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Market Brief – Tuesday 9/20/22

Stocks started the day lower, and Treasury yields much higher as more rate hikes are sending global interest rates higher.

Building permits collapsed -10.0% in August to 1.517 million permits. Housing starts rose +12.2% in August to 1.575 million starts.

Today’s $12 billion 20-year Treasury Bond auction was met with strong demand as foreign bidders took 75.3% of the auction and domestic bidders took 16.6% of the auction, leaving securities dealers with 8.1% of the auction.

Stocks closed lower and Treasury yields higher on the day.