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Bob Carey
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  US Economy and Credit Markets Ended Dec. 24, 2020
Posted Under: Weekly Market Commentary
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Treasury Yields dropped slightly over the course of the week on increased Covid-19 worries. On Monday, a reported more transmissible mutation of the novel coronavirus in the United Kingdom led to further lockdowns in the country and concerns across the world that the pandemic would worsen. Governments across Europe were closing travel from the U.K. due to the new strain but France did say they would open their borders for those who have tested negative. However, experts still believe that the vaccine will be effective against different variants of the virus, easing fears. Yields continued to drop on Tuesday despite congress passing a $900 billion relief bill. On Wednesday, President Trump said he wanted more direct stimulus checks to individuals and threatened to hold up the relief bill. President Trump was asking for an increase to $2,000 direct stimulus checks instead of the agreed upon $600.  However, that was overshadowed by a deal being reached on Brexit in Europe, removing this uncertainty from the market and causing yields to rise slightly. Yields then pulled back again slightly on Thursday as congress did not pass the amendment to include $2,000 checks to individuals. Major economic reports (related consensus forecasts, prior data) for the upcoming holiday-shortened week include: Tuesday: December Dallas Fed Manf. Activity (10.2, 12.0); Wednesday: November Prelim. Wholesale Inventories MoM (0.7%, n/a), December MNI Chicago PMI (56.5, 58.2); Thursday: December 26 Initial Jobless Claims (830k, 803k), November Pending Home Sales MoM (0.1%, -1.1%).
Posted on Monday, December 28, 2020 @ 8:31 AM • Post Link Share: 
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