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Market Commentary


 
Today's Coupons
 
  10-Year Notes   103-21 (-0.5)  
 
  FN 3.5% Coupon   99-27.5 (-03)  
 
  Support   3.237%  
 
  Resistance   2.543%  
 
 
 
 
Tuesday, January 08, 2019
 
 
Treasuries are slightly lower across the curve this morning from yesterday’s close. The UST 10-Year yield is currently at 2.706% after closing at 2.697% prior.

Treasuries were choppy overnight and opened today’s session marginally lower, while U.S. stock futures advanced as President Trump expressed optimism over U.S-China trade negotiations. The trade talks between the world’s largest economies are set to wrap up today after two days of mid-level meetings. Meanwhile, the partial government shutdown entered its 18th day with no end in sight. President Trump raised a sense of urgency and announced to deliver a prime-time televised address later today on the “national security crisis” at the southern border. Elsewhere, crude oil climbed to trade near $49 a barrel on expectations that the market will be tightened by OPEC’s output cuts.

Today’s economic calendar kicked off with the NFIB Small Business Optimism for the month of December which fell to 104.40 from 104.80 prior. The data came in better than expected as consensus called for the index to slip down to a 103.00 reading. Later today at 10:00 AM (PT), U.S. will sell $38 Billion 3-Year Notes. Then at 12:00 PM (PT), the November Consumer Credit will be released and is expected to decline to $17.500 Billion from $25.384 Billion prior. Lastly, the Trade Balance for the month of November was originally scheduled to be released this morning, but has been delayed by the government shutdown as economic releases from the Census and BEA continue to be affected by the lack of funding.

The curve has bear-flattened with the UST 10-Year yield up 0.9 bp from prior closing.
 
 
   
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  01/07 ISM Non-Manufacturing Index 07:00 Dec 58.50 57.60 60.70 -  
                   
  01/08 NFIB Small Business Optimism 03:00 Dec 103.00 104.40 104.80 -  
                   
  01/08 JOLTS Job Openings 07:00 Nov 7050 - 7079 -  
                   
  01/09 MBA Mortgage Applications 04:00 4 Jan - - -8.50% -
                   
  01/09 FOMC Meeting Minutes 11:00 19 Dec - - - -  
                   
  01/10 Initial Jobless Claims 05:30 5 Jan 225k - 231k -  
                   
  01/10 Continuing Claims 05:30 29 Dec 1710k - 1740k -  
                   
  01/10 Bloomberg Consumer Comfort 06:45 6 Jan - - 59.60 -  
                   
  01/10 Wholesale Inventories MoM 07:00 Nov F 0.40% - - -  
                   
  01/10 Wholesale Trade Sales MoM 07:00 Nov - - -0.20% -  
                   
  01/11 CPI MoM 05:30 Dec -0.10% - 0.00% -  
                   
  01/11 CPI YoY 05:30 Dec 1.90% - 2.20% -  
                   
  01/11 Monthly Budget Statement 11:00 Dec $0.0b - -$204.90b -  
                   
 
 
 
 
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  This information is provided solely for informational use and is not intended as trading or investment advice in any manner whatsoever. Sun West Mortgage Company, Inc. is not a licensed or registered broker or dealer and cannot provide investment strategies or recommendations. This information is provided to licensed brokers/lenders only and may not be copied or distributed to customers or potential customers. All loans are subject to approval. Certain restrictions may apply. Listed pricing is a morning indication only. Program rates, prices, guidelines, fees, costs, terms and conditions are subject to change without notice  
 
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