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Market Commentary



 
Today's Coupons
 
  10-Year Notes   99-25 (-00.5)  
 
  FN 2.5% Coupon   104-27.5 (+02)  
 
  Support   0.791%  
 
  Resistance   0.615%  
 
 
 
 
  Monday, December 14, 2020
 
 

Treasury Yields Rise as Vaccines Roll-out in the US

 
 
Market opened today's session with treasuries lower across all maturities. 10-Year Treasury yield is at 0.9146, 1.82 bps increased from prior closing of 0.8964.

US stocks opened higher this morning as Pfizer Inc. and BioNTech SE's vaccine began its first deliveries in the US. Notable movers include AstraZeneca Plc, which saw shares lower after announcing plans to purchase Alexion Pharmaceuticals for $39 billion. On the bureaucratic front, a $908 billion, bipartisan stimulus package is set to be unveiled on Monday, with the current temporary funding bill set to run out on December 18. In Europe, a possible breakthrough in Brexit talks had shares moving higher, with the pound jumping the most in two months. Elsewhere, WTI crude rose by 1.1% while Gold dipped by 0.7%. The Federal Reserve will be meeting later this week, on Tuesday and Wednesday, with markets expecting guidance on the continuity of asset purchases. And reporting tomorrow are Empire Manufacturing and Industrial Production MoM, both expected at 6.50 and 0.30%, respectively.

The curve has bear-steepened with UST 10-Year yield up 1.82 bps.
 
 
   
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  12/15 Empire Manufacturing 05:30 Dec 6.50 - 6.30 -  
                   
  12/15 Import Price Index MoM 05:30 Nov 0.30% - -0.10% -  
                   
  12/15 Import Price Index YoY 05:30 Nov -0.90% - -1.00% -  
                   
  12/16 MBA Mortgage Applications 04:00 11 Dec - - -1.20% -  
                   
  12/16 Markit US Manufacturing PMI 06:45 Dec P 55.80 - 56.70 -  
                   
  12/16 Markit US Services PMI 06:45 Dec P 55.70 - 58.40 -  
                   
  12/16 Markit US Composite PMI 06:45 Dec P - - 58.60 -  
                   
  12/17 Building Permits 05:30 Nov 1560k - 1545k 1544k  
                   
  12/17 Building Permits MoM 05:30 Nov 1.00% - 0.00% -0.10%  
                   
  12/17 Housing Starts 05:30 Nov 1535k - 1530k -  
                   
  12/17 Housing Starts MoM 05:30 Nov 0.30% - 4.90% -  
                   
  12/17 Initial Jobless Claims 05:30 12 Dec 815k - 853k -  
                   
  12/17 Continuing Claims 05:30 5 Dec 5700k - 5757k -  
                   
  12/17 Bloomberg Consumer Comfort 06:45 13 Dec - - 43.00 -  
                   
  12/18 Leading Index 07:00 Nov 0.50% - 0.70% -
                   
 
 
 
 
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