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Market Commentary

Market Commentary

Today's Coupons
  10-Year Notes   1.565%  
  Support   1.593%  
  Resistance   1.351%  
  FN 2.5% Coupon   102.406 (+0.078)  
     Friday, November 12, 2021

U.S Treasuries in focus as Inflationary Pressure Persists


The Market opened today's session with treasuries lower across all maturities. The 10-year Treasury yield is currently at 1.5545, 0.52 bps higher than prior closing of 1.5493.

After yesterday’s holiday, the Treasury market grabbed attention back with instruments across the curve resuming their slide as the chief concern still remains inflation. A gauge of the U.S. yield curve flattened to the least since March 2020 as the U.S. inflation report was still reverberating through the bond market. Economists are ratcheting up their U.S. inflation forecasts through 2022 as supply chain constraints persist and price pressures broaden out to categories like shelter and energy. U.S. equity contracts climbed with stocks. Futures on the main U.S. gauges were higher, with S&P 500 0.30% higher and Nasdaq 100 rose 0.30%. Worldwide employment by U.S. multinational enterprises (MNEs) increased 2.40 percent to 43.90 million workers in 2019 from 42.90 million workers in 2018, according to statistics released today by the U.S. Bureau of Economic Analysis (BEA). West Texas Intermediate Crude Oil headed for its longest run of weekly losses since March and fell 1.90% to $80.04 a barrel. The U.S. raised the alarm with European Union allies that Russia may be weighing a potential invasion of Ukraine. Stoxx Europe 600 edged up 0.20% as luxury shares gained. MSCI Asia Pacific Index added 0.80% while Japan’s Topix index closed 1.30% higher. Gold futures fell 0.40% to $1,856.40 an ounce.

The curve has bear-steepened with the UST 10-Year yield up 0.52 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 - 5.50% -3.30% -  
  11/10 Initial Jobless Claims 05:30 6-Nov 260k 267k 269k 271k  
  11/10 Continuing Claims 05:30 30-Oct 2050k 2160k 2105k 2101k  
  11/12 JOLTS Job Openings 07:00 Sep 10300k 10438k 10439k 10629k  
  11/12 U. of Mich. Sentiment 07:00 Nov P 72.50 66.80 71.70 -  
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