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Market Commentary


 
Today's Coupons
 
  10-Year Notes   100-07.5 (-02)  
 
  FN 3.5% Coupon   100-19 (-01)  
 
  Support   3.237%  
 
  Resistance   2.584%  
 
 
 
 
Monday, March 18, 2019
 
 
Treasury Yields Rise as Amazon and Apple Lead Stocks
 
 
Market opened today’s session with treasuries edging lower across all maturities. 10-Year treasury yield is at 2.5943, 0.72 bp increased from prior closing of 2.5871.

While other indexes posted modest gains, the Dow pointed to a lower open this morning as Boeing struggled once again in premarket after a slew of headlines over the weekend. Last night, it was reported that the Transportation Department’s Inspector General examined the design certification of Boeing 737 Max before the crash in Ethiopia. Also earlier Sunday, Ethiopia’s transport minister said a preliminary study of the flight data recorders showed “clear similarities” between the two recent crashes. Treasuries and the dollar slipped this morning with WTI crude holding steady over $58 a barrel as OPEC recommended deferring a decision on whether to extend oil production cuts until June.

NAHB Housing Market Index in March held steady at 62 from prior vs. 63 consensus. Both present single family sales and future single family sales rose to 68 and 71 from 66 and 68 prior, respectively. The FOMC will kick off its two day meeting tomorrow and announce its rate decision on Wednesday at 11:00 AM (PT). Volatility is declining on expectations that the Fed will lower their interest rate forecasts to show little or no further tightening in 2019. The US Treasury is scheduled to auction off $48 billion of 3-month bills and $39 billion of 6-month bills at 8:30 AM (PT) today.

The curve has bear-flattened with UST 10-Year yield up 0.72 bp.
 
 
   
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  03/18 NAHB Housing Market Index 07:00 Mar 63.00 62.00 62.00 -  
                   
  03/19 Factory Orders 07:00 Jan 0.30% - 0.10% -  
                   
  03/19 Durable Goods Orders 07:00 Jan F 0.40% - 0.40% -  
                   
  03/20 MBA Mortgage Applications 04:00 15 Mar - - 2.30% -  
                   
  03/20 FOMC Rate Decision (Upper Bound) 11:00 20 Mar 2.50% - 2.50% -  
                   
  03/20 FOMC Rate Decision (Lower Bound) 11:00 20 Mar 2.25% - 2.25% -  
                   
  03/21 Philadelphia Fed Business Outlook 05:30 Mar 5.00 - -4.10 -  
                   
  03/21 Initial Jobless Claims 05:30 16 Mar 225k - 229k -  
                   
  03/21 Continuing Claims 05:30 9 Mar 1768k - 1776k -  
                   
  03/21 Bloomberg Consumer Comfort 06:45 17 Mar - - 60.80 -  
                   
  03/21 Leading Index 07:00 Feb 0.10% - -0.10% 0.00%  
                   
  03/22 Markit US Manufacturing PMI 06:45 Mar P 53.60 - 53.00 -  
                   
  03/22 Markit US Services PMI 06:45 Mar P 55.50 - 56.00 -  
                   
  03/22 Markit US Composite PMI 06:45 Mar P - - 55.50 -  
                   
  03/22 Existing Home Sales 07:00 Feb 5.10m - 4.94m -  
                   
  03/22 Existing Home Sales MoM 07:00 Feb 3.20% - -1.20% -  
                   
 
 
 
 
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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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