From the Desk - Economic Commentary
Brandon Casey - 1/22/2021
U.S. equities are slightly lower this morning with both the DJIA and S&P 500 retreating from record closes. Investors are beginning to reconsider the likelihood that Biden’s Covid relief plan will get through Congress after some members questioned the need for additional stimulus. Looking at economic data today, existing home sales unexpectedly rose 0.7% in December to an annual rate of 6.76 million despite record low inventory. Elsewhere, both the U.S. Markit Manufacturing and Services PMI preliminary January readings unexpectedly rose to readings of 59.1 and 57.5, respectively.
U.S. Treasury yields are slightly lower this morning, with the 2-year Treasury down 0.4 basis points to 0.12%, the 5-year Treasury yield down 0.8 basis points to 0.44% and the 10-year Treasury yield down 1.3 basis points to 1.09%. Advance rates are flat or slightly lower throughout much of the curve today.
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