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Market Commentary


 
Today's Coupons
 
  10-Year Notes   99-28 (+07)  
 
  FN 3.5% Coupon   100-09.5 (+04.5)  
 
  Support   3.237%  
 
  Resistance   2.622%  
 
 
 
 
Tuesday, February 19, 2019
 
 
Treasury Yields Lower as Investors Await
New Developments from the Trade Talks
 
 
Market opened today’s session with treasuries advancing across all maturities. 10-year treasury yield is at 2.6465, 1.61 bps decreased from prior closing of 2.6626.

US stocks fell slightly after the three day weekend as investors looked for more signs of progress in the trade talks. The talks between the US and China continue this week in Washington with Chinese Vice Preimer Liu He scheduled to meet U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin from Thursday to Friday. Notable earnings report came from Walmart which announced the best earnings and revenue for the holiday quarter in a decade as its e-commerce sales surged 43%. Its shares rose in premarket on the news. In Washington, President Trump signed a spending bill which averted a second government shutdown on Friday; however, he declared a national emergency as well to allocate federal funding toward the border wall. As a result, California, joined by 15 other states, is suing to block President Trump from diverting federal funds, claiming that the declaration exceeded the power of his office. Treasuries and the dollar edged higher this morning with WTI crude advancing.

It’s a quiet day in economic calendar with just one data being released. NAHB Housing Market Index rose to 62.00 vs. 58.00 prior and 59.00 consensus. Both present single family sales and future single family sales rose to 67.00 and 68.00 vs. 64.00 and 63.00 prior, respectively. Prospective buyers traffic also rose to 48.00 vs. 44.00 prior. The minutes from January FOMC meeting will be released at 11:00 AM (PT) tomorrow.

The curve has bull-flattened with UST 10-Year yield down 1.61 bps.
 
 
   
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  02/18 No Data - - - - - -  
                   
  02/19 NAHB Housing Market Index 07:00 Feb 59.00 62.00 58.00 -  
                   
  02/20 MBA Mortgage Applications 04:00 15 Feb - - -3.70% -  
                   
  02/20 FOMC Meeting Minutes 11:00 30 Jan - - - -  
                   
  02/21 Philadelphia Fed Business Outlook 05:30 Feb 14.00 - 17.00 -  
                   
  02/21 Initial Jobless Claims 05:30 16 Feb 228k - 239k -  
                   
  02/21 Continuing Claims 05:30 9 Feb 1743k - 1773k -  
                   
  02/21 Durable Goods Orders 05:30 Dec P 1.70% - 0.70% -  
                   
  02/21 Durables Ex Transportation 05:30 Dec P 0.30% - -0.40% -  
                   
  02/21 Bloomberg Consumer Comfort 06:45 17 Feb - - 60.00 -  
                   
  02/21 Markit US Manufacturing PMI 06:45 Feb P 54.80 - 54.90 -  
                   
  02/21 Markit US Services PMI 06:45 Feb P 54.30 - 54.20 -  
                   
  02/21 Markit US Composite PMI 06:45 Feb P - - 54.40 -  
                   
  02/21 Leading Index 05:30 Jan 0.10% - -0.10% -  
                   
  02/21 Existing Home Sales 07:00 Jan 5.00m - 4.99m -  
                   
  02/21 Existing Home Sales MoM 07:00 Jan 0.20% - -6.40% -  
                   
  02/22 No Data - - - - - -  
                   
 
 
 
 
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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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