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Market Commentary

Market Commentary

Today's Coupons
  10-Year Notes   1.463%  
  Support   1.668%  
  Resistance   1.505%  
  FN 2.5% Coupon   103.05 (00)  
  Friday, June 18, 2021

US Stocks Fluctuate after the Federal Reserve's latest monetary policy decision and projections

The Market opened today's session with treasuries higher across all maturities. The 10-year Treasury yield is currently at 1.4633, 4.07 bps lower than prior closing of 1.5040.

US stocks fell for a fourth day in a row, extending the market’s volatility caused by the Federal Reserve’s recent announcement. The Dow Jones Industrial Average fell 1.3%, continuing a downwards path towards its worst week since January as investors step back from trades related to economic growth and inflation. The tech- heavy Nasdaq 100 Index fell 0.3%, dropping from a record high. European shares fell the most in a month, with the Stoxx 600 dropping 1.5% from its longest streak of gains since 1999. Yields on shorter-maturity Treasuries jumped after St. Louis Fed President James Bullard said on CNBC that the central bank has started discussing scaling back the pace of pandemic bond-buying. Oil fell for a second day, with Brent crude slipping from this week’s 2018 high. An advance in the dollar this week has made commodities that are priced in the US currency more expensive, driving declines across the complex. Elsewhere, some of the biggest gainers in cryptocurrency tumbled back. The DeFi, or decentralized finance, tokens such as Krill, Arqma and Catge coin slumped more than 60%.   

The curve has bull-flattened with the UST 10-Year yield down 4.07 bps.

This Week's Events
  06/15 Empire Manufacturing 05:30 Jun 22.70 17.40 24.30 -  
  06/16 Building Permits 05:30 May 1730k 1681k 1760k 1733k  
  06/16 Building Permits MoM 05:30 May -0.20% -3.00% 0.30% -1.30%  
  06/16 Housing Starts 05:30 May 1630k 1572k 1569k 1517k  
  06/16 Housing Starts MoM 05:30 May 3.90% 3.60% -9.50% -12.10%  
  06/16 MBA Mortgage Applications 05:30 Jun 11 - 4.20% -3.10% -  
  06/17 Initial Jobless Claims 05:30 Jun 12 360k 412k 376k 375k  
  06/17 Continuing Claims 05:30 Jun 5 3425k 3518k 3499k 3517k  
  06/17 Leading Index 07:00 May 1.30% 1.30% 1.60% 1.30%
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