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Market Commentary

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Market Commentary


 
Today's Coupons
 
  10-Year Notes   98-20 (+11.5)  
 
  FN 3.5% Coupon   99-19 (+08.5)  
 
  Support   2.950%  
 
  Resistance   2.522%  
 
 
 
 
Thursday, February 22, 2018
 
 
Treasuries are higher than yesterday at the opening of today’s session. The yield on the UST 10-Year is currently at 2.903% after closing at 2.951% during the prior session.

Yesterday the Fed’s FOMC released its January 31 meeting minutes. The key takeaways include consensus among members as to a gradual approach on fed funds rate increases and general agreement that a rise in wage growth is not yet evident.

The economic calendar continued today with Initial Jobless Claims for the week ended February 17 reaching 222k, below market survey of 230k and lower than its previous 229k mark revised; while Continuing Claims for the week ended February 10 reached 1875k, below market survey of 1935k and lower than its previous 1948k mark revised. Further, the month-over-month Leading Economic Index for January rose 1.00%, versus estimates of 0.70% and a prior mark of 0.60%; while the print for the Kansas City Fed Manufacturing Index during February came in at 17, lower than the anticipated 18 but up from its previous 16.

The U.S. Treasury concludes today its three-day treasuries auction with the issuance of $29 Billion in 7-Year notes at 10:00 AM (PT). Finally, NY Fed President Dudley, Atlanta Fed President Bostic, and Dallas Fed President Kaplan are all scheduled to speak today on Puerto Rico, the Banking Sector Outlook and Trading Relationship respectively.

The curve has bull-flattened with the UST 10-Year yield down 4.8 bps from prior closing.
 
 
   
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  02/19 No Data - - - - - -  
                   
  02/20 No Data - - - - - -  
                   
  02/21 MBA Mortgage Applications 04:00 16 Feb - -6.60% -4.10% -  
                   
  02/21 Markit US Manufacturing PMI 06:45 Feb P 55.50 55.90 55.50 -  
                   
  02/21 Markit US Services PMI 06:45 Feb P 53.70 55.90 53.30 -  
                   
  02/21 Markit US Composite PMI 06:45 Feb P - 55.90 53.80 -  
                   
  02/21 Existing Home Sales 07:00 Jan 5.60m 5.38m 5.57m 5.56m  
                   
  02/21 Existing Home Sales MoM 07:00 Jan 0.50% -3.20% -3.60% -2.80%  
                   
  02/21 Bloomberg Consumer Comfort 10:00 18 Feb - - 56.60 57.00  
                   
  02/21 FOMC Meeting Minutes 11:00 31 Jan - - - -  
                   
  02/22 Initial Jobless Claims 05:30 17 Feb 230k 222k 230k 229k  
                   
  02/22 Continuing Claims 05:30 10 Feb 1935k 1875k 1942k 1948k  
                   
  02/22 Leading Index 07:00 Jan 0.70% 1.00% 0.60% -  
                   
  02/22 Kansas City Fed Manf. Activity 08:00 Feb 18.00 17.00 16.00 -  
                   
  02/23 No Data - - - - - -  
                   
 
 
 
 
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