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Market Commentary


 
Today's Coupons
 
  10-Year Notes   99-26 (-03)  
 
  FN 3.5% Coupon   100-12 (+0.5)  
 
  Support   3.237%  
 
  Resistance   2.622%  
 
 
 
 
Wednesday, February 20, 2019
 
 
Treasury Yields Rise as Investors Await
the Latest FOMC Meeting Minutes
 
 
Market opened today’s session with treasuries selling-off across all maturities. 10-Year treasury yield is at 2.6465, 1.26 bps increased from prior closing of 2.6339.

Stocks remained calm as investors awaited the latest minutes from the FOMC meeting in January to be released today at 11:00 AM (PT). The minutes will be closely parsed for more clues about how long the Fed plans to remain patient. Investors are also anxiously waiting to hear more from the ongoing trade talks between the US and China in Washington. With the deadline to increase tariffs on Chinese imports quickly approaching, President Trump hinted that an extension to the current deadline was still on the table. In corporate news, CVS Health Corp fell after they posted a weaker than expected earnings forecast for 2019 and announced its results would be dragged down by rising costs and its recent takeover of health insurer Aetna. Treasuries slid and the dollar gained. Elsewhere, WTI crude slipped below $56 a barrel this morning.

MBA Mortgage Applications Index rose 3.60% last week from a 6.90% decline in revised prior. Both purchases and refinances increased 1.70% and 6.40% after falling 9.60% and 3.20% in week prior, respectively. Dallas Fed President Kaplan will speak in a moderated Q&A at 10:10 AM (PT) in Houston, and the minutes from January FOMC meeting will be released at 11:00 AM (PT) today.

The curve has bear-steepened with UST 10-Year yield up 1.26 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 - 3.60% -3.70% -6.90%  
                   
  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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