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Market Commentary


 
Today's Coupons
 
  10-Year Notes   103-09 (-06.5)  
 
  FN 3.5% Coupon   99-26 (-03)  
 
  Support   3.237%  
 
  Resistance   2.543%  
 
 
 
 
Wednesday, January 16, 2019
 
 
Market opened today’s session with treasuries selling-off across all maturities. 10-Year treasury yield is at 2.7379, 2.67 bps increased from prior closing of 2.7112.

US stock futures edged higher today as Goldman Sachs and Bank of America reported quarterly profit and revenue above its consensus estimates and forecasts. Treasuries tumbled and the dollar reversed a decline. As the partial government shutdown entered its 26th day, the White House has ordered thousands of furloughed federal employees to return to work without pay. However, President Trump is expected to sign legislation later today that will provide back pay to those furloughed federal employees after the shutdown ends. Elsewhere, with only 10 weeks out until the country is due to exit the EU, the UK Prime Minister Theresa May’s proposed Brexit deal ended in a 230 vote defeat, marking the biggest parliamentary defeat in modern UK political history and leaving the country deeper in a political uncertainty.

MBA Mortgage Applications continued its upward trend from last week, printing a 13.50% increase. Both purchases and refinances increased 9.10% and 18.70% after rising 16.50% and 35.30% prior, respectively. December Import Price Index fell 1.00%, following a downwardly revised prior of 1.90% decrease vs. 1.30% decrease consensus. The scheduled Retail Sales, Business Inventories, and TIC Flows data are postponed by the ongoing government shutdown. The Fed will release the Beige Book at 11:00 AM (PT) today.

The curve has bear-flattened with UST 10-Year yield up 2.67 bps.
 
 
   
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  01/14 No Data - - - - - -  
                   
  01/15 Empire Manufacturing 05:30 Jan 10.00 3.90 10.90 11.50  
                   
  01/15 PPI Final Demand MoM 05:30 Dec -0.10% -0.20% 0.10% -  
                   
  01/15 PPI Final Demand YoY 05:30 Dec 2.50% 2.50% 2.50% -  
                   
  01/16 MBA Mortgage Applications 04:00 11 Jan - 13.50% 23.50% -
                 
  01/16 Import Price Index MoM 05:30 Dec -1.30% -1.00% -1.60% -1.90%
                 
  01/16 Import Price Index YoY 05:30 Dec -0.80% -0.60% 0.70% 0.50%
                 
  01/16 Export Price Index MoM 05:30 Dec -0.70% -0.60% -0.90% -0.80%
                 
  01/16 Export Price Index YoY 05:30 Dec - 1.10% 1.80% -
                   
  01/16 NAHB Housing Market Index 07:00 Jan 56.00 - 56.00 -  
                   
  01/17 Housing Starts 05:30 Dec 1250k - 1256k -  
                   
  01/17 Housing Starts MoM 05:30 Dec -0.50% - 3.20% -  
                   
  01/17 Building Permits 05:30 Dec 1289k - 1328k -  
                   
  01/17 Building Permits MoM 05:30 Dec -2.90% - 5.00% -  
                   
  01/17 Initial Jobless Claims 05:30 12 Jan 220k - 216k -  
                   
  01/17 Continuing Claims 05:30 5 Jan 1734K - 1722k -  
                   
  01/17 Philadelphia Fed Business Outlook 05:30 Jan 9.50 - 9.40 9.10  
                   
  01/17 Bloomberg Consumer Comfort 06:45 13 Jan - - 58.50 -  
                   
  01/18 Capacity Utilization 06:15 Dec 78.50% - 78.50% -  
                   
  01/18 U. of Mich. Sentiment 07:00 Jan P 96.80 - 98.30 -  
                   
 
 
 
 
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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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