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Market Commentary


 
Today's Coupons
 
  10-Year Notes   96-27 (+10.5)  
 
  FN 3.5% Coupon   101-15.5 (+06.5)  
 
  Support   2.659%  
 
  Resistance   2.342%  
 
 
 
 
Tuesday, January 23, 2018
 
 
Treasuries are higher across the curve this morning from yesterday’s close. The UST 10-Year yield is currently at 2.618% after closing at 2.651% prior.

Yesterday the partial government shutdown ended after Congress passed another continuing resolution to fund the government through February 8th. With another quiet economic calendar day to start the week, we only received the Richmond Fed Manufacturing Index this morning which came in below expectations at 14.00 versus 19.00 per consensus, and also below its prior reading mark of 20.00.

Later today at 8:30 AM (PT), U.S. Treasury will sell $35 Billion 4-week Bills. Then at 10:00 AM (PT), it will auction $26 Billion 2-Year Notes. The remainder of this week’s calendar consists of Wednesday’s FHFA House Price Index for November and Existing Home Sales data for December, Thursday’s Wholesale and Retail Inventories for December and New Home Sales data for December, and Friday’s 4Q Advance GDP prints and Durable Goods Orders for December.

The curve has bull-flattened with the UST 10-Year yield down 3.3 bps from prior closing.
 
 
   
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  01/22 Chicago Fed Nat Activity Index 05:30 Dec 0.22 0.27 0.15 0.11  
                   
  01/23 Richmond Fed Manufact. Index 07:00 Jan 19.00 14.00 20.00 -  
                   
  01/24 MBA Mortgage Applications 04:00 19 Jan - - 4.10% -  
                   
  01/24 FHFA House Price Index MoM 06:00 Nov 0.50% - 0.50% -  
                   
  01/24 Markit US Composite PMI 06:45 Jan P - - 54.10 -  
                   
  01/24 Markit US Services PMI 06:45 Jan P 54.30 - 53.70 -  
                   
  01/24 Markit US Manufacturing PMI 06:45 Jan P 55.00 - 55.10 -  
                   
  01/24 Existing Home Sales  07:00 Dec 5.70m - 5.81m -  
                   
  01/24 Existing Home Sales MoM 07:00 Dec -1.90% - 5.60% -  
                   
  01/25 Wholesale Inventories MoM 05:30 Dec P 0.40% - 0.80% -  
                   
  01/25 Initial Jobless Claims 05:30 20 Jan 237k - 220k -  
                   
  01/25 Continuing Claims 05:30 13 Jan 1925k - 1952k -  
                   
  01/25 Bloomberg Consumer Comfort 06:45 21 Jan - - 53.80 -  
                   
  01/25 New Home Sales 07:00 Dec 675k - 733k -  
                   
  01/25 New Home Sales MoM 07:00 Dec -7.90% - 17.50% -  
                   
  01/25 Leading Index 07:00 Dec 0.50% - 0.40% -  
                   
  01/25 Kansas City Fed Manf. Activity 08:00 Jan 15.00 - 14.00 -  
                   
  01/26 Personal Consumption 05:30 4Q 3.70% - 2.20% -  
                   
  01/26 GDP Annualized QoQ 05:30 4Q A 3.00% - 3.20% -  
                   
  01/26 GDP Price Index 05:30 4Q A 2.30% - 2.10% -  
                   
  01/26 Core PCE QoQ 05:30 4Q A 1.90% - 1.30% -  
                   
  01/26 Durable Goods Orders 05:30 Dec P 0.90% - 1.30% -  
                   
  01/26 Durables Ex Transportation 05:30 Dec P 0.60% - -0.10% -  
                   
 
 
 
 
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