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Market Commentary



 
Today's Coupons
 
  10-Year Notes   105-22.5 (-14.5)  
 
  FN 3.5% Coupon   102-25 (-03.5)  
 
  Support   2.630%  
 
  Resistance   0.336%  
 
 
 
 
  Friday, March 13, 2020
 
 

Treasury Yields Climb as Stocks Rebound

 
 
Market opened today’s session with treasuries selling-off across all maturities. 10-year Treasury yield is at 0.8513, 4.71 bps increased from prior closing of 0.8042.

US stocks surged this morning following the worst day since the “Black Monday” market crash in 1987 for the S&P 500 to hit its upper trading curb. The move came as it was reported that Congress was near a deal on a spending bill. After a day of negotiations between House Speaker Pelosi and Treasury Secretary Mnuchin, Pelosi said she hopes to announce a package of measures aimed to ease the negative effects of the virus outbreak which will include free coronavirus testing, paid sick leave, and enhanced unemployment benefits. The total confirmed cases in the US exceeded 1,700 with the death toll at 40. With volatility in most markets exceptionally high, Treasuries and mortgage TBAs swung between gains and losses throughout yesterday’s session and this morning as well. Oil pushed higher with WTI crude heading toward $33 a barrel and the dollar headed for its best week since 2016. In the economic calendar, The February Import Price Index came in above consensus of -1.00% at -0.50% and its prior reading of 0.0% was upwardly revised to 0.10%. Also, University of Michigan Sentiment fell to 95.90 from 101.00 prior vs. 95.00 consensus.

The curve has bear-steepened with UST 10-Year yield up 4.71 bps.

 
 
   
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  03/09 No Data - - - - - -  
                   
  03/10 NFIB Small Business Optimism 06:00 Feb 102.80 104.50 104.30 -  
                   
  03/11 MBA Mortgage Applications 07:00 6 Mar - 55.40% 15.10% -  
                   
  03/11 CPI MoM 08:30 Feb 0.00% 0.10% 0.10% -  
                   
  03/11 CPI YoY 08:30 Feb 2.20% 2.30% 2.50% -  
                   
  03/11 CPI Index NSA 08:30 Feb 258.455 258.678 257.971 -  
                   
  03/11 CPI Core Index SA 08:30 Feb 266.913 267.070 266.476 -  
                   
  03/11 Real Avg Weekly Earnings YoY 08:30 Feb - 0.70% 0.00% -  
                   
  03/12 PPI Final Demand MoM 08:30 Feb -0.10% -0.60% 0.50% -  
                   
  03/12 PPI Final Demand YoY 08:30 Feb 1.80% 1.30% 2.10% -  
                   
  03/12 Initial Jobless Claims 08:30 7 Mar 220k 211k 216k 215k  
                   
  03/12 Continuing Claims 08:30 29 Feb 1733k 1722k 1729k 1733k  
                   
  03/12 Bloomberg Consumer Comfort 09:45 8 Mar - 62.70 63.00 -  
                   
  03/13 Import Price Index MoM 08:30 Feb -1.00% -0.50% 0.00% 0.10%  
                   
  03/13 Import Price Index YoY 08:30 Feb -1.50% -1.20% 0.30% -  
                   
  03/13 Export Price Index MoM 08:30 Feb -0.40% -1.10% 0.70% 0.60%  
                   
  03/13 Export Price Index YoY 08:30 Feb -0.60% -1.30% 0.50% 0.40%  
                   
  03/13 U. of Mich. Sentiment 10:00 Mar P 95.00 95.90 101.00 -
                   
 
 
 
 
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  This information is provided solely for informational use and is not intended as an advice for trading or investment purposes 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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