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Market Commentary



 
Today's Coupons
 
  10-Year Notes   99-14.5 (+02)  
 
  FN 2.5% Coupon   105-09.5 (+02)  
 
  Support   0.791%  
 
  Resistance   0.615%  
 
 
 
 
  Wednesday, December 30, 2020
 
 

Treasury Yields Rise as Vaccines Continue Rollout

 
 
Market opened today's session with treasuries slightly higher across all maturities. 10-Year Treasury yield is at 0.9348, 0.16 bp decreased from prior closing of 0.9364.
US stocks opened higher this morning as investors rallied around positive news on the vaccine front. The US government has begun sending out $600 stimulus payments in stimulus aid, however this comes as a new, more infectious strain of COVID-19, originally discovered in the U.K., has now been reported in Colorado. In Europe, travel and leisure companies saw shares rise after the UK approved a coronavirus vaccine by AstraZeneca Plc and the University of Oxford. Elsewhere, Bitcoin neared $28K, meanwhile WTI crude and Gold both rose by 0.5%. On the economic front, Wholesale Inventories MoM failed to meet expectations after reporting at -0.10% for the month of November. Collectively November's trade deficit increased to $84.8bb, with imports and exports both rising by 2.6% and 0.8%, respectively. The MNI Chicago PMI surpassed expectations for the month of December after reporting at 59.50. Notably, the report highlighted expansionary dynamics as derived from higher prices paid for products, as well as increases in production and order backlogs. Contractionary warnings were seen in lower employment and inventories, as recorded in the month of December. Reporting tomorrow are Initial Jobless Claims, with expectations set at 833K.
The curve has bull-steepened with UST 10-Year yield down 0.16 bp.
 
 
   
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  12/28 Dallas Fed Manf. Activity 07:30 Dec 11.60 9.70 12.00 -  
                   
  12/29 S&P CoreLogic CS 20-City MoM SA 06:00 Oct 1.00% 1.61% 1.27% 1.44%  
                   
  12/29 S&P CoreLogic CS 20-City YoY NSA 06:00 Oct 6.95% 7.95% 6.57% 6.64%  
                   
  12/30 Wholesale Inventories MoM 05:30 Nov P 0.60% -0.10% 1.10% 1.20%  
                   
  12/31 Initial Jobless Claims 05:30 26 Dec 833k - 803k -  
                   
  12/31 Continuing Claims 05:30 19 Dec 5390k - 5337k -  
                   
  12/31 Bloomberg Consumer Comfort 06:45 27 Dec - - 47.00 -  
                   
 
 
 
 
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