Closing out the 2021 year, there was a slight rise in US Treasury Yields due decreased concern of the Omicron variant and a jobless claims report that beat expectations. The jobless claims report for the last week in December showed a figure of 195,000 which was down from the previous week’s number of 205,000. This was a positive report even though there is still some concern that increased Omicron cases will impede job creation into the new year. The 10-Year Treasury finished up 59 bps from the beginning of the year, at 1.50% and the 30-Year Treasury closed out the year at 1.91%. Earlier, at the December 15th Fed Meeting, it was announced that the Fed would cut back on their stimulus more quickly than expected to combat rising inflation. This projection will put an end to their monthly bond buying sooner than expected. This meeting also included a forecast where Fed officials expect to raise interest rates three times in 2022.
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