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Market Commentary

Market Commentary

Today's Coupons
  10-Year Notes   1.570%  
  Support   1.588%  
  Resistance   1.336%  
  FN 2.5% Coupon   102.687 (-0.109)  
     Wednesday, November 03, 2021

U.S. Markets Volatile As FOMC Decision Unveils Today


The Market opened today's session with treasuries higher across all maturities. The 10-year Treasury yield is currently at 1.5436, 0.52 bps lower than the prior closing of 1.5488.

U.S futures markets dropped and treasury yield curves flattened as traders braced for the Federal Reserve’s decision. The S&P 500 fell after notching its fourth consecutive record and Nasdaq 100 was little changed. Equity investors are sitting on their hands for a second day as the third-quarter earnings season starts to wind down. The Treasury market showed investor uncertainty over the path of interest rates Fed may start tapering stimulus in the first step toward an eventual increase in interest rates. U.S. companies added the most jobs in four months, suggesting employers are making progress in filling a near-record number of open positions. Businesses’ payrolls increased by 571,000 last month, after a revised 523,000 gain in September. The MBA application survey was released this morning and showed that overall applications fell 3.30% from the previous week. Purchase applications fell 1.60% while refinance applications fell 4.30%. While a gauge of commodities fell, iron ore futures rebounded after a five-day slump. Crude oil traded lower 2.30% to $81.94 a barrel. Gold futures fell 1.30% to $1,766.50 an ounce. In Europe, the Stoxx 600 Index was 0.10% higher with energy companies dropping on the fall in oil prices.

The curve has bull-flattened with the UST 10-Year yield down 0.52 bps.

This Week's Events
  11/01 Markit US Manufacturing PMI 06:45 Oct F 59.20 58.40 59.20 -  
  11/01 Construction Spending MoM 07:00 Sep 0.30% -0.50% 0.00% 0.01%  
  11/03 MBA Mortgage Applications 04:00 29-Oct - -3.30% 0.30% -  
  11/03 ADP Employment Change 05:15 Oct 400k 571k 568k 523k  
  11/04 Initial Jobless Claims 05:30 30-Oct 275k - 281k -  
  11/04 Continuing Claims 05:30 23-Oct 2147k - 2243k -  
  11/05 Change in Nonfarm Payrolls 05:30 Oct 450k - 194k -  
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