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Market Commentary

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Market Commentary


 
Today's Coupons
 
  10-Year Notes   103-06 (+10)  
 
  FN 3.5% Coupon   99-24 (+04.5)  
 
  Support   3.237%  
 
  Resistance   2.543%  
 
 
 
 
Tuesday, January 22, 2019
 
 
Market opened today’s session with treasuries rallying across all maturities. 10-Year treasury yield is at 2.7481, 3.61 bps decreased from prior closing of 2.7842.

Stocks declined this morning on looming concerns over the global economic outlook after the IMF slashed its global growth forecast, and on the news that the US will soon request extradition of Huawei’s CFO which added more tensions between the US and China. Both treasuries and the dollar climbed and WTI oil retreated from a near two-month high. With no signs of compromise from either side, the ongoing government shutdown extended into its 32nd day, and the 800,000 furloughed federal employees are set to miss their second paycheck at the end of this week. The World Economic Forum opened today in Davos, Switzerland.

It’s a quiet day in economic data with Existing Home Sales being the only indicator released today. It fell to 4.99 million from 5.33 million revised prior and vs. estimate of 5.24 million in December. This is the slowest pace in more than three years, highlighting the slowdown in the housing market. Home purchases fell in all four regions, led by 11.20% and 6.80% declines in the Midwest and the Northeast, respectively.

The curve has bull-flattened with UST 10-Year yield down 3.61 bps.
 
 
   
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  01/21 No Data - - - - - -  
                   
  01/22 Existing Home Sales 07:00 Dec 5.24m 4.99m 5.32m 5.33m  
                   
  01/22 Existing Home Sales MoM 07:00 Dec -1.50% -6.40% 1.90% 2.10%  
                   
  01/23 MBA Mortgage Applications 04:00 18 Jan - - 13.50% -
                 
  01/23 FHFA House Price Index MoM 06:00 Nov 0.30% - 0.30% -  
                   
  01/23 Richmond Fed Manufact. Index 07:00 Jan -1.00 - -8.00 -  
                   
  01/24 Initial Jobless Claims 05:30 19 Jan 220k - 213k -  
                   
  01/24 Continuing Claims 05:30 12 Jan 1728k - 1737k -  
                   
  01/24 Bloomberg Consumer Comfort 06:45 20 Jan - - 58.10 -  
                   
  01/24 Markit US Composite PMI 06:45 Jan P - - 54.40 -  
                   
  01/24 Markit US Manufacturing PMI 06:45 Jan P 53.50 - 53.80 -  
                   
  01/24 Markit US Services PMI 06:45 Jan P 54.00 - 54.40 -  
                   
  01/24 Leading Index 07:00 Dec -0.10% - 0.20% -  
                   
  01/24 Kansas City Fed Manf. Activity 08:00 Jan 4.00 - 3.00 -  
                   
  01/25 Durable Goods Orders 05:30 Dec P 1.50% - - -  
                   
  01/25 Durables Ex Transportation 05:30 Dec P 0.20% - - -  
                   
  01/25 New Home Sales 07:00 Dec 572k - - -  
                   
  01/25 New Home Sales MoM 07:00 Dec 5.10% - - -  
                   
 
 
 
 
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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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