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Market Commentary


 

 
Today's Coupons
 
  10-Year Notes   100-08 (-07.5)  
 
  FN 2.5% Coupon   104-20 (-03.5)  
 
  Support   0.787%  
 
  Resistance   0.614%  
 
 
 
 
  Monday, November 23, 2020
 
 

Treasury Yields Rise as Vaccine Optimism Drives Markets

 
 
Market opened today's session with treasuries lower across all maturities. 10-Year Treasury yield is at 0.8504, 2.61 bps increased from prior closing of 0.8243.
US stocks opened higher this morning as AstraZeneca reported its vaccine showed to be 90% effective against COVID-19. Other notable pharmaceutical gainers included Pfizer Inc. and Moderna Inc., in addition to which, Regeneron Pharmaceuticals Inc. rose as its antibody cocktail won emergency-use authorization. Elsewhere, WTI Crude rose by 0.6% while Gold remained at $1,866.39 an ounce. On the economic front, Markit US Manufacturing PMI significantly surpassed expectations after reporting at 56.70 for the month of November. Showcasing the highest level of business activity since 2015, today's index reading can attribute part of its higher level to optimism brought on by recent vaccine advances, even as cases continue climbing rapidly. Reporting later this week, on Wednesday are the minutes from the Federal Open Market Committee, in addition to US GDP, Personal Spending and Jobless Claims. Thursday marks Thanksgiving, and Friday will kick off the holiday shopping season.
The curve has bear-steepened with UST 10-Year yield up 2.61 bps.
 
 
   
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  11/23 Chicago Fed Nat Activity Index 05:30 Oct 0.27 0.83 0.27 0.32  
                   
  11/23 Markit US Services PMI 06:45 Nov P 55.00 57.70 56.90 -  
                   
  11/23 Markit US Composite PMI 06:45 Nov P - 57.90 56.30 -  
                   
  11/24 S&P CoreLogic CS 20-City MoM SA 06:00 Sep 0.70% - 0.47% -  
                   
  11/24 S&P CoreLogic CS 20-City YoY NSA 06:00 Sep 5.30% - 5.18% -  
                   
  11/24 Conf. Board Consumer Confidence 07:00 Nov 97.60 - 100.90 -  
                   
  11/25 MBA Mortgage Applications  04:00 20 Nov - - -0.30%  -  
                   
  11/25 Initial Jobless Claims 05:30 21 Nov 730k - 742k -  
                   
  11/25 Continuing Claims 05:30 14 Nov 6010k - 6372k -  
                   
  11/25 PCE Deflator MoM 05:30 Oct 0.00% - 0.20% -  
                   
  11/25 PCE Deflator YoY 05:30 Oct 1.20% - 1.40% -  
                   
  11/25 Durable Goods Orders 05:30 Oct P 0.90% - 1.90% -  
                   
  11/25 GDP Annualized QoQ 05:30 3Q S 33.10% - 33.10% -  
                   
  11/25 GDP Price Index 05:30 3Q S 3.60% - 3.60% -  
                   
  11/25 Bloomberg Consumer Comfort 06:45 21 Nov - - 49.80 -  
                   
  11/25 U. of Mich. Sentiment 07:00 Nov F 77.00 - 77.00 -  
                   
 
 
 
 
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