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Market Commentary

Market Commentary

Today's Coupons
  10-Year Notes   1.441%  
  Support   1.593%  
  Resistance   1.351%  
  FN 2.5% Coupon   103.109 (+0.219)  
     Tuesday, November 09, 2021

US Futures Plunge Amid Expected Change In Fed


The Market opened today's session with treasuries higher across all maturities. The 10-year Treasury yield is currently at 1.4445, 4.52 bps lower than prior closing of 1.4897.

With little in the line of a new catalyst for stock moves and earnings season winding down equity investors remain in wait-and-see mode. The S&P 500 shed 0.40%, led by losses in the consumer discretionary and energy sector while Nasdaq 100 fell 0.70%. Germany’s infection rate spiked to the highest since the pandemic began with the incoming government agreeing a new package of measures to tackle the surge. Federal Reserve Governor Lael Brainard was interviewed for the role of Federal Reserve Chair at the White House last week, as investors speculated about a change in leadership at the Federal Reserve. Bitcoin pared back gains after soaring past $68,000 for the first time. The National Federation of Independent Business optimism index slipped to 98.20 from 99.10. Sentiment among U.S. small businesses edged down in October as owners’ views of future economic conditions slumped amid continuing supply-chain and hiring challenges. The producer price index for final demand increased 0.60% from the prior month and 8.60% from a year earlier. Global equities are hovering near all-time highs as investors weigh strong earnings, easing travel curbs and U.S. infrastructure spending against the risk of persistent inflation that may lead to tighter monetary policy.

The curve has bull-flattened with the UST 10-Year yield down 4.52 bps.

This Week's Events
  11/09 NFIB Small Business Optimism 03:00 Oct 99.50 98.20 99.10 -  
  11/09 PPI Final Demand MoM 05:30 Oct 0.60% 0.60% 0.50% -  
  11/10 MBA Mortgage Applications 04:00 5-Nov - - -3.30% -  
  11/10 Initial Jobless Claims 05:30 6-Nov 260k - 269k -  
  11/10 Continuing Claims 05:30 30-Oct 2050k - 2105k -  
  11/12 JOLTS Job Openings 07:00 Sep - - 10439k -  
  11/12 U. of Mich. Sentiment 07:00 Nov P 72.00 - 71.70 -  
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