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Market Commentary

Market Commentary

Today's Coupons
  10-Year Notes   1.451%  
  Support   1.405%  
  Resistance   1.244%  
  FN 2.5% Coupon   103.094 (-0.047)  
     Friday, September 24, 2021

U.S. Futures Drop, China Bans Cryptocurrency

The Market opened today's session with treasuries lower across all maturities. The 10-year Treasury yield is currently at 1.4303, 0.02 bps higher than prior closing of 1.4301.

The market is reacting to the news of China’s ban in Cryptocurrency, while also being wary of the Fed's roll back of stimulus and China's Evergrande Group missing its coupon payments. The U.S. Futures fell with the S&P 500 falling by 0.30% and the NASDAQ 100 falling by 0.60%. In Europe, the Stoxx 600 fell 0.80%. In another setback to the crypto market, China declared it as an illicit currency, delivering the toughest blow yet to the industry. Bitcoin slumped in the wake of the announcement, falling 8.00% to about $41,000 and others followed suit. As the investors grow cautious of the markets with regards to the tapering and the banning of crypto, they pulled $28.60 billion from U.S. equity funds in the past week. As per the latest data, U.S. Aug. New-Home Sales is at 740,000 Annual Rate; higher than estimated 715,000. 

The curve has bear-steepened with the UST 10-Year yield up 0.02 bps.

This Week's Events
  09/21 Building Permits MoM 05:30 Aug -1.80% 6.00% 2.60% 2.30%  
  09/21 Building Permits 05:30 Aug 1600k 1728k 1635k 1630k  
  09/22 MBA Mortgage Applications 04:00 17-Sep - 4.90% 0.30% -  
  09/22 Existing Home Sales 07:00 Aug 5.89M 5.88M 5.99M 6.00M  
  09/23 Initial Jobless Claims 05:30 18-Sep 320k 351k 332k 335k  
  09/23 Continuing Claims 05:30 11-Sep 2600k 2845k 2665k 2714k  
  09/24 New Home Sales MoM 07:00 Aug 1.00% 1.50% 1.00% 6.40%  
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  This information is provided solely for informational use and is not intended as an advice for trading or investment purposes in any manner whatsoever. Sun West Mortgage Company, Inc. is not a licensed or registered broker or dealer and cannot provide investment strategies or recommendations. This information is provided to licensed brokers/lenders only and may not be copied or distributed to customers or potential customers. All loans are subject to approval. Certain restrictions may apply. Listed pricing is a morning indication only. Program rates, prices, guidelines, fees, costs, terms and conditions are subject to change without notice.  
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