Investor optimism over the recently signed covid relief bill continues to drive equity indices to record highs. Bond prices have slipped slightly in early trading with the Ten-Year’s yield hovering around 94 basis points as the Long Bond rests at 1.68%. The passage of supplemental legislation that would raise the amount of direct relief payments to individuals appears unlikely. Crude oil is up about a half-dollar to $48.20 while gold’s $5 gain takes that price to $1,878.
Today’s only scheduled data was just released by Case-Shiller CoreLogic with the news that, in October, its 20-City House Price Index rose by 1.61% beating estimates looking for a 1% rise. The prior month’s growth rate was revised to 1.44% from 1.27%. Year-over-year, the growth pace came in at 7.95% against an expected rise of 6.95%. For all of the United States, October’s year-over-year price rise came in at 8.41% in a big boost from the prior month’s 6.99%. Later today, the Treasury will sell $59B Seven-Year notes.