Daily Market Color

10yr Rate Hits 11-Month High

10yr Treasury yield rises to highest level in 11-months
As stocks fluctuated around all-time highs, UST’s yields increased across a steepening curve with the 10yr reaching its highest rate in 11-months at 1.20% and the 30yr increasing 6bps to finish the week above 2.0%.
Oil rallies to highest price in two years
As major oil producers continue to slash output and the expectations of an economically stronger second half to 2021 rise, West Texas Intermediate crude increased 2.3% to $59.59 a barrel, the highest price in over two years.
Stimulus expectations increase U.S. growth forecasts
In Bloomberg’s latest survey of economists, expectations for GDP growth have increased for the current three-month period and every following period through mid-2022. GDP is projected to rise an annualized 5.6% in 2Q and 6.2% in 3Q, leading to the most substantial economic growth since 1984.
U.S. consumer sentiment falls to six-month low
U.S. consumer sentiment declined to a six-month low with data from University of Michigan’s preliminary sentiment index falling to 76.2 on Friday, down from 79 in January. The decline was attributed to a deteriorated outlook for personal income and the anticipation for rising inflation over the next year.

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