US Economy and Credit Markets Ended Nov. 13, 2020

Bob Carey
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US Economy and Credit Markets Ended Nov. 13, 2020

Posted Under: Weekly Market Commentary

Longer-term Treasury yields started last week significantly higher, pushing the yield curve to its steepest level in three years, but fell for the remainder of the week. Monday's news that Pfizer's Covid-19 vaccine showed better-than-expected results in its latest trials sent Treasury yields surging on hopes for higher economic growth. However, multiple days of record coronavirus cases in the U.S. as the week progressed offset some of Monday's yield increases on concerns that more lockdowns and economic restrictions would be imposed. The University of Michigan's Consumer Sentiment Index fell in early November, coming in below expectations. The decline in sentiment was due to lower expectations among Republicans following the election as well as the recent surge in coronavirus cases. The Consumer Price Index was unchanged in October compared to the prior month following four straight months of gains, which was below expectations. The index rose 1.2% compared to last year, which was slightly lower than the 1.4% 12-month rise in September. The job market continued its steady recovery with initial jobless claims falling for the fourth consecutive week. Meanwhile, continued claims, or the number of people receiving unemployment benefits, fell below 7 million for the first time since March. Major economic reports (related consensus forecasts, prior data) for the upcoming week include Monday: November Empire Manufacturing (14.0, 10.5); Tuesday: October Retail Sales Advance MoM (0.5%, 1.9%), October Industrial Production MoM (1.0%, -0.6%); Wednesday: November 13 MBA Mortgage Applications (N/A,-0.5%), October Housing Starts (1,455k, 1,415k); Thursday: November 14 Initial Jobless Claims (710k, 709k), October Existing Home Sales (6.45m, 6.54m), October Leading Index (0.7%, 0.7%).

Posted on Monday, November 16, 2020 @ 8:07 AM • Post Link	Share:
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These posts were prepared by First Trust Advisors L.P., and reflect the current opinion of the authors. They are based upon sources and data believed to be accurate and reliable. Opinions and forward looking statements expressed are subject to change without notice. This information does not constitute a solicitation or an offer to buy or sell any security.

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