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Bob Carey
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  US Economy and Credit Markets Ended Nov. 20, 2020
Posted Under: Weekly Market Commentary

 
U.S. Treasury bond yields fell across the yield curve last week with Treasury yields falling more on the longer-term end of the curve. Risk-on sentiment was spurred on Monday by Moderna's COVID-19 vaccine preliminary late-stage clinical trial data revealing an efficacy rate of 94.5%. On Tuesday, retail sales gains came in at 0.3% for the month of October, which was softer than the consensus, but gains were up to 0.7% with revisions. Industrial production picked up steam in October, beating the October consensus estimate of 1.0% by 10 basis points. Later in the week, October housing data came through, and continued to be strong. Housing starts for the month were up 4.9%, beating the consensus expectation, and up over 14% versus last year. While existing home sales increased 4.3% in October and have increased 26.6% versus last year. Major economic reports (related consensus forecasts, prior data) for the upcoming week include Monday: November Preliminary Manufacturing PMI (53.0, 53.4); Tuesday: September FHFA House Price Index MoM (0.8%, 1.5%), November Conference Board Consumer Confidence (97.6, 100.9); Wednesday: November 20 MBA Mortgage Applications (N/A, -0.3%), November 20 Initial Jobless Claims (730k, 742k), November 21 Continuing Claims (5993k, 6372k), October Preliminary Wholesale Inventories MoM (n/a, 0.4%), 3Q Second GDP Annualized QoQ (33.1%, 33.1%), October Preliminary Durable Goods Orders (1.0%, 1.9%), October Personal Income (0.0%, 0.9%), October Personal Spending (0.3%, 1.4%),  November Final University of Michigan Sentiment (77.0, 77.0), October New Home Sales (975k, 959k).
Posted on Monday, November 23, 2020 @ 8:14 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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