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Market Commentary



 
Today's Coupons
 
  10-Year Notes   108-16 (+03)  
 
  FN 3.5% Coupon   105-24.5 (-02)  
 
  Support   2.594%  
 
  Resistance   0.5692%  
 
 
 
 
  Friday, April 17, 2020
 
 

Treasury Yields Steady, Stocks Extend Weekly Gains

 
 
Market opened today’s session with treasuries drifting across all maturities. 10-Year Treasury yield is at 0.600, 2.8 bps decreased from prior closing of 0.628.

Stocks continued its weekly advance as investors turned more optimistic about the coronavirus outlook on reports that Gilead Sciences' Covid-19 treatment was showing signs of success, reporting that a group of patients saw accelerated recoveries in fever and respiratory symptoms. Moreover, the White House issued guidelines for states about unwinding from a lockdown to help restart the economy, adding positivity onto market sentiment. The focus has shifted towards optimism of jumpstarting the economy sooner than previously anticipated. Elsewhere, the 10-Year yield hovered around 0.6%, while oil traded around $18 a barrel. On a quiet end to this week's economic calendar, we received the Leading Index for March, which declined 6.70% following a downwardly revised drop of 0.20% prior; consensus expected a 7.20% decline in the month of March.

The curve has bull-flattened with UST 10-Year yield down 2.8 bps.
 
 
   
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  04/14 Import Price Index MoM 05:30 Mar -3.20% -2.30% -0.50% -0.70%  
                   
  04/14 Import Price Index YoY 05:30 Mar -5.00% -4.10% -1.20% -1.30%  
                   
  04/14 Export Price Index MoM 05:30 Mar -1.90% -1.60% -1.10% -  
                   
  04/14 Export Price Index YoY 05:30 Mar - -3.60% -1.30% -  
                   
  04/15 MBA Mortgage Applications 04:00 10 Apr - 7.30% -17.90% -  
                   
  04/15 Retail Sales Advance MoM 05:30 Mar -8.00% -8.70% -0.50% -0.40%  
                   
  04/15 Empire Manufacturing 05:30 Apr -35.00 -78.20 -21.50 -  
                   
  04/15 Capacity Utilization 06:15 Mar 74.00% 72.70% 77.00% -  
                   
  04/15 Net Long-term TIC Flows 13:00 Feb - $49.40B $20.90B $21.80B  
                   
  04/15 Total Net TIC Flows 13:00 Feb - -$13.40B $122.90B $127.30B  
                   
  04/16 Housing Starts 05:30 Mar 1300k 1216k 1599k 1564k  
                   
  04/16 Housing Starts MoM 05:30 Mar -18.70% -22.30% -1.50% -3.40%  
                   
  04/16 Building Permits 05:30 Mar 1296k 1353k 1464k 1452k  
                   
  04/16 Building Permits MoM 05:30 Mar -10.70% -6.80% -5.50% -6.30%  
                   
  04/16 Philadelphia Fed Business Outlook 05:30 Apr -32.00 -56.60 -12.70 -  
                   
  04/16 Initial Jobless Claims 05:30 11 Apr 5500k 5245k 6606k 6615k  
                   
  04/16 Continuing Claims 05:30 4 Apr 13260k 11976k 7455k 7446k  
                   
  04/16 Bloomberg Consumer Comfort 06:45 12 Apr - 44.50 49.90 -  
                   
  04/17 Leading Index 07:00 Mar -7.20% -6.70% 0.10% -0.20%
                   
 
 
 
 
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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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