eAdvantage Logout

Thanks for using eAdvantage. Click here to log back in.

From the Desk - Economic Commentary

Brandon Casey, VP, Member Strategies - 1/25/2022

Volatility in the U.S. stock markets continues as equities are plunging to begin trading today. All three major averages are down over 2% in early trading after one of the most historic comebacks on record yesterday. All three averages closed higher after opening with major losses, with the DJIA rallying from a 1,100-point loss and the Nasdaq reversing an early 4.9% loss, its biggest intraday rebound since 2008.

Looking at economic data today, the S&P Case-Shiller National Home Price Index (HPI) rose 1.1% in November and 18.8% over the past year, which is slightly lower than the growth from the prior month. The closely watched 20-city HPI rose 1.2% for the month and 18.3% over the past year, also slightly slower growth than the previous month. The FHFA HPI also rose 1.1% in November and prices were up 17.5% over the past year, one-tenth higher than the previous month.

Elsewhere, the Conference Board Consumer Confidence Index fell less than expected to a reading of 113.8 in January. The index had been expected to fall 3.5 points to a reading of 111.7. The Present Situation Index rose over three points to a reading of 148.2, while the Expectations Index fell nearly five points to a reading of 90.8.

U.S. Treasury yields are higher this morning, with the 2-year Treasury yield up 1.3 basis points to 1.00%, the 5-year Treasury yield up 3.2 basis points to 1.54% and the 10-year Treasury yield up 1.4 basis points to 1.75%. Advance rates are higher throughout most of the curve today.


Subscribe to our daily From the Desk newsletter to get economic commentaries and updated advance rates sent directly to your inbox. 

Subscribe Here