From the Desk - Economic Commentary
Scott Hofer - 10/23/2020
U.S. equities are slightly higher and Treasuries are lower this morning as many corporate earnings releases continue to beat expectations and investors monitor the state of stimulus discussions. In domestic economic news, the October Markit Flash PMI, the sole release today, increased 1.2 points to 55.5, a 20-month high. The increase was primarily driven by service providers as the Services PMI posted an increase of 1.4 points to 56.0. Manufacturing PMI rose 0.1 points to 53.3.
U.S. Treasury yields are steeper this morning, with the 2-year Treasury yield up 0.4 basis point to 0.15%, the 5-year Treasury yield up 1.9 basis points to 0.37% and the 10-year Treasury yield up 3.2 basis points to 0.86%. Advance terms less than one-year are unchanged, while terms one-year and greater are up one to three basis points today.
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