Market Commentary

Daily reports from our Chief Economic Strategist.

A VOLATILE DAY
The NASDAQ stabilized after last week’s brutal NFLX and interest rate inspired selloff. As noted, this is a very busy week as over
WILL THE CARNAGE CONTINUE IN THE SHORT END OF THE TREASURY MARKET
The realization that the Fed is considerably behind the curve has hit the markets hard. The two-year Treasury is now yielding
ANOTHER UGLY DAY IN THE BOND MARKET
Will the carnage in the bond market become a major narrative? TLT or the largest ETF focused on long dated Treasuries defined as
A BIFURCATED MARKET
Equities were bifurcated and Treasuries rallied as a growing chorus of bulge bracket firms said inflation is nearing a peak and
NEW HOME SALES UNEXPECTEDLY ROSE
New home construction rose unexpectedly in March to the highest level since 2006, boosted by multifamily projects. February’s data was
A LIGHT VOLUME CHOPPY DAY
Equities declined in choppy light volume trading as longer dated Treasury yields continued their ascent. Oil continued its advance for
A HEAVY EARNINGS AND DATA WEEK
Mortgages rates are surging and are now at the highest level since 2011. Home prices are rapidly accelerating. Home affordability is
PPI AT 8:30
Markets initially breathed a collective sigh of relief that the CPI was not as bad as feared albeit inflation rose at the greatest pace since
SEVERAL INFLATION STATISTICS RELEASED THIS WEEK
In my view last week’s release of the Minutes from the March FOMC meeting is perhaps a major event as they discussed the
WEEKLY JOBLESS CLAIMS FELL AGAIN; LONGER DATED TREASURIES ARE CONTINUING TO SELL OFF
Weekly jobless claims fell last week by more than forecasted and are now at the lowest level since 1968. The drop is yet another sign of

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