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From the Desk - Economic Commentary

Scott Hofer, Member Strategy Director - 2/22/2024

U.S. stocks are surging this morning on much better-than-expected corporate earnings releases, pushing the S&P 500, Nasdaq, and Dow to all-time highs. Investors also seem to be shrugging off any negative sentiment from the January FOMC meeting minutes released yesterday. The meeting minutes indicated that most Fed officials see more risk in cutting rates too quickly over too slowly. 

For economic releases today, initial jobless claims posted better-than-expected results of 201,000 claims for the week ending February 17. Continuing claims were also lower at 1,862,000. In service and manufacturing, the S&P Global Flash Composite PMI decreased by 0.6 points to 51.4. The manufacturing PMI came in slightly higher, and better-than-expected, increasing 0.8 points to 51.5 while the services PMI was lower, and worse-than-expected, decreasing 1.2 points to 51.3. In housing, existing home sales increased 3.1% in January with sales accelerating in the Midwest, South, and West, and holding steady in the Northeast. Sales are down 1.7% year over year with only the West having improved sales, all other regions decreased.

U.S. Treasury yields are higher this morning, with the 2-year Treasury yield up 3.9 basis points to 4.69%, the 5-year Treasury yield up 2.9 bps to 4.32% and the 10-year Treasury yield up 1.6 bps to 4.32%. Except for overnight to one-month, advance rates are higher across the curve.

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