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Market Commentary

Market Commentary

Today's Coupons
  10-Year Notes   99-17 (+01)  
  FN 2.5% Coupon   104-22.5 (+02.5)  
  Support   0.747%  
  Resistance   0.599%  
  Thursday, September 24, 2020

Treasury Yields Fall As Tech Rallies

Market opened today’s session with Treasuries slightly higher across all maturities. 10-Year Treasury yield is at 0.6626, 0.98 bp decreased from prior closing of 0.6724.

US tech stocks pushed markets higher this morning with the likes of Apple, Alphabet, and Facebook showing the largest gains. In the US, Republican Senate Majority Leader Mitch McConell reassured an orderly transition of power will take place following the November 3 election. This statement comes following comments from President Donald Trump on Wednesday during a White House news briefing where he declined to commit to a peaceful transition of power after the election. Elsewhere, WTI Crude fell by 0.1% while Gold hovered around $1,862.44 an ounce. On the economic front, Initial Jobless Claims failed to decline as expected, with a reported slight increase from prior weeks values. Additionally, Continuing Claims for the week end September 12 fell by less than anticipated, still remaining nearly double what they were in the previous recession. New Home Sales for the Month of August Beat expectations after reporting at 1.011 million homes sold. Notably, as record low mortgage rates continue to bolster home sales, it should be noted that buyers in today's market are opting to purchase newer homes as fewer homeowners choose to sell their properties.

The curve has bull-flattened with UST 10-Year yield down 0.98 bp.
This Week's Events
  09/21 Chicago Fed Nat Activity Index 05:30 Aug 1.19 0.79 1.18 2.54  
  09/22 Existing Home Sales 07:00 Aug 6.00m 6.00m 5.86m -  
  09/22 Existing Home Sales MoM 07:00 Aug 2.40% 2.40% 24.70% -  
  09/23 MBA Mortgage Applications 04:00 18 Sep - 6.80% -2.50% -  
  09/23 FHFA House Price Index MoM 06:00 Jul 0.50% 1.00% 0.90% 1.00%  
  09/23 Markit US Services PMI 06:45 Sep P 54.70 54.60 55.00 -  
  09/23 Markit US Composite PMI 06:45 Sep P - 54.40 54.60 -  
  09/24 Initial Jobless Claims 05:30 19 Sep 840k 870k 860k 866k  
  09/24 Continuing Claims 05:30 12 Sep 12275k 12580k 12628k 12747k  
  09/24 Bloomberg Consumer Comfort 06:45 20 Sep - 49.80 47.70 47.90  
  09/25 Durable Goods Orders 05:30 Aug P 1.30% - 11.40% -  
  09/25 Durables Ex Transportation 05:30 Aug P 1.10% - 2.60% -
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