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Market Commentary


 
Today's Coupons
 
  10-Year Notes   96-20.5 (-04.5)  
 
  FN 3.5% Coupon   101-14.5 (-02.5)  
 
  Support   2.626%  
 
  Resistance   2.342%  
 
 
 
 
Friday, January 19, 2018
 
 
Today’s session opened with Treasuries slightly lower than yesterday. The yield on the UST 10-Year is currently at 2.632% after closing at 2.627% during the prior session.

Rising oil and equity prices over the last couple of sessions have fueled the case for higher inflation later in the year, in turn accelerating worries of interest rate hikes, and approval yesterday by the House of Representatives of a spending bill that would avoid a federal government shutdown have all contributed to a sell-off in the 10-Year Treasury. As a result, yields rose at the start of today’s session opening to levels not seen since 2014.

The economic calendar for this week concludes today with the University of Michigan Consumer Sentiment’s preliminary print for January reflecting a score of 94.40, falling short of estimated 97.00 and the prior mark of 95.90. Further, the University of Michigan Current Economic Conditions’ preliminary January print came in at 109.20, below survey of 114.40 and prior 113.80. Finally, the 1-Year University of Michigan Expected Change in Prices’ preliminary print for January rose by 2.80% versus a 2.70% prior, while the 5-10 Year University of Michigan Expected Change in Prices’ preliminary print for January rose by 2.50% versus a 2.40% prior.

The curve has bear-steepened with the UST 10-Year yield up 0.5 bp from prior closing.

Have A Nice Weekend!
 
 
   
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  01/15 No Data - - - - - -  
                   
  01/16 Empire Manufacturing 05:30 Jan 19.00 17.70 18.00 19.60  
                   
  01/17 MBA Mortgage Applications 04:00 12 Jan - 4.10% 8.30% -  
                   
  01/17 Industrial Production MoM 06:15 Dec 0.50% 0.90% 0.20% -0.10%  
                   
  01/17 Capacity Utilization 06:15 Dec 77.40% 77.90% 77.10% 77.20%  
                   
  01/17 NAHB Housing Market Index 07:00 Jan 72.00 72.00 74.00 -  
                   
  01/17 U.S. Federal Reserve Releases Beige Book 11:00 - - - - -  
                   
  01/17 Total Net TIC Flows 13:00 Nov - $33.80b $151.20b $152.90b  
                   
  01/17 Net Long-term TIC Flows 13:00 Nov - $57.50b $23.20b $26.20b  
                   
  01/18 Building Permits 05:30 Dec 1295K 1302K 1298k 1303k  
                   
  01/18 Building Permits MoM 05:30 Dec -0.60% -0.10% -1.40% -1.00%  
                   
  01/18 Housing Starts 05:30 Dec 1275k 1192k 1297k 1299k  
                   
  01/18 Housing Starts MoM 05:30 Dec -1.70% -8.20% 3.30% 3.00%  
                   
  01/18 Philadelphia Fed Business Outlook 05:30 Jan 25.00 22.20 26.20 27.90  
                   
  01/18 Initial Jobless Claims 05:30 13 Jan 249k 220k 261K -  
                   
  01/18 Continuing Claims 05:30 6 Jan 1900k 1952k 1867K 1876k  
                   
  01/18 Bloomberg Consumer Comfort 06:45 14 Jan - 53.80 53.50 -  
                   
  01/19 U. of Mich. Sentiment 07:00 Jan P 97.00 94.40 95.90 -  
                   
 
 
 
 
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