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Market Commentary

Market Commentary

Today's Coupons
  10-Year Notes   1.532%  
  Support   1.508%  
  Resistance   1.276%  
  FN 2.5% Coupon   102.703 (+0.187)  
     Wednesday, October 13, 2021

U.S. Futures Turn Negative After CPI Elevated More Than Expected

The Market opened today's session with treasuries lower across all maturities. The 10-year Treasury yield is currently at 1.5804, 0.35 bps higher than prior closing of 1.5769.

U.S. equity futures fluctuated after a report showed a faster-than-expected increase in consumer prices, highlighting the persistence of inflationary pressures in the economy. Consumer prices rose 0.41% in September as major influencers Food prices jumped 0.90% and Energy prices rose another 1.30%, according to Labor Department data released today. S&P 500 futures erased a modest gain after the data, Nasdaq futures were steady. U.S. 10-year Treasury yields rose toward 1.58% while a gauge of the dollar pared a loss. Oil prices remained slightly lower near $80 a barrel amid a global energy crunch. MBA Mortgage applications for the week ending October 8 inched up 0.20%. Refinance application fell 0.50% as the average 30-year mortgage rate rose another 4 bps to 3.18%, now up 21 bps since the end of July. European equities added about 0.50%, as optimistic corporate news came over.

The curve has bear-flattened with the UST 10-Year yield up 0.35 bps.

This Week's Events
  10/12 NFIB Small Business Optimism 03:00 Sep 99.50 99.10 100.10 -  
  10/12 JOLTS Job Openings 07:00 Aug 10954k 10439k 10934k 11098k  
  10/13 MBA Mortgage Applications 04:00 08-Oct - 0.20% -6.90% -  
  10/13 CPI MoM 05:30 Sep 0.30% 0.40% 0.30% -  
  10/14 Initial Jobless Claims 05:30 09-Oct 320k - 326k -  
  10/14 Continuing Claims 05:30 02-Oct 2670k - 2714k -  
  10/15 Import Price Index YoY 05:30 Sep 9.40% - 9.00% -  
  10/15 U. of Mich. Sentiment 07:00 Oct P 73.00 - 72.80 -  
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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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