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Market Commentary

Market Commentary

Today's Coupons
  10-Year Notes   1.601%  
  Support   1.593%  
  Resistance   1.351%  
  FN 2.5% Coupon   102.250 (+0.078)  
     Tuesday, November 16, 2021

U.S. Markets Drifted As Retail Sales & Industrial Production Beat Expectations


The Market opened today's session with treasuries lower across all maturities. The 10-year Treasury yield is currently at 1.6215, 0.70 bps higher than prior closing of 1.6145.

U.S. equity futures on the S&P 500 Index and Nasdaq 100 drifted after a report showed the biggest jump in U.S. retail sales since March. The report showed resilient consumer demand and as traders assessed timing of interest-rate liftoff signaling households continue to spend even with the fastest inflation in decades. Treasuries fluctuated between gains and losses. The value of overall retail purchases increased 1.70% last month, the most in seven months, following an upwardly revised 0.80% advance in September, Commerce Department figures showed Today. U.S. infrastructure bill got signed, which initiated a selloff from traders who are concerned about regulation and taxation. United States industrial production rebounded in October as automakers, stung by supply chain problems, posted a strong increase. Industrial production rose 1.60% last month after a 1.30% plunge in September, the Federal Reserve reported. The largest digital token dipped as much as 8.20% to $58,661, the biggest intraday drop since Sept. 24. Global crypto market cap has dropped some 10.00% in the past 24 hours to $2.70 trillion amid lingering concerns about China’s regulatory crackdown and tax-reporting requirements for digital currencies that are part of the new U.S. stimulus bill. In 2020, personal income increased in 3,040 counties. In the metropolitan portion of the United States personal income increased 6.40% and in the nonmetropolitan portion it increased 7.60%. Gold futures rose 0.30% to $1,872.30 an ounce. European gas prices surged as much as 12.00% on potential delays in starting up a controversial new pipeline from Russia.

The curve has bear-flattened with the UST 10-Year yield up 0.70 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% 10.70% 9.20% 9.30%  
  11/16 Capacity Utilization 06:15 Oct 75.90% 76.40% 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 260k - 267k -  
  11/18 Continuing Claims 05:30 6-Nov 2120k - 2160k -  
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