 billion 182-day discount bills Monday.

The European Central Bank announced its Governing Council held interest rates at its latest monetary policy meeting Thursday.

The Treasury Department said it will raise $8 billion new cash by selling $72 billion of securities to replace $64 billion maturing Feb. 15.

The Treasury Department Tuesday auctioned $45 billion of four-week bills at a 0.065% high yield, a price of 99.994944.

The Treasury Department Tuesday auctioned $25 billion of 364-day bills at a 0.145% high yield, a price of 99.853389.

The U.S. services sector expanded at a slightly slower pace in January as the non-manufacturing business activity composite index was 55.2 in the month, compared to 55.7 in December, on a seasonally adjusted basis, the Institute for Supply Management reported Tuesday.

The Treasury Department announced Monday it will borrow $331 billion in the first quarter and end the three months with a $30 billion cash balance.

Tender rates for the Treasury Department's latest 91-day and 182-day discount bills were mixed, as the three-months incurred a 0.070% high rate, down from 0.075% the prior week, and the six-months incurred a 0.110% high rate, unchanged from 0.110% the week before.

The Treasury Department said Monday it will sell $45 billion of four-week discount bills Tuesday.

The Conference Board's Employment Trends Index slipped to 109.38 in January from an upwardly revised 109.47 in December, originally reported as 109.02, and is up 2.7% from a year ago, the group announced Monday.

New York City business activity expanded in January as the current business conditions index decreased to 56.7 from a revised 57.7 in December, the Institute for Supply Management-New York's Report on Business index, released Monday, indicated.

U.S. inflationary pressures were higher in January, as the U.S. future inflation gauge climbed to 105.2 from an upwardly revised 104.4 in December, originally reported as 104.0, according to data released Friday morning by the Economic Cycle Research Institute.

The overall economy grew for the forty-fourth straight time, while the manufacturing sector expanded for the second month, the Institute for Supply Management reported Friday.

The University of Michigan's final January consumer sentiment index reading was 73.8, compared to the preliminary January 71.3 reading, the final December 72.9, and the preliminary December 74.5, according to market sources.

The Treasury Department said it will auction $25 billion year bills on Feb. 5.