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Bob Carey
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  US Economy and Credit Markets Ended March 26, 2021
Posted Under: Weekly Market Commentary
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U.S. Treasury bond yields were mixed during the holiday-shortened week. The 10-year treasury yield continued its meteoric rise last week by increasing nearly 5 basis points. In the first quarter of 2021, the 10-year treasury yield rose more than 80 basis points. On Wednesday, treasury yields moved higher in the wake of President Biden's announcement of a multi-trillion dollar infrastructure spending plan that also involves corporate tax hikes. The week wrapped up with investors digesting the March jobs report. In March, the U.S. economy continued to show signs of recovery by adding 916,000 jobs, which was well above the consensus estimate, while the unemployment rate fell by 0.2% to 6.0%. Major economic reports (related consensus forecasts, prior data) for the upcoming week include Monday: March Final Markit US Services PMI (60.2, 60.0), March Final US Composite PMI (n/a, 59.1), March ISM Services Index (58.5, 55.3), February Factor Orders (-0.5%, 2.6%), February Final Durable Goods Orders (-1.1%, -1.1%); Wednesday: April 2 MBA Mortgage Applications (n/a, -2.2%), February Trade Balance (-$70.2b, -$68.2b); Thursday: April 3 Initial Jobless Claims (n/a, 719k), March 27 Continuing Claims ( n/a, 3794k); Friday: March PPI Final Demand MoM (0.5%, 0.5%), March PPI Final Demand YoY (3.8%, 2.8%), February Final Wholesales Inventories MoM (0.5%, 0.5%).
Posted on Monday, April 5, 2021 @ 8:09 AM • Post Link Share: 
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