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Market Commentary


 
Today's Coupons
 
  10-Year Notes   103-29.5 (+04.5)  
 
  FN 3.5% Coupon   100-0.5 (+02)  
 
  Support   3.237%  
 
  Resistance   2.647%  
 
 
 
 
Wednesday, January 02, 2019
 
 
Market opened today’s session with treasuries rallying across all maturities10-Year treasury yield is at 2.6664, 1.78 bps decreased from prior closing of 2.6842.

The 10-Year Treasury yield sank to the lowest level in 11 months as the equity sell-off continues. US stocks fell sharply from a disappointing economic data on Chinese manufacturing, joining a slump in global equities. The weaker than expected economic data from China and Europe highlighted lingering concerns about a possible slowdown in global growth. On the government shutdown front, President Trump twitted he is open to “make a deal” to end the partial shutdown as it moved into a 12th day. WTI crude dropped below $45 a barrel this morning.

In the economic calendar today, Markit US Manufacturing PMI came in at 53.80, just shy of both consensus and prior readings of 53.90. We have jobless claims data tomorrow and nonfarm payrolls on Friday. Also, a joint interview with Fed Chair Powell and his predecessors Yellen and Bernanke at the annual American Economic Association meeting will be held on Friday.

The curve has bull-flattened with UST 10-Year yield down 1.78 bps.
 
 
   
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  12/31 Dallas Fed Manf. Activity 07:30 Dec 15.00 -5.10 17.60 -  
                   
  01/01 No Data - - - - - -  
                   
  01/02 Markit US Manufacturing PMI 06:45 Dec F 53.90 53.80 53.90 -  
                   
  01/03 MBA Mortgage Applications 04:00 28 Dec - - - -  
                   
  01/03 Challenger Job Cuts YoY 04:30 Dec - - 51.50% -  
                   
  01/03 ADP Employment Change 05:15 Dec 180k - 179k -  
                   
  01/03 Initial Jobless Claims 05:30 29 Dec 220k - 216k -  
                   
  01/03 Continuing Claims 05:30 22 Dec - - 1701k -  
                   
  01/03 Bloomberg Consumer Comfort 06:45 30 Dec - - 59.40 -  
                   
  01/03 Construction Spending MoM 07:00 Nov 0.20% - -0.10% -  
                   
  01/03 ISM Manufacturing 07:00 Dec 57.50 - 59.30 -  
                   
  01/03 ISM Prices Paid 07:00 Dec 57.80 - 60.70 -  
                   
  01/04 Change in Nonfarm Payrolls 05:30 Dec 180k - 155k -  
                   
  01/04 Unemployment Rate 05:30 Dec 3.70% - 3.70% -  
                   
  01/04 Average Hourly Earnings MoM 05:30 Dec 0.30% - 0.20% -  
                   
  01/04 Average Hourly Earnings YoY 05:30 Dec 3.00% - 3.10% -  
                   
  01/04 Labor Force Participation Rate 05:30 Dec - - 62.90% -  
                   
  01/04 Markit US Composite PMI 06:45 Dec F - - 53.60 -  
                   
  01/04 Markit US Services PMI 06:45 Dec F 53.50 - 53.40 -  
                   
 
 
 
 
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