Existing Home Sales Rise 1.5% to 3.99 Million; 10-Year at 5.21%

Existing home sales rose in September, according to data released on Tuesday, Oct. 13. Sales totaled 3.99 million, above an estimate of 3.95 million and up from 3.93 million previously. The month-over-month change was 1.5%, compared with a forecast decline of 0.3% and a 3.2% drop in the prior month.

Small-business sentiment eased. The NFIB business optimism index for September was 97.9, slightly below the 98.0 estimate and down from 98.7. Redbook same-store sales rose 10.4% year over year in the week to Oct. 10, compared with 8.6% the previous week.

Treasury yields stood at 5.21% for the 10-year and 4.79% for the 2-year, according to FRED, a 10-year/2-year spread of 0.42 percentage point, or 42 basis points. The effective federal funds rate was 3.88%. At bill auctions, the 3-month bill sold at 4.09% versus a 4.01% estimate and 4.05% previously, and the 6-month bill at 4.20%, up from 4.17%.

The VIX closed at 15.27, and the high-yield option-adjusted spread was 3.16%. The Fed's broad dollar index was 121.44, while the UUP dollar fund fell 0.38% to 29.02.

International headlines centered on inflation and central banks. The Wall Street Journal reported “Asian Currencies Consolidate Ahead of U.S. CPI Data” and “Singapore Central Bank Unexpectedly Holds Policy Steady.” CNBC reported “Producer prices in China rise at fastest pace since June 2022, beating expectations.”

Data

Data: FMP, FRED. Figures are close-to-close unless stated.

In the news

• WSJ: Asian Currencies Consolidate Ahead of U.S. CPI Data
• WSJ: Singapore Central Bank Unexpectedly Holds Policy Steady
• CNBC: Producer prices in China rise at fastest pace since June 2022, beating expectations