Daily Market Commentary

March 21, 2019

Bonds
Treasuries pressured lower from session highs following stronger-than-expected headline reading on Philadelphia Fed business outlook gauge, with 10-year yields cheapening back through 2.50% level.

Economy
Filings for U.S. unemployment benefits fell more than expected to a four-week low, as the labor market tightens further following the end of a five-week government shutdown. Jobless claims fell to 221,000 in the week ended March 16.

Global
Italy's state lender may soon obtain a green light from Chinese authorities to issue renminbi-denominated bonds aimed at increasing ties between the two nations, two people with knowledge of the plan said. The so-called Panda bonds will help Italian companies to invest in the Asian nation.

The information represented herein was obtained from various sources, which we believe to be reliable. Neither the information presented nor opinions expressed constitutes an offer to buy or sell any security. And it is not intended to guide the investor on which securities to buy or sell.

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