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Market Commentary

Market Commentary


Today's Coupons
  10-Year Notes   97-14.5 (+05)  
  FN 2.5% Coupon   105-05.5 (-01.5)  
  Support   0.941%  
  Resistance   0.715%  
  Monday, February 8, 2021

Treasury Yields Rise on Janet Yellen Targets Full Employment by 2022

Market opened today's session with treasuries slightly lower across all maturities. 10-year Treasury yield is at 1.1670, 0.35 bp increased from prior closing of 1.1635.

US stocks continued their 6-day streak higher as Yellen reiterated her support for further stimulus aid. Aiming for full employment by 2022, after enacting sufficient aid, Treasury Secretary Janet Yellen's Sunday morning comments garnered further support for President Joe Biden's $1.9 trillion stimulus package. Globally, Italian equities moved higher as Mario Draghi formed a new government, all the while Japan's Topi index closed at a record high on expectations that the state of emergency lockdown would be lifted soon. Elsewhere, WTI crude and Gold both saw advances of 1.3% and 0.6%, respectively. Reporting later this week, on Wednesday, MBA Mortgage Applications and CPI MoM will be released, with the latter expecting an increase of 0.30%. And on Thursday, Initial Jobless Claims will be reported with expectations set at a slight decrease from prior reported numbers, towards 755K claims.

The curve has bear-steepened with UST 10-Year yield up 0.35 bp.

This Week's Events
  02/09 NFIB Small Business Optimism 03:00 Jan 96.80 - 95.90 -  
  02/09 JOLTS Job Openings 07:00 Dec 6400 - 6527 -  
  02/10 MBA Mortgage Applications 04:00 5 Feb - - 8.10% -  
  02/10 CPI MoM 05:30 Jan 0.30% - 0.40% 0.20%  
  02/10 CPI YoY 05:30 Jan 1.50% - 1.40% -  
  02/10 CPI Index NSA 05:30 Jan 261.800 - 260.474 -  
  02/10 CPI Core Index SA 05:30 Jan 270.592 - 270.117 269.940  
  02/11 Initial Jobless Claims 05:30 6 Feb 755k - 779k -  
  02/11 Continuing Claims 05:30 30 Jan 4420k - 4592k -  
  02/11 Bloomberg Consumer Comfort 06:45 7 Feb - - 44.60 -  
  02/12 U. of Mich. Sentiment 07:00 Feb P 80.90 - 79.00 -
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