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Market Commentary


 
 
Today's Coupons
 
  10-Year Notes   1.544%  
 
  Support   1.593%  
 
  Resistance   1.351%  
 
  FN 2.5% Coupon   102.875 (+0.250)  
 
 
 
 
     Thursday, November 04, 2021
 
 

U.S Markets Continue to Rally Post Fed Meeting

 
 

The Market opened today's session with treasuries higher across all maturities. The 10-year Treasury yield is currently at 1.5770, 2.64 bps lower than prior closing of 1.6034.

The S&P 500 rose for a sixth straight day, heading toward another record. The tech-heavy Nasdaq 100 outperformed major benchmarks and treasuries advanced as investors calmly digested Fed Decision and turned back to corporate earnings and jobs reports. The Fed announced a stimulus-tapering plan as expected, but expressed no hurry to raise benchmark rates. The FOMC discussed their plans to taper purchases with $15 billion a month in initial scale backs, starting with the November 15th. Investors weighed the Federal Reserve’s patience with interest-rate hikes against the risk of persistent inflation and slowing global growth. The U.S. trade deficit widened to a record 11.20% to $80.90 billion in September, from a revised $72.80 billion in August. In the week ended October 30, 269,000 people filed for unemployment insurance, 14,000 down from the prior week's upwardly revised 283,000. Employee productivity fell by the most this quarter, reflecting a sharp pullback in economic growth and an increase in hours worked. Oil rallied 2.00% to $82.46 a barrel as investors awaited an OPEC+ meeting to review. Gold futures rose 1.30% to $1,787.10 an ounce. The MSCI Asia Pacific Index added 0.60% while Japan’s Topix index closed 1.20% higher. In Europe, a solid earnings season fueled a fifth week of 0.50% gains in the benchmark Stoxx 600 gauge. 

The curve has bull-flattened with the UST 10-Year yield down 2.64 bps.

 
 
   
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  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 269k 281k 283k  
                   
  11/04 Continuing Claims 05:30 23-Oct 2150k 2105k 2243k 2239k  
                   
  11/05 Change in Nonfarm Payrolls 05:30 Oct 450k - 194k -  
                   
 
 
 
 
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