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Market Commentary


 
Today's Coupons
 
  10-Year Notes   101-03 (+06)  
 
  FN 3.5% Coupon   101-00 (+02.5)  
 
  Support   3.237%  
 
  Resistance   2.342%  
 
 
 
 
Tuesday, April 09, 2019
 
 
Treasury Yields Lower amid Fresh Trade Tensions
 
 
Market opened today’s session with treasuries rallying across all maturities. 10-Year treasury yield is at 2.4935, 2.87 bps decreased from prior closing of 2.5222.

As the trade war between the US and China nears an end, President Trump turned his attention to another region. Trade tensions between the US and the European Union intensified following a World Trade Organization ruling over subsidies for Airbus. President Trump tweeted that the US would now put tariffs on $11 billion of EU products in order to be compensated for adverse effects caused by the subsidies, and the EU responded that it would prepare retaliatory tariffs. US stock futures and European shares edged down on the news and Treasuries advanced. In corporate news, if Apple closes today’s session in positive territory, it will be their first 10-day win streak since 2010. As investors await for corporate earnings results, Bank of America, which will report earnings next week, announced that it would gradually raise its minimum wage for its employees to $20 an hour over the next two years. Elsewhere, WTI crude extended gain above $64 a barrel amid a renewed conflict in Libya.

NFIB Small Business Optimism started stabilizing as it printed a reading of 101.80 in March vs. 101.70 in February and 102.00 consensus. JOLTS Job Openings surprisingly fell to 7087 in February from an upwardly revised prior of 7625 vs. 7550 consensus. The US Treasury is scheduled to auction off $38 billion of 3-Year notes at 10:00 AM (PT) today. On Wednesday, the minutes from March FOMC meeting will be released at 11:00 AM (PT).

The curve has bull-flattened with UST 10-Year yield down 2.87 bps.
 
 
   
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  04/08 Factory Orders 07:00 Feb -0.50% -0.50% 0.10% 0.00%  
                   
  04/08 Durable Goods Orders 07:00 Feb F -1.60% -1.60% -1.60% -  
                   
  04/08 Durables Ex Transportation 07:00 Feb F 0.10% -0.10% 0.10% -  
                   
  04/09 NFIB Small Business Optimism 03:00 Mar 102.00 101.80 101.70 -  
                   
  04/09 JOLTS Job Openings 07:00 Feb 7550 7087 7581 7625  
                   
  04/10 MBA Mortgage Applications 04:00 5 Apr - - 18.60% -  
                   
  04/10 CPI MoM 05:30 Mar 0.40% - 0.20% -  
                   
  04/10 CPI YoY 05:30 Mar 1.80% - 1.50% -  
                   
  04/10 FOMC Meeting Minutes 11:00 20 Mar - - - -  
                   
  04/10 Monthly Budget Statement 11:00 Mar -$181.00b - -$234.00b -  
                   
  04/11 PPI Final Demand MoM 05:30 Mar 0.30% - 0.10% -  
                   
  04/11 PPI Final Demand YoY 05:30 Mar 1.90% - 1.90% -  
                   
  04/11 Initial Jobless Claims 05:30 6 Apr 210k - 202k -  
                   
  04/11 Continuing Claims 05:30 30 Mar 1735k - 1717k -  
                   
  04/11 Bloomberg Consumer Comfort 06:45 7 Apr - - 58.90 -  
                   
  04/12 Import Price Index MoM 05:30 Mar 0.40% - 0.60% -  
                   
  04/12 Import Price Index YoY 05:30 Mar -0.70% - -1.30% -  
                   
  04/12 Export Price Index MoM 05:30 Mar 0.20% - 0.60% -  
                   
  04/12 Export Price Index YoY 05:30 Mar - - 0.30% -  
                   
  04/12 U. of Mich. Sentiment 07:00 Apr P 98.10 - 98.40 -  
                   
 
 
 
 
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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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