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Market Commentary

Market Commentary


Today's Coupons
  10-Year Notes   94-31 (+14.5)  
  FN 2.5% Coupon   102-12 (+03.5)  
  Support   1.312%  
  Resistance   0.9024%  
  Monday, March 22, 2021

Treasury Yields Lower as Lira Tumbles

Market opened today's session with treasuries higher across all maturities. 10-Year Treasury yield is at 1.6893, 3.17 bps decreased from prior closing of 1.7210.
US stocks opened higher this morning with the tech-heavy Nasdaq 100 posting an early gain of roughly 1%. All eyes continue to be on the Fed and potential future inflation, with two, five, and seven year debt auctions scheduled for later this week. Across the world, banks with ties to Turkey noted losses as Turkish President Recep Tayyip Erdogan moved to replace the central bank chief, Naci Agbal, with Sahap Kavcioglu, a critic of recent interest-rate increases enacted under Agbal. Elsewhere, WTI crude slightly advanced by 0.1% towards $61.50 a barrel, while Gold lowered by 0.6% to $1,735.24 an ounce. On the economic front, Existing Home Sales failed to meet expectations after reporting at 6.22mm for the month of February. Hitting a six month low, today's figure noted a decline of 6.60% from last month's closing, with declines most prominently seen in the South and Midwest as they were affected by inclement weather. Notably demand for homes are still up by 9.10% from a year prior, with current inventory taking up to 2 months to sell at the current sales pace. Additionally, properties averaged 20 days on the market, in comparison to 36 days a year prior, with 74% of properties sold in February being up on the market for under a month. Reporting tomorrow are New Home Sales with expectations set at 870K.
The curve has bull-flattened with UST 10-Year yield down 3.17 bps.
This Week's Events
  03/22 Chicago Fed Nat Activity Index 05:30 Feb 0.72 -1.09 0.66 0.75  
  03/23 Richmond Fed Manufact. Index 07:00 Mar 16.00 - 14.00 -  
  03/24 MBA Mortgage Applications  04:00 19 Mar - - -2.20% -  
  03/24 Durable Goods Orders 05:30 Feb P 0.60% - 3.40% -  
  03/24 Markit US Manufacturing PMI 06:45 Mar P 59.50 - 58.60 -  
  03/24 Markit US Composite PMI 06:45 Mar P - - 59.50 -  
  03/24 Markit US Services PMI 06:45 Mar P 60.10 - 59.80 -  
  03/25 Initial Jobless Claims 05:30 20 Mar 730k - 770k -  
  03/25 Continuing Claims 05:30 13 Mar 4000k - 4124k -  
  03/25 GDP Price Index 05:30 4Q T 2.10% - 2.10% -  
  03/26 PCE Deflator MoM 05:30 Feb 0.30% - 0.30% -  
  03/26 PCE Deflator YoY 05:30 Feb 1.60% - 1.50% -  
  03/26 U. of Mich. Sentiment 07:00 Mar F 83.60 - 83.00 -  
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