[MIDDAY UPDATE]: Data, No Deals

• No issuers announced deals today as issuance continues to take a pause for the Thanksgiving holiday in the US
• This marks the 23rd ex-SSA zero issuance day of the year
• Stocks: DOW (+81), S&P500 (-0.28%) and NASDAQ (-0.80%)
• Treasury yields are lower with the benchmark 10yr yielding 4.265% (-4), the long bond yielding 4.442% (-4bp), and the 2yr yielding 4.223% (-3bp)
• Corporate spreads widened 1bp with the average high grade bond trading 81bp over comparable Treasuries
• Traders in the Fed Funds future market are putting the odds of a 25bp rate cut in December at 66.5% up from 55.7% since last week and no cut at 33.5% down from 44.3% from last week
• MBA Mortgage Applications rose 6.3% vs +1.7% last week
• 3Q GDP came in at 2.8% on a QoQ basis, in line with expectations
• October Durable Goods Orders rose 0.2% vs estimates of 0.5%
• Initial Jobless Claims were 213k last week, in line with expectations
• Nov Chicago PMI fell to 40.2 vs estimates of 45.0
• Personal Income rose 0.6% vs estimates of 0.3%
• Personal Spending rose 0.4%, in line with expectations

2024 HIGH GRADE ISSUANCE- 11/25 WEEK, NOVEMBER & 2024 ESTIMATES

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