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Market Commentary

Market Commentary

Today's Coupons
 10-Year Notes 1.502% 
 Support 1.593% 
 Resistance 1.351% 
 FN 2.5% Coupon 102.703 (-0.328) 
    Wednesday, November 10, 2021

CPI Increased Beyond Estimates, US Futures Plunge


The Market opened today's session with treasuries lower across all maturities. The 10-year Treasury yield is currently at 1.4762, 4.04 bps higher than prior closing of 1.4358.

Global stock investors showed waning optimism as the CPI numbers rolled in today. U.S. Oct. Consumer Prices Increased 0.90% beating the street estimates. Overnight the MSCI Asia Pacific Index slipped 0.20% while Japan’s Topix index closed 0.50% lower. In Europe the Stoxx 600 Index was 0.10% lower with energy stocks the best performers. S&P 500 futures pointed to a drop at the open with the index declining by 0.40% while the NASDAQ 100 plunged 0.70%. POTUS and his Chinese counterpart are scheduled to hold a virtual summit next week. Even after the more than expected CPI numbers, policy makers remain confident that the current spike will pass. U.S. 5-Year Tips Breakeven Rate Rises to a record high of 3.03%.  Tesla shares slipped as much as 1.60% in premarket trading Wednesday, following a three-day slide that has erased more than $200 billion in value. Germany’s council of economic advisers urged the European Central Bank to publish a strategy for normalizing its ultra-expansive monetary policy in light of building inflation risks. MBA mortgage applications index rose 5.50% in the past week. The purchases were up by 2.70% while refis increased 7.40%. Initial jobless claims fell to 267k in the last week.

The curve has bear-flattened with the UST 10-Year yield up 4.04 bps.

This Week's Events
 11/09NFIB Small Business Optimism03:00Oct99.5098.2099.10- 
 11/09PPI Final Demand MoM05:30Oct0.60%0.60%0.50%- 
 11/10MBA Mortgage Applications04:005-Nov-5.50%-3.30%- 
 11/10Initial Jobless Claims05:306-Nov260k267k269k271k 
 11/10Continuing Claims05:3030-Oct2050k2160k2105k2101k 
 11/12JOLTS Job Openings07:00Sep10300k-10439k- 
 11/12U. of Mich. Sentiment07:00Nov P72.00-71.70- 
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