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Market Commentary


 
Today's Coupons
 
  10-Year Notes   99-10 (-0.5)  
 
  FN 3.5% Coupon   99-26 (-01)  
 
  Support   2.950%  
 
  Resistance   2.719%  
 
 
 
 
Tuesday, April 17, 2018
 
 
Treasuries are lower than yesterday at the opening of today’s session. The yield on the UST 10-Year is currently at 2.837% after closing at 2.828% during the prior session.

Treasuries continue under pressure for a second day at the opening of the session as risk assets come back from last week’s sell-off, fueled by strong corporate earnings in Wall Street.

Housing Starts during March reached 1319k, exceeding an estimated 1267k and rising from prior mark of 1295k revised. Month-over-month Housing Starts for March reflected a 1.90% change, below estimated 2.50% but up from its prior mark of -3.30% revised. Also in today, Building Permits during March reached 1354k, above both survey and prior mark of 1321k revised; while month-over-month Building Permits during March reflected a 2.50% change, also exceeding survey of 0.00% and rising from previous revised mark of -4.10%. Finally, Manufacturing Production figures for March came in at 0.10%, in line with market estimates but down from previous revised mark of 1.50%; while Capacity Utilization during the same period registered 78.00%, marginally beating survey of 77.90% and modestly rising from its previous mark of 77.70% revised.

Featured Fed speakers for today include San Francisco’s Williams, who will speak at the Bank of Spain in Madrid; Vice Chairman Quarles, who will testify before the Financial Services Committee of the House of Representatives; Philadelphia’s Harker, who will speak on the economics of equitable education in Philadelphia; Chicago’s Evans, who will discuss current conditions and economic policy in Chicago; and Atlanta’s Bostic, who will speak at a seminar on Bloomberg.

The curve has bear-flattened with the UST 10-Year yield up 0.9 bp from prior closing.
 
 
   
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  04/16 Empire Manufacturing 05:30 Apr 18.40 15.80 22.50 -  
                   
  04/16 Retail Sales Advance MoM 05:30 Mar 0.40% 0.60% -0.10% -  
                   
  04/16 Business Inventories 07:00 Feb 0.60% 0.60% 0.60% -  
                   
  04/16 NAHB Housing Market Index 07:00 Apr 70.00 69.00 70.00 -  
                   
  04/16 Total Net TIC Flows 13:00 Feb - $44.70b $119.70b $122.60b  
                   
  04/16 Net Long-term TIC Flows 13:00 Feb - $49.00b $62.10b $61.40b  
                   
  04/17 Housing Starts 05:30 Mar 1267k 1319k 1236k 1295k  
                   
  04/17 Housing Starts MoM 05:30 Mar 2.50% 1.90% -7.00% -3.30%  
                   
  04/17 Building Permits 05:30 Mar 1321k 1354k 1298k 1321k  
                   
  04/17 Building Permits MoM 05:30 Mar 0.00% 2.50% -5.70% -4.10%  
                   
  04/17 Industrial Production MoM 06:15 Mar 0.30% 0.50% 1.10% 1.00%  
                   
  04/17 Capacity Utilization 06:15 Mar 77.90% 78.00% 78.10% 77.70%  
                   
  04/18 MBA Mortgage Applications 04:00 13 Apr - - -1.90% -  
                   
  04/18 U.S. Federal Reserve Releases Beige Book 11:00 - - - - -  
                   
  04/19 Initial Jobless Claims 05:30 14 Apr 230k - 233k -  
                   
  04/19 Continuing Claims 05:30 7 Apr 1845k - 1871k -  
                   
  04/19 Philadelphia Fed Business Outlook 05:30 Apr 21.00 - 22.30 -  
                   
  04/19 Bloomberg Consumer Comfort 06:45 15 Apr - - 58.00 -  
                   
  04/19 Leading Index 07:00 Mar 0.30% - 0.60% -  
                   
  04/20 No Data - - - - - -  
                   
 
 
 
 
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