Morning Market Update: November 23, 2020
Yields End Little Changed as Equities Dip in a Choppy Trading Day
Commentary for Friday: Treasury yields were mixed, while equities dipped in a choppy trading day. Yields were up in overnight trading, but fell in the morning as economic policy makers continued to clash over stimulus. They quickly rebounded in the late morning on positive vaccine news from Pfizer. Yields remained up through most of the day, but dropped back down again in the afternoon as congress continued to battle over stimulus measures. They ended little changed from the prior close.
This Morning: Yields are shifting higher on additional positive vaccine news as well as better-than-expected economic data released in the Chicago Fed National Activity Index.
The Fed released it's H8 Report for August month end. Total assets declined 0.6% month-over-month with C&I and revolving home equity loans falling the most at 18.7% and 14.2% respectively. Treasury and agencies and securities in bank credit offset some of the decline, growing 20.5% and 15.8% respectively.
The morning market update is provided by:
Director, Member Strategy and Solutions