Barron's - USA (2021-11-22)

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November 22, 2021 BARRON’S 5

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68 BARRON’SNovember 22, 2021

Market Laboratory

MONEYRATES

Latest Prev. YrAgo

Week Week

DiscountRate(NY) 0.25 0.25 0.

PrimeRate(base) 3.25 3.25 3.

FedFundsRate

Avg effectiveoffer 0.08 0.08 0.

Avg weeklyauction-c 0.08 0.08 0.

T-BillsRate

13 weeks,CouponYield 0.046 0.046 0.

13 weeks,AuctionRate 0.045 0.045 0.

26 weeks,CouponYield 0.066 0.066 0.

26 weeks,AuctionRate 0.065 0.065 0.

Avg weeklyauction-c 0.05 0.05 0.

BrokerCallRate 2.00 2.00 2.

BankersAcceptances

1month 0.12 0.12 0.

2months 0.13 0.13 0.

3months 0.15 0.15 0.

6months 0.20 0.20 0.

EuroLiborRate

1month -0.577 -0.576 -0.

3months -0.565 -0.573 -0.

6months -0.545 -0.551 -0.

12 months -0.491 -0.475 -0.

LiborInterbankRate

1month 0.09 0.09 0.

3months 0.16 0.16 0.

6months 0.23 0.23 0.

12 months 0.39 0.40 0.

ForeignPrimeRates

Canada 2.45 2.45 2.

Germany 0.00 0.00 0.

Japan 1.475 1.475 1.

Switzerland 0.00 0.00 0.

Britain 0.10 0.10 0.

OtherMoneyRates

FannieMae HomeLoan:

30-YearFixedConv 2.50 2.58 1.

Bankmoneymarket-z 0.07 0.07 0.

InterestChecking-z 0.03 0.03 0.

6-MonthCertif-z 0.10 0.10 0.

12-MonthCertif-z 0.14 0.14 0.

30 MonthAccounts-z 0.16 0.16 0.

5-YearCertificates-z 0.27 0.27 0.

U.S.SavingsEE Bonds:

Long-Term(5yrs+) 0.10 0.10 0.

c-Annualizedyields,adjustedforconstantmaturity,reportedby

theFederalReserveonaweeklyaveragebasis.

Sources:TullettPreboninformation,Ltd.

Factset.z-Bankrate.com.

0.

0.

0.

0.

0.

0.3 5

8.

6.

5.

3.

2.

0.

S&P 100CBOE

ND J F M A M J J A S O N

CBOEPUT/CALLRATIO vs S&P 100

Source:CBOE

Readingsin the CBOEequityput-callratioof 60:

and in the S&P100of125:100 are consideredbullish,

for instance.Bearishsignalsflashwhenthe equity

put-calllevelreachesthe vicinityof 30:100 andthe

indexratiohits75:100.

S&P 100

s

CBOE

s

FOREIGNEXCHANGE

FEDERALRESERVEDATABANK

Prev. Year

MemberBank Latest Week Ago

ReserveChgs.(Mil.$) Week Change Change

OneweekendedNov17:

U.S.Gov'tsecurities:

Boughtoutright 8,157,788+74,157+1,542,

Federalagencysecur:

Boughtoutright 2, .... ....

Reservebankcredit:

PrimaryCredit 349 +11-1,

SecondaryCredit .... .... ....

SeasonalCredit 6-4+ 6

Float -160 -36 -

OtherF.R.Assets 38,954 -4,470+6 08

TotalFedCredit# 8,714,136+67,884+1,435,

Goldstock 11, .... ....

SDRCertif.Accounts 5, .... ....

Treas.Curr.Outst. 50,866+14+ 443

Total 8,646,252+27,717+1,431,

Currencyincirc 2,214,649+4,663+155,

Treas.CashHldgs 62 +12+ 10

Treas.FedDeposits 211,453 -47,840 -1,345,

ForeignFedDeposits 7,008+1,390 -14,

OtherFedDeposits 255,126+6,464+17,

OtherFRliab/cap 51,950+66-1,

Totalfactors 4,504,334+27,123+269,

ReservesF.R.banks 4,209,802+40,761+1,165,

FgnholdU.S.debt 3,467,890 -12,119+26,

ReserveAggr(Mil.$) Latest Prev.Month% Year

MonthEndedSeptember: Month Month Chg. Ago

TotalReserves: 4,193,200 4,140,100 1.282,852,

NonborrowedRes 4,124,600 4,059,300 1.612,774,

BorrowedReserves 68,568 80,767-15.10 78,

MonetaryBase 6,388,900 6,328,700 0.954,880,

SouthKorea(Won) .0008423 .0008475 1187.28 1179.

SriLanka(Rupee) .0050 .0049 201.9000 202.

Sweden(Krona) .1117 .1142 8.9512 8.

Switzerland(Franc) 1.0770 1.0855 .9285.

Taiwan(Dollar) .03597 .03598 27.801 27.

Thailand(Baht) .03048 .03053 32.810 32.

Turkey(NewLira)-d .0890 .1003 11.2329 9.

Ukraine(Hryvnia) .0375 .0380 26.6500 26.

U.K.(Pound) 1.3447 1.3409 .7437.

Uruguay(Peso) ........ ........ ........ ........

Financial .02262 .02281 44.205 43.

----

Euro 1.1280 1.1444 .8865.

SpecialDrawingRights(SDR)arebasedonexchangeratesfortheU.S.,

British,andJapanesecurrencies.Source:InternationalMonetaryFund.

a-RussianCentralBankrate.b-governmentrate.d-rebasedasofJan.1,

2005.y-floatingrate.

Friday,November19,

TheNewYorkforeignexchangemid-rangeratesarequotedat

p.m.Eastern time by Tullett Prebon.Retailtransactionspro-

videfewer unitsof foreigncurrencyper dollar.

Foreign Foreign U.S.$inU.S.$in

Currency Currency Foreign Foreign

inU.S.$ inU.S.$ Currency Currency

Country Fri. LastFri. Fri. LastFri.

Argentina(Peso)-y .0100 .0100 100.4550 100.

Australia(Dollar) .7235 .7330 1.3822 1.

Bahrain(Dinar) 2.6522 2.6529 .3771.

Brazil(Real) .1781 .1832 5.6137 5.

Bulgaria(Lev) .5770 .5852 1.7330 1.

Canada(Dollar) .7912 .7967 1.2639 1.

Chile(Peso) .001207 .001249 828.50 800.

China(Renminbi) .1566 .1567 6.3872 6.

Colombia(Peso) .0002555 .0002575 3914.00 3882.

Croatia(Kuna) .1501569 .1523647 6.66 6.

Czech.Rep.(Koruna) ........ ........ ........ ........

Commercialrate .04437 .04535 22.537 22.

Denmark(Krone) .1517 .1539 6.5914 6.

EcuadorUSDollar 1.0000 1.0000 1.0000 1.

Egypt(Pound)-y .0637 .0636 15.7026 15.

HongKong(Dollar) .1284 .1284 7.7906 7.

Hungary(Forint) .003069 .003118 325.81 320.

Iceland(Krona) .007632 .007609 131.02 131.

India(Rupee) .01345 .01345 74.337 74.

Indonesia(Rupiah) .0000702 .0000702 14238 14236

Israel(Shekel) .3232 .3218 3.0939 3.

Japan(Yen) .008770 .008779 114.03 113.

Kazakhstan(Tenge) .002308 .002319 433.24 431.

Kuwait(Dinar) 3.3052 3.3077 .3026.

Macau(Pataca) .1247 .1246 8.0210 8.

Malaysia(Ringgit)-b .2390 .2408 4.1835 4.

Mexico(Peso) ........ ........ ........ ........

Floatingrate .0480 .0487 20.8446 20.

NewZealand(Dollar) .7004 .7043 1.4278 1.

Norway(Krone) .1121 .1150 8.9178 8.

Oman(Rial) 2.5973 2.5978 .3850.

Pakistan(Rupee) .00571 .00569 175.085 175.

Philippines(Peso) .01981 .02009 50.473 49.

Poland(Zloty) .2403 .2466 4.1618 4.

Qatar(Rial) .2729 .2747 3.6648 3.

Russia(Ruble)-a .01360 .01372 73.519 72.

SaudiArabia(Riyal) .2666 .2666 3.7511 3.

Singapore(Dollar) .7346 .7393 1.3613 1.

SouthAfrica(Rand) .0635 .0653 15.7455 15.

GOLD&SILVERPRICES

Year

Handy&Harman 11/19 11/12 Ago

Gold,troyounce 1861.10 1860.55 1875.

Silver,troyounce 24.93 25.21 23.

Baseforpricinggoldandsilvercontentsofshipmentsandfor

makingrefiningsettlement.

Price Premium Premium

Coins $%

Krugerrand 1923.74 73.99 4.

MapleLeaf 1942.24 92.49 5.

MexicanPeso 2238.24 8.00 0.

AustriaCrown 1816.12 3.00 0.

AustriaPhil 1942.24 92.49 5.

U.S.Eagles 1942.24 92.49 5.

Premiumistheamountoverthevalueofthegoldcontentinthe

coin.SourceManfra,Tordella&Brookes,Inc.

Bullionspotgoldprice1849.

BARRON'SGOLDMININGINDEX

12-Month Year Week%

High Low 11/1811/11 Ago Chg.

1147.72836.57 Gold mining 1055.56 1073.38839.48 –1.

INVESTORSENTIMENTREADINGS

Highbullish readingsin theConsensus stockindexor in the

MarketVanestockindexusuallyare signsof Markettops;low

ones,market bottoms.

Last 2Weeks 3Weeks

Week Ago Ago

ConsensusIndex

ConsensusBullishSentiment 68% 69% 66%

Source:ConsensusInc.,P.O.Box520526,Independence,Mo.

Historicaldataavailableat(816)[email protected]

AAIIIndex

Bullish 38.8% 48.0% 41.5%

Bearish 27.2 24.0 26.

Neutral 33.9 28.0 32.

Source:AmericanAssociationofIndividualInvestors,

625N.MichiganAve.,Chicago,Ill.60611(312)280-0170.

MarketVane

BullishConsensus 67% 67% 68%

Source:MarketVane,P.O.Box90490,

Pasadena,CA91109(626)395-7436.

TIMGroupMarketSentiment

Indicator 46.3% 46.5% 45.2%

Source:TIMGroup,3ColumbusCircle,Suite 1592

NewYork,NY10019(844)[email protected]

Last Prev. YrAgo

Week Week Week

WEEKLYBONDSTATISTICS

Last Prev. YrAgo

Week Week Week

NewOfferings,(mil$)(v)

Corporate(z) 32,253 r24,170 43,

Municipal(z) 11,115 r10,969 13,

BestGradeBonds-y(Barron'sindexof10 high-grade

corporatebonds.)

1.68 1.71 1.

Interm-GradeBonds-y(Barron'sindexof

medium-gradecorporatebonds.)

2.60 2.66 2.

ConfidenceIndex(High-gradeindexdividedby inter-

mediate-gradeindex;declineinlattervs.formergenerally

indicatesrisingconfidence,pointingtohigherstocks.)

64.6 64.1 49.

OtherConfidenceIndicators:

BloombergBarclaysUSLongTreasury*(This

indexmeasurestheperformanceoffixed-rate,nominalUS

Treasurieswithat least10 yearstomaturity.Jan. 1,1973=100.)

4474.47 4446.95 4815.

BloombergBarclaysUSCredit

3335.72 3354.09 3353.

RyanLabsTreasuryIndex

318.64 319.58 330.

BondBuyer20BondIndex(Indexofyieldsof

generalobligationmunicipalbonds.)

2.13 2.10 2.

BondBuyerMunicipalBondIndex(Indexof 40

actively-tradedtax-exemptbonds;cSource:The BondBuyer

3.47 3.46 3.

Stock/BondYieldGap-s(Differencebetweenyieldon

highest-gradecorporatebondsand yield on stockson the DJIA.)

0.06 0.00 +.

YieldonDJEqualWeightUSCorpBondIdx:

CorpBonds,(y) 2.44 2.37 2.

v-WeekendedThursday.y-Yieldtomaturity,weekendedThursday.

z-Source:Refinitiv.*BarclaysT-BondIndexdiscontinuedbyfirm.

Foreign Foreign U.S.$inU.S.$in

Currency Currency Foreign Foreign

inU.S.$ inU.S.$ Currency Currency

Country Fri. LastFri. Fri. LastFri.

ADJUSTABLEMORTGAGEBASERATES

YOY

Nov19 Nov12 Yr.Ago %Chg

1YearTreasBills 0.15 0.14 0.13 15.

2YearTreasNotes 0.45 0.48 0.15200.

3YearTreasNotes 0.73 0.76 0.20265.

5YearTreasNotes 1.14 1.18 0.36216.

10YearTreasNotes 1.54 1.59 0.83 85.

20YearTreasBds 1.97 2.00 1.37 43.

11thDistrict%Sep 0.225 0.225 0.523 -56.

FHFAPMMS+ 2.86 2.86 2.95 -3.

Fedannualizedyieldsadjustedforconstantmaturity.

GOLDPERFORMANCE

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10

20

30

40

D J F M A M J J A S ON

Barron'sGold Mining Index (1055.56)

s

Handy &Harman GoldPrice

s

YellowMetal:As oil pricesfell and the

U.S. dollarrose,gold’sprice stayedflat

for the week—at$1,861an ounce.

ARMSINDEX

TheArmsindex,alsoknownastheshorttermtradingindex,isanumber

derivedbydividingonequotientintoanotherquotient.Thenumeratorin

the index is thenumber ofadvancing stocksdividedbythe number of

decliningstocks.As of 3/14/11,the denominatorin the indexis now the

compositevolumeofadvancingstocksdividedbythecompositevolumeof

decliningstocks.

Daily 11/15 11/16 11/17 11/1811/

NYSE .73 1.26 1.05 1.32 1.

NYSEAmerican 1.64 1.59 .25 2.11.

Nasdaq .97 .69 .81 1.01.

P2BW326000-0-W00500-1--------XA

BG,BM,BP,CC,CH,CK,CP,CT,DN,DR,FW,HL,HO,LA,LD,LG,LK,MI,ML,PI,PV,RO,TD,WOCL,CN,CX,DL,DM,DX,EE,EU,FL,HO,KC,MW,NC,NE,NY,PH,PN,RM,SA,SC,SL,SW,TU,WB,WE

P2BW326000-0-W00500-1--------XA