From the Desk - Economic Commentary
Brandon Casey - 9/23/2020
U.S. equities are mixed this morning as investors digest economic data, rising coronavirus cases around the world and calls for additional stimulus from Congress. Looking at economic data, the flash print of the September Markit Manufacturing PMI was slightly higher at a reading of 53.5, while the Services PMI was slightly lower at 54.6. The Composite PMI fell two-tenths to a reading of 54.4. While all remain in growth territory, it is another data release that underscores slowing in the economic recovery. Elsewhere, MBA mortgage applications jumped 6.8% following Labor Day despite the average interest rate of a 30-year mortgage increasing three basis points to 3.10%.
U.S. Treasury yields are higher this morning, with the 2-year Treasury up 0.1 basis points to 0.14%, the 5-year Treasury yield up 1.2 basis points to 0.27% and the 10-year Treasury yield up 1.5 basis points to 0.68%. Advance rates are little changed for the second straight day.
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