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Market Commentary


 

 
Today's Coupons
 
  10-Year Notes   99-31 (-06)  
 
  FN 2.5% Coupon   104-19.5 (-02.5)  
 
  Support   0.787%  
 
  Resistance   0.614%  
 
 
 
 
  Tuesday, November 24, 2020
 
 

Treasury Yields Rise as Joe Biden Begins Transition

 
 
Market opened today's session with treasuries lower across all maturities. 10-Year Treasury yield is at 0.8766, 2.29 bps increased from prior closing of 0.8537.
US stocks opened higher this morning as President-elect Joe Biden began his formal transition process into the white house. Additionally, Biden has indicated intent to nominate former Federal Reserve Chair Janet Yellen to lead the Treasury Department, a move that could lead to further economic stimulus. Early movers include EasyJet Plc and International Consolidated Airlines Group SA, following news England will cut the quarantine period for high risk countries. Elsewhere, Bitcoin extended gains past $19,000 for the first time since 2017. WTI crude has increased by 1.1% while Gold fell by 1.8%. On the economic front, the Conference Board of Consumer Conference failed to meet expectations after reporting at 96.10 for the month of November. Marking a three month low, today's figure anticipates a slowdown in Retail Sales and hiring as infection cases surge and governments around the world increase restrictions. Reporting tomorrow are the most recent FOMC minutes, US Unemployment Claims, GDP, and Personal Spending.
The curve has bear-steepened with UST 10-Year yield up 2.29 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% 1.27% 0.47% 1.35%  
                   
  11/24 S&P CoreLogic CS 20-City YoY NSA 06:00 Sep 5.30% 6.57% 5.18% 5.33%  
                   
  11/24 Conf. Board Consumer Confidence 07:00 Nov 98.00 96.10 100.90 101.40  
                   
  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 6000k - 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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  This information is provided solely for informational use and is not intended as an advice for trading or investment purposes in any manner whatsoever. Sun West Mortgage Company, Inc. is not a licensed or registered broker or dealer and cannot provide investment strategies or recommendations. This information is provided to licensed brokers/lenders only and may not be copied or distributed to customers or potential customers. All loans are subject to approval. Certain restrictions may apply. Listed pricing is a morning indication only. Program rates, prices, guidelines, fees, costs, terms and conditions are subject to change without notice.  
 
 
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