US equity markets rebounded as various news outlets reported that the U.S. and China are getting closer to agreeing on the amount of tariffs that would be rolled back in a Phase One trade deal. In other news, the ISM Manufacturing Index unexpectedly declined from 48.3 to a reading of 48.1 in November, a two-month low, and marking the fourth consecutive month of contraction (a reading below 50). Rates were largely steady over the past, holiday-shortened week. The benchmark 10-year UST finished two basis points lower to yield 1.72% while the 30-year UST was 1 basis point lower for the week. Tax-exempt yields were unchanged with the 10-year MMD yielding 1.47% and the 30-year MMD yielding 2.06%.
Interest Rate Observations
Source: Thomson Reuters, Bloomberg. The table above reflects market conditions as of November 12, 2019.
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