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Daily Market Color

Daily Market Color

New Covid Variant Wreaks Havoc on Markets

Treasuries rally and equities fall on new COVID variant. Global financial markets were spooked on the word of a newly discovered COVID variant out of South Africa. Treasuries had their strongest one-day rally since the onset of the pandemic in March 2020, as yields fell across the curve as investors sought safe-haven assets. The 10-year
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Inflation Data and FOMC Minutes Sends Short-Term Rates Higher

Short-term rates increased on the day as traders prepare for a more aggressive Fed With the Thanksgiving holiday upon us, there was a bevy of economic data for the markets to chew on. First, U.S. initial jobless claims came in well below expectations to hit a five-decade low of 199,000 as the labor market continues to
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Long-Term Rates Continue to Sell-Off 

Long end of the curve continues to rise, following other developed markets higher despite strong Treasury auction. The long end of the yield curve continued to rise in today’s session, the 10-year Treasury yield climbing 4 bps to end the day at 1.67%- spurred higher by overseas price action that saw 10-year euro-area bond yields
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Powell Gets Renominated as Rates Rise to Year-to-Date Highs

Rates rise to YTD highs as Fed Chair Powell is nominated to second term. President Biden nominated Fed Chair Powell to another term, opting for continuity and stability over Powell’s main competitor Lael Brainard who was nominated as vice-chair. All three appeared together this afternoon, Powell and Brainard vowing to combat inflation- a topic that
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Yield Curve Flattens on Hawkish Fed Tone

Swap curve flattens as Fed officials suggest conditions have been met for rate increase. Fed Governor Chris Waller said that the Fed may need to raise rates sooner than expected if inflation remains elevated and job growth continues at its current pace. He also added that the Fed may need to “pivot to a faster
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S&P Closes on Another Record, Jobless Claims Fall for 7th Straight Week

S&P 500 hits yet another record despite China and Turkey fears. The S&P 500 climbed 0.30% to hit its 66th record of 2021, shrugging off the emerging market jitters that pulled down virtually every other equity benchmark. Swap rates and Treasury yields were also relatively unaffected by the Turkish bank’s surprise rate cut and fears
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Energy Prices Fall as Rates Rally

Treasurys shrug off weak 20-year auction and heavy corporate issuance to rally across the curve. Treasury yields and swap rates fell despite a lukewarm 20-year bond auction and substantial corporate issuance, the 10-year Treasury yield declining over 4 basis points to 1.59%. Declining energy prices may have been a contributor- crude oil, heating oil and
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Rates Rise for Fifth Straight Session as Retail Sales Impress

Strong retail sales data, comments from Bullard help lift rates once again. The 10-year Treasury yield climbed 2 bps to close at 1.63% – rising for the 5th straight session as retail sales proved resilient to rising prices. Meanwhile, Fed St. Louis Fed President James Bullard became the latest official to speak publicly about inflation,
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Inflation Remains in Focus as Infrastructure Bill Signed, Former Fed Officials Sound Off

Rates rise once again as former Fed officials sound off on inflation. Former Fed officials William Dudley and Jeff Lacker both said they expect the Fed to raise rates above 3% to combat inflation- making the comments in separate interviews with Bloomberg News. William Dudley, formerly head of the NY Fed, acknowledged that the Fed
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Breakeven Inflation Rates Hit Year-to-Date Highs

Breakeven inflation rates hit YTD highs, Treasury yields and swap rates climb once again. Bond markets picked up where they left off after the Veteran’s Day holiday, swap rates and Treasury yields continuing to climb in the aftermath of Wednesday’s CPI figure- 10-year Treasury yields climbing as much as 4 bps before settling in and
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