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Market Commentary

Market Commentary

Today's Coupons
  10-Year Notes   1.589%  
  Support   1.601%  
  Resistance   1.378%  
  FN 2.5% Coupon   102.219 (-0.187)  
     Monday, November 22, 2021

Stocks Rallies as Thanksgiving Approaches, Powell Holds Chair


The Market opened today's session with treasuries lower across all maturities. The 10-year Treasury yield is currently at 1.5720, 2.58 bps higher than prior closing of 1.5462.

U.S. stocks are trading near record levels, outpacing the rest of the world and initiating the Thanksgiving week on an optimistic note. Futures on the S&P 500 and Nasdaq 100 extended 0.40% gains and Treasuries stretched losses, two-year Treasury yield jumped to 0.55% as President Joe Biden selected Jerome Powell for a second four-year term as Federal Reserve chair while elevating Governor Lael Brainard to vice chair, keeping consistency at the U.S. central bank as the nation grapples with the fastest inflation in decades and the lingering effects of Covid-19 concerns about high valuations and the potential for the economy to run too hot on the back of loose monetary and fiscal policies have interrupted, but not stopped the rally. The Chicago Fed's National Activity Index recovered more strongly than expected in October after slipping in September for the first time since April. Sixty-one of the 85 indicators were positive contributors in the report. President Joe Biden’s $1.70 trillion plan to expand the social safety net, address climate change and rewrite tax policies passed by the House. Gold slumped more than 1.00% to $1,843.60 an ounce. Europe is heading for lockdown and imposing tight restrictions on the unvaccinated as a wave of new Covid-19 infections threatens to overrun its already battered healthcare systems. Overnight the MSCI Asia Pacific Index dropped 0.30% to a one-week low despite gains in China’s mainland shares.

The curve has bear-flattened with the UST 10-Year yield up 2.58 bps.

This Week's Events
  11/22 Chicago Fed Nat Activity Index 05:30 Oct 0.10 0.76 -0.13 -0.18  
  11/22 Existing Home Sales 07:00 Oct 6.20m 6.34m 6.29m -  
  11/23 Markit US Manufacturing PMI 06:45 Nov P 59.20 - 58.40 -  
  11/23 Markit US Composite PMI 06:45 Nov P - - 57.60 -  
  11/24 MBA Mortgage Applications 04:00 19-Nov - - -2.80% -  
  11/24 Initial Jobless Claims 05:30 20-Nov 260k - 268k -  
  11/24 Continuing Claims 05:30 13-Nov 2033k - 2080k -  
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