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Bob Carey
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  US Economy and Credit Markets Ended Nov. 27, 2020
Posted Under: Weekly Market Commentary

 
U.S. Treasury bond yields remained mostly flat over the course of the week on conflicting news about the pandemic. Yields rose on Monday after AstraZeneca announced that their vaccine had efficacy of 70%. This led Dr. Moncef Slaoui, head of the U.S. vaccine operation "Operation Warp Speed," to say that vaccinations would begin on December 12, which is the day after emergency use approval from the FDA is expected. Treasury yields continued to climb on Tuesday as the General Services Administration started to allow Joe Biden to begin his transition, giving some more certainty to the markets. Joe Biden also announced that Janet Yellen would be Secretary of the Treasury, who was the former Federal Reserve Chair. Yields pulled back on Friday as there as a rally in European debt with the news of extended restrictions. The U.K. government announced that even when the national lockdown ends on December 2nd they will return to tougher restrictions than before, while Chancellor Angela Merkel announced that Germany's lockdown would be extended to December 20th.  The vaccine optimism led to much optimism in demand for oil as oil rose 8% over the course of the week. Major economic reports (related consensus forecasts, prior data) for the upcoming week include Monday: November MNI Chicago PMI (59.0, 61.1); Tuesday: November Final Markit US Manufacturing PMI (56.7, 56.7), November ISM Manufacturing (57.8, 59.3), October Construction Spending MoM (0.8%, 0.3%); Wednesday: November ADP Employment Change (430k, 365k); Thursday: November 28 Initial Jobless Claims (768k, 778k); Friday: November Change In Nonfarm Payrolls (500k, 638k), November Employment Rate (6.8%, 6.9%), October Trade Balance (-$64.8b, -$63.9b), October Factory Orders (0.8%, 1.1%), October Final Durable Goods Orders (n/a, 1.3%).
Posted on Monday, November 30, 2020 @ 8:12 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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