Published Date 11/24/2023
In a short session today and with trading volume reduced, the rate markets opened weak, at 8:30 am ET the 10 year note up 7 bps to 4.48%, MBS price -24 bps, stock indexes at 8:30 am slightly better. Selling began in the Asian time frame, dipped a little when Europe began, then returned to the highs so far. The Bank of England officials warning that no rate cuts in the near term due to continued high inflation. ECBs policymaker Villeroy de Galhau said that he doesn't expect another rate hike from the ECB unless an "unexpected event" takes place.
The stock market will close at 1 pm with little change. The bond market will end at 2 pm.
At 9:30 am the DJIA opened +47, NASDAQ -39, S&P -3. 10 year 4.47% +6 bps. FNMA 6.5 30 year coupon at 9:30 am -25 bps from Wednesday’s close and -35 bps from 9:30 am Wednesday.
At 9:45 am the only data today, the global PMI composite index was 50.7 for Nov FLASH release, manufacturing index expected at 49.9, service sector index 50.5; as reported manufacturing, as reported manufacturing index at 49.4 and services at 50.6.
Next week inflation data for October personal consumption expenditures on Thursday.
Source: TBWS
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