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Market Commentary



 
Today's Coupons
 
  10-Year Notes   99-04.5 (-05.5)  
 
  FN 3.5% Coupon   103-00 (+00.5)  
 
  Support   2.784%  
 
  Resistance   1.721%  
 
 
 
 
  Monday, January 13, 2020
 
 

Treasury Yields Climb as Stocks Advance before Earnings

 
 
Market opened today’s session with treasuries edging lower across all maturities. 10-year Treasury yield is at 1.8511, 3.15 bps increased from prior closing of 1.8196.

Stocks advanced this morning to kick off a busy week filled with events. The US and China are set to sign a phase one trade accord on Wednesday, and fourth-quarter earnings season also starts this week, led by results from the big banks including JP Morgan Chase, Citigroup, Wells Fargo, Bank of America, Goldman Sachs, and Morgan Stanley. Over the weekend, the situation in the Middle East took an unexpected turn after Iran admitted that it accidentally shot down a Ukrainian jetliner which triggered international condemnation and national protests. President Trump showed his support for protesters in Iran in his tweet. Elsewhere, WTI oil sold-off, trading below $59 a barrel this morning and Treasuries retreated along with the yen and gold. We have a very light economic calendar today with Monthly Budget Statement in December being released at 11:00 AM (PT). Later today, the US Treasury is scheduled to auction off $42 billion of 13-week bills and $36 billion of 26-week bills at 8:30 AM (PT).

The curve has bear-steepened with UST 10-Year yield up 3.15 bps.

 
 
   
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  01/13 Monthly Budget Statement 11:00 Dec -$15.00b - -$13.50b -  
                   
  01/14 NFIB Small Business Optimism 03:00 Dec 104.80 - 104.70 -  
                   
  01/14 Real Avg Weekly Earnings YoY 05:30 Dec - - 1.10% 0.80%  
                   
  01/14 CPI MoM 05:30 Dec 0.30% - 0.30% -  
                   
  01/14 CPI YoY 05:30 Dec 2.40% - 2.10% -  
                   
  01/14 CPI Index NSA 05:30 Dec 257.169 - 257.208 -  
                   
  01/14 CPI Core Index SA 05:30 Dec 266.111 - 265.620 -  
                   
  01/15 MBA Mortgage Applications 04:00 10 Jan - - 13.50% -  
                   
  01/15 PPI Final Demand MoM 05:30 Dec 0.20% - 0.00% -  
                   
  01/15 PPI Final Demand YoY 05:30 Dec 1.30% - 1.10% -  
                   
  01/15 Empire Manufacturing 05:30 Jan 3.50 - 3.50 -  
                   
  01/16 Initial Jobless Claims 05:30 11 Jan 218k - 214k -  
                   
  01/16 Continuing Claims 05:30 4 Jan 1740k - 1803k -  
                   
  01/16 Retail Sales Advance MoM 05:30 Dec 0.30% - 0.20% -  
                   
  01/16 Import Price Index MoM 05:30 Dec 0.30% - 0.20% -  
                   
  01/16 Import Price Index YoY 05:30 Dec 0.50% - -1.30% -  
                   
  01/16 Export Price Index MoM 05:30 Dec 0.20% - 0.20% -  
                   
  01/16 Export Price Index YoY 05:30 Dec - - -1.30% -  
                   
  01/17 Building Permits 05:30 Dec 1460k - 1482k 1482k  
                   
  01/17 Building Permits MoM 05:30 Dec -1.50% - 1.40% 1.40%  
                   
  01/17 Housing Starts 05:30 Dec 1380k - 1365k -  
                   
  01/17 Housing Starts MoM 05:30 Dec 1.10% - 3.20% -  
                   
  01/17 Capacity Utilization 06:15 Dec 77.10% - 77.30% -  
                   
  01/17 U. of Mich. Sentiment 07:00 Jan P 99.30 - 99.30 -  
                   
  01/17 JOLTS Job Openings 07:00 Nov 7255 - 7267 -
                   
 
 
 
 
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  This information is provided solely for informational use and is not intended as an advice for trading or investment purposes 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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