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Market Commentary

Market Commentary

Today's Coupons
  10-Year Notes   99-24.5 (-016)  
  FN 2.5% Coupon   105-05.5 (00)  
  Support   0.963%  
  Resistance   0.756%  
  Thursday, February 11, 2021

Treasury Yields Rise as Unemployment Figures Improve

Market opened today's session with treasuries lower across all maturities. 10-year Treasury yield is at 1.1432, 2.07 bps increased from prior closing of 1.1225.

US stocks opened higher this morning as unemployment readings showed improvement. In a speech given yesterday by Federal Reserve Chair Jerome Powell, emphasis was placed on the importance of reaching and sustaining maximum employment, noting the labor market is far from reaching a full recovery. Elsewhere, Bitcoin surpassed $47,000 as Mastercard Inc. and Bank of New York Mellon moved to ease access for customers to use the cryptocurrency. WTI crude slightly lowered by 0.1%, meanwhile Gold hovered around $1,843.57 an ounce. On the economic front, Initial Jobless Claims reported higher than expected, showing 793 thousand claims for the week ending February six. Notably, today's number still showed improvement from the previously revised figure of 812K claims, in addition to which, Jobless Claims have shown a cumulative decline of 134 thousand claims over the past four weeks. Continuing Claims also fell by 168K, however this is partially due to Americans exhausting their 26 weeks of benefits. Reporting tomorrow is the University of Michigan Sentiment Index for the month of February, with expectations set at 80.80, a slight increase from previously reported value of 79.00.

The curve has bear-steepened with UST 10-Year yield up 2.07 bps.

This Week's Events
  02/09 NFIB Small Business Optimism 03:00 Jan 97.00 95.00 95.90 -  
  02/09 JOLTS Job Openings 07:00 Dec 6400 6646 6527 6572  
  02/10 MBA Mortgage Applications 04:00 5 Feb - -4.10% 8.10% -  
  02/10 CPI MoM 05:30 Jan 0.30% 0.30% 0.40% 0.20%  
  02/10 CPI YoY 05:30 Jan 1.50% 1.40% 1.40% -  
  02/10 CPI Index NSA 05:30 Jan 261.800 261.582 260.474 -  
  02/10 CPI Core Index SA 05:30 Jan 270.592 270.025 270.117 269.940  
  02/11 Initial Jobless Claims 05:30 6 Feb 760k 793k 779k 812k  
  02/11 Continuing Claims 05:30 30 Jan 4420k 4545k 4592k 4690k  
  02/11 Bloomberg Consumer Comfort 06:45 7 Feb - 44.90 44.60 -  
  02/12 U. of Mich. Sentiment 07:00 Feb P 80.80 - 79.00 -
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