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Market Commentary

Market Commentary

Today's Coupons
  10-Year Notes   1.606%  
  Support   1.593%  
  Resistance   1.351%  
  FN 2.5% Coupon   102.203 (-0.109)  
     Monday, November 15, 2021

Strong Sentiments In Market Amid Fears of Inflation


The Market opened today's session with treasuries higher across all maturities. The 10-year Treasury yield is currently at 1.5528, 0.85 bps lower than prior closing of 1.5613.

The week’s equity trading got off to a mildly positive start as investors assessed a strong earnings season and the outlook for inflation and growth. S&P 500 futures & NASDAQ 100 pointed to a move into the green at the open, with both these index rising by 0.40%. Investor optimism had been strong throughout the first half of fall as the S&P 500 hit its longest streak of record-highs in 24 years, but much of the positive sentiment relied on the Fed keeping rates low in the foreseeable future. U.S. futures rose amid optimism that companies can weather the supply-side crisis and central banks will keep fueling stock rallies. The sentiment found its way into bond markets, which calmed following a period of pronounced swings on bets policy makers will move to curb price pressures with faster-than-expected rate increases. Tesla shares fell 2.50% in the premarket after Elon Musk spurred the idea of selling more of his shares in an online faceoff with U.S. Senator Bernie Sanders. The Stoxx 600 Europe Index extended its longest weekly winning streak since mid-April after rising for six weeks with the index rising by 0.20%. Retailers and travel firms led gains. The Federal Reserve Bank of New York’s general business conditions index rose to 30.90 from 19.80 m/m. Robust demand is powering factory job growth as well, with the New York Fed’s measure surging 8.90 points to a record 26. Financial markets are fixated on how the world’s central banks will adjust monetary policy as they grapple with inflation. This task will be done with the withdrawal of pandemic spending, which will show its effect in the following year.

The curve has bull-steepened with the UST 10-Year yield down 0.85 bps.

This Week's Events
  11/15 Empire Manufacturing 05:30 Nov 22.00 30.90 19.80 -  
  11/16 Import Price Index YoY 05:30 Oct 10.30% - 9.20% -  
  11/16 Capacity Utilization 06:15 Oct 75.90% - 75.20% -  
  11/17 MBA Mortgage Applications 04:00 12-Nov - - 5.50% -  
  11/17 Building Permits MoM 05:30 Oct 2.80% - -7.70% -7.80%  
  11/18 Initial Jobless Claims 05:30 13-Nov - - - -  
  11/18 Continuing Claims 05:30 6-Nov - - - -  
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