Intraday Market Thoughts
Archived IMT (2008.11.20)
Nov 20, 2008 14:31
The unexpectedly strong 27K increase in US jobless claims to a fresh 16-year high of 542K from a revised 515K and a fresh 8-year high in the 4-week moving average drove US equity futures to their lowest session of the day, while further lifting risk aversion in favor of the USD and JPY. Consequently, US 2-year yields fall below the 1.00% fed funds rate at 0.9869%, reflecting the continued rally in fixed income securities relative to battered stocks. A surprise 100-bp cut from the Swiss National Bank in its 3-month LIBOR target to 1.00%, making its second reduction of the month after its scheduled cut 2 weeks ago.
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