Back to top

Market Commentary

Home
Market Commentary


 
 
Today's Coupons
 
  10-Year Notes   107-10 (+1-04.5)  
 
  FN 3.5% Coupon   105-20.5 (+14)  
 
  Support   2.594%  
 
  Resistance   0.336%  
 
 
 
 
  Friday, March 27, 2020
 
 

Treasury Yields Decline as Stocks Halt 3-day Rally

 
 
Market opened today’s session with treasuries rallying across all maturities. 10-Year Treasury yield is at 0.7393, 10.54 bps decreased from prior closing of 0.8447.

The US has overtaken China for the most confirmed cases of the coronavirus as the number exceeded 86,000, dampening investor sentiment. US stocks fell sharply this morning after the strong performance in the previous three days. Despite the 3-day rally, the major indices were still more than 20% below the record highs set in February, and the CBOE volatility index is on track for a 10th straight close above 60. Later today, the House is set to pass the $2 trillion stimulus package which will then be sent to the White House for final signature. Elsewhere, the pound fluctuated as UK Prime Minister Johnson was reportedly tested positive for the virus, and WTI crude sold-off, heading toward $21 a barrel this morning. In the economic calendar, both Personal Income and Personal Spending from February remained unchanged from prior readings of 0.60% and 0.20%, respectively. However, University of Michigan Sentiment fell to 89.10 from 95.90 prior vs. 90.00 consensus.

The curve has bull-flattened with UST 10-Year yield down 10.54 bps.
 
 
   
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  03/23 Chicago Fed Nat Activity Index 05:30 Feb -0.35 0.16 -0.25 -0.33  
                   
  03/24 Markit US Manufacturing PMI 06:45 Mar P 43.50 49.20 50.70 -  
                   
  03/24 Markit US Services PMI 06:45 Mar P 42.00 39.10 49.40 -  
                   
  03/24 Markit US Composite PMI 06:45 Mar P - 40.50 49.60 -  
                   
  03/24 Richmond Fed Manufact. Index 07:00 Mar -13 2 -2 -  
                   
  03/25 MBA Mortgage Applications 04:00 20 Mar - -29.40% -8.40% -  
                   
  03/25 Durable Goods Orders 05:30 Feb P -0.90% 1.20% -0.20% 0.10%  
                   
  03/25 Durables Ex Transportation 05:30 Feb P -0.40% -0.60% 0.80% 0.60%  
                   
  03/25 FHFA House Price Index MoM 06:00 Jan 0.40% 0.30% 0.60% 0.70%  
                   
  03/26 Wholesale Inventories MoM 05:30 Feb P -0.20% -0.50% -0.40% -0.50%  
                   
  03/26 GDP Annualized QoQ 05:30 4Q T 2.10% 2.10% 2.10% -  
                   
  03/26 Personal Consumption 05:30 4Q T 1.70% 1.80% 1.70% -  
                   
  03/26 GDP Price Index 05:30 4Q T 1.30% 1.30% 1.30% -  
                   
  03/26 Core PCE QoQ 05:30 4Q T 1.20% 1.30% 1.20% -  
                   
  03/26 Initial Jobless Claims 05:30 21 Mar 1700k 3283k 281k 282k  
                   
  03/26 Continuing Claims 05:30 14 Mar 1791k 1803k 1701k 1702k  
                   
  03/27 PCE Core Deflator MoM 05:30 Feb 0.20% 0.20% 0.10% 0.20%  
                   
  03/27 Personal Income 05:30 Feb 0.40% 0.60% 0.60% -  
                   
  03/27 Personal Spending 05:30 Feb 0.20% 0.20% 0.20% -  
                   
  03/27 PCE Deflator MoM 05:30 Feb 0.10% 0.10% 0.10% -  
                   
  03/27 PCE Deflator YoY 05:30 Feb 1.70% 1.80% 1.70% 1.80%  
                   
  03/27 U. of Mich. Sentiment 07:00 Mar F 90.00 89.10 95.90 -
                   
 
 
 
 
Helpful Links
  Visit Us Online   Submit Loan  
  Get Approved   SeeMyLoanStatusTM  
  Download Rate Sheet   Conventional Program Guidelines  
  Price & Lock   Government Program Guidelines  
 
 
   
 
  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.  
 
 
© Sun West Mortgage Company, Inc. All Rights Reserved