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

68 BARRON’S November 22, 2021

Market Laboratory

MONEYRATES

Latest Prev. YrAgo

Week Week

DiscountRate(NY) 0.25 0.25 0.25

PrimeRate(base) 3.25 3.25 3.25

FedFundsRate
Avg effective offer 0.08 0.08 0.09
Avg weekly auction-c 0.08 0.08 0.09

T-BillsRate
13 weeks, CouponYield 0.046 0.046 0.091
13 weeks, Auction Rate 0.045 0.045 0.090
26 weeks, CouponYield 0.066 0.066 0.101
26 weeks, Auction Rate 0.065 0.065 0.100
Avg weekly auction-c 0.05 0.05 0.10

BrokerCallRate 2.00 2.00 2.00

BankersAcceptances
1 month 0.12 0.12 0.12
2 months 0.13 0.13 0.15
3 months 0.15 0.15 0.18
6 months 0.20 0.20 0.20

EuroLiborRate
1 month -0.577 -0.576 -0.578
3 months -0.565 -0.573 -0.544
6 months -0.545 -0.551 -0.519
12 months -0.491 -0.475 -0.469

LiborInterbankRate
1 month 0.09 0.09 0.15
3 months 0.16 0.16 0.20
6 months 0.23 0.23 0.25
12 months 0.39 0.40 0.34

ForeignPrimeRates
Canada 2.45 2.45 2.45
Germany 0.00 0.00 0.00
Japan 1.475 1.475 1.475
Switzerland 0.00 0.00 0.00
Britain 0.10 0.10 0.10

OtherMoneyRates
FannieMae Home Loan:
30-Year FixedConv 2.50 2.58 1.86
Bankmoney market-z 0.07 0.07 0.10
InterestChecking-z 0.03 0.03 0.05
6-MonthCertif-z 0.10 0.10 0.18
12-MonthCertif-z 0.14 0.14 0.24
30 Month Accounts-z 0.16 0.16 0.25
5-Year Certificates-z 0.27 0.27 0.41
U.S.Savings EE Bonds:
Long-Term (5yrs+) 0.10 0.10 0.10

c-Annualizedyields,adjustedforconstantmaturity,reportedby
theFederalReserveonaweeklyaveragebasis.
Sources:TullettPreboninformation,Ltd.
Factset.z-Bankrate.com.

0.70

0.63

0.56

0.49

0.42

0.3 5

8.00

6.50

5.00

3.50

2.00

0.50

S&P 100 CBOE

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

CBOE PUT/CALL RATIO vs S&P 100

Source:CBOE

Readings in the CBOE equity put-call ratio of 60:100

and in the S&P 100 of 125:100 are considered bullish,

for instance. Bearish signals flash when the equity

put-call level reaches the vicinity of 30:100 and the

index ratio hits 75:100.

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 +1,542,688

Federalagencysecur:

Boughtoutright 2,347 .... ....

Reservebankcredit:

Primary Credit 349 + 11 -1,839

Secondary Credit .... .... ....

SeasonalCredit 6 -4 + 6

Float -160 -36 -66

OtherF.R.Assets 38,954 -4,470 + 608

TotalFedCredit# 8,714,136 + 67,884 +1,435,833

Goldstock 11,041 .... ....

SDRCertif.Accounts 5,200 .... ....

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

Total 8,646,252 + 27,717 +1,431,453

Currencyincirc 2,214,649 + 4,663 + 155,110

Treas.CashHldgs 62 + 12 + 10

Treas.FedDeposits 211,453 -47,840 -1,345,439

ForeignFedDeposits 7,008 + 1,390 -14,277

OtherFedDeposits 255,126 + 6,464 + 17,799

OtherFRliab/cap 51,950 + 66 -1,202

Totalfactors 4,504,334 + 27,123 + 269,852

ReservesF.R.banks 4,209,802 + 40,761 +1,165,980

FgnholdU.S.debt 3,467,890 -12,119 + 26,047

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

MonthEnded September: Month Month Chg. Ago

TotalReserves: 4,193,200 4,140,100 1.28 2,852,800

Nonborrowed Res 4,124,600 4,059,300 1.61 2,774,400

Borrowed Reserves 68,568 80,767 -15.10 78,387

MonetaryBase 6,388,900 6,328,700 0.95 4,880,300

SouthKorea(Won) .0008423 .0008475 1187.28 1179.95

SriLanka(Rupee) .0050 .0049 201.9000 202.0400

Sweden(Krona) .1117 .1142 8.9512 8.7582

Switzerland(Franc) 1.0770 1.0855 .9285 .9212

Taiwan(Dollar) .03597 .03598 27.801 27.796

Thailand(Baht) .03048 .03053 32.810 32.750

Turkey(New Lira)-d .0890 .1003 11.2329 9.9747

Ukraine(Hryvnia) .0375 .0380 26.6500 26.3500

U.K.(Pound) 1.3447 1.3409 .7437 .7458

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

Financial .02262 .02281 44.205 43.845

----

Euro 1.1280 1.1444 .8865 .8738

SpecialDrawingRights(SDR)arebasedonexchangeratesfortheU.S.,

British,andJapanesecurrencies.Source:InternationalMonetaryFund.

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

2005.y-floatingrate.

Friday,November19,2021

TheNewYorkforeignexchangemid-rangeratesarequotedat5

p.m. Eastern time by Tullett Prebon. Retail transactions pro-

vide fewer units of foreign currency per dollar.

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

Currency Currency Foreign Foreign

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

Country Fri. LastFri. Fri. LastFri.

Argentina(Peso)-y .0100 .0100 100.4550 100.1788

Australia(Dollar) .7235 .7330 1.3822 1.3643

Bahrain(Dinar) 2.6522 2.6529 .3771 .3769

Brazil(Real) .1781 .1832 5.6137 5.4592

Bulgaria(Lev) .5770 .5852 1.7330 1.7089

Canada(Dollar) .7912 .7967 1.2639 1.2552

Chile(Peso) .001207 .001249 828.50 800.88

China(Renminbi) .1566 .1567 6.3872 6.3796

Colombia(Peso) .0002555 .0002575 3914.00 3882.80

Croatia(Kuna) .1501569 .1523647 6.66 6.56

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

Commercialrate .04437 .04535 22.537 22.049

Denmark(Krone) .1517 .1539 6.5914 6.4992

EcuadorUS Dollar 1.0000 1.0000 1.0000 1.0000

Egypt(Pound)-y .0637 .0636 15.7026 15.7187

HongKong(Dollar) .1284 .1284 7.7906 7.7906

Hungary(Forint) .003069 .003118 325.81 320.70

Iceland(Krona) .007632 .007609 131.02 131.42

India(Rupee) .01345 .01345 74.337 74.347

Indonesia(Rupiah) .0000702 .0000702 14238 14236

Israel(Shekel) .3232 .3218 3.0939 3.1077

Japan(Yen) .008770 .008779 114.03 113.91

Kazakhstan(Tenge) .002308 .002319 433.24 431.24

Kuwait(Dinar) 3.3052 3.3077 .3026 .3023

Macau(Pataca) .1247 .1246 8.0210 8.0280

Malaysia(Ringgit)-b .2390 .2408 4.1835 4.1535

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

Floating rate .0480 .0487 20.8446 20.5216

NewZealand(Dollar) .7004 .7043 1.4278 1.4198

Norway(Krone) .1121 .1150 8.9178 8.6977

Oman(Rial) 2.5973 2.5978 .3850 .3849

Pakistan(Rupee) .00571 .00569 175.085 175.625

Philippines(Peso) .01981 .02009 50.473 49.768

Poland(Zloty) .2403 .2466 4.1618 4.0549

Qatar(Rial) .2729 .2747 3.6648 3.6410

Russia(Ruble)-a .01360 .01372 73.519 72.899

SaudiArabia(Riyal) .2666 .2666 3.7511 3.7506

Singapore(Dollar) .7346 .7393 1.3613 1.3526

SouthAfrica(Rand) .0635 .0653 15.7455 15.3181

GOLD&SILVERPRICES

Year

Handy&Harman 11/19 11/12 Ago

Gold,troyounce 1861.10 1860.55 1875.70

Silver,troyounce 24.93 25.21 23.92

Baseforpricinggoldandsilvercontentsofshipmentsandfor

makingrefiningsettlement.

Price Premium Premium

Coins $ %

Krugerrand 1923.74 73.99 4.00

MapleLeaf 1942.24 92.49 5.00

MexicanPeso 2238.24 8.00 0.36

AustriaCrown 1816.12 3.00 0.17

AustriaPhil 1942.24 92.49 5.00

U.S.Eagles 1942.24 92.49 5.00

Premiumistheamountoverthevalueofthegoldcontentinthe

coin.SourceManfra,Tordella&Brookes,Inc.

Bullionspotgoldprice1849.75

BARRON'SGOLDMININGINDEX

12-Month Year Week%

High Low 11/18 11/11 Ago Chg.

1147.72836.57 Gold mining 1055.56 1073.38839.48 –1.66

INVESTORSENTIMENTREADINGS

High bullish readings in the Consensus stock index or in the

Market Vane stock index usually are signs of Market tops; low

ones, market bottoms.

Last 2Weeks 3Weeks

Week Ago Ago

ConsensusIndex

ConsensusBullish Sentiment 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 26.0

Neutral 33.9 28.0 32.5

Source:AmericanAssociationofIndividualInvestors,

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

MarketVane

Bullish Consensus 67% 67% 68%

Source:MarketVane,P.O.Box90490,

Pasadena,CA91109(626)395-7436.

TIMGroupMarketSentiment

Indicator 46.3% 46.5% 45.2%

Source:TIMGroup,3ColumbusCircle,Suite1592

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 43,491

Municipal(z) 11,115 r10,969 13,108

BestGradeBonds-y(Barron'sindex of10 high-grade

corporatebonds.)

1.68 1.71 1.42

Interm-GradeBonds-y(Barron'sindex of10

medium-gradecorporatebonds.)

2.60 2.66 2.86

ConfidenceIndex(High-grade index divided by inter-

mediate-grade index; declineinlatter vs.former generally

indicates risingconfidence, pointingtohigher stocks.)

64.6 64.1 49.5

OtherConfidenceIndicators:

BloombergBarclaysUSLongTreasury*(This

index measures theperformance offixed-rate, nominalUS

Treasuries withat least10 years tomaturity. Jan. 1, 1973=100.)

4474.47 4446.95 4815.68

BloombergBarclaysUSCredit

3335.72 3354.09 3353.06

RyanLabsTreasuryIndex

318.64 319.58 330.69

BondBuyer20BondIndex(Indexofyields of20

general obligation municipalbonds.)

2.13 2.10 2.19

BondBuyerMunicipalBondIndex(Indexof 40

actively-traded tax-exempt bonds; cSource: The BondBuyer

3.47 3.46 3.51

Stock/BondYieldGap-s(Difference between yieldon

highest-gradecorporate bondsand yield on stockson the DJIA.)

0.06 0.00 +.60

YieldonDJEqualWeightUSCorpBondIdx:

CorpBonds,(y) 2.44 2.37 2.02

v-WeekendedThursday.y-Yieldtomaturity,weekendedThursday.

z-Source:Refinitiv.*BarclaysT-BondIndexdiscontinuedbyfirm.

Foreign Foreign U.S.$in U.S.$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 15.38

2YearTreasNotes 0.45 0.48 0.15 200.00

3YearTreasNotes 0.73 0.76 0.20 265.00

5YearTreasNotes 1.14 1.18 0.36 216.67

10YearTreasNotes 1.54 1.59 0.83 85.54

20YearTreasBds 1.97 2.00 1.37 43.80

11thDistrict%Sep 0.225 0.225 0.523 -56.98

FHFAPMMS+ 2.86 2.86 2.95 -3.05

Fedannualizedyieldsadjustedforconstantmaturity.

GOLD PERFORMANCE

-20

-10

0

10

20

30

40

D J F M A M J J A S ON

Barron's Gold Mining Index (1055.56)

s

Handy & Harman Gold Price

s

Yellow Metal:As oil prices fell and the

U.S. dollar rose, gold’s price stayed flat

for the week—at $1,861 an ounce.

ARMSINDEX

TheArmsindex,alsoknownastheshorttermtradingindex,isanumber

derivedbydividingonequotientintoanotherquotient.Thenumeratorin

the index is the number of advancing stocks divided by the number of

declining stocks. As of 3/14/11, the denominator in the index is now the

compositevolumeofadvancingstocksdividedbythecompositevolumeof

decliningstocks.

Daily 11/15 11/16 11/17 11/18 11/19

NYSE .73 1.26 1.05 1.32 1.47

NYSEAmerican 1.64 1.59 .25 2.11 .76

Nasdaq .97 .69 .81 1.01 .61