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Market Commentary


 
Today's Coupons
 
  10-Year Notes   100-11.5 (-06.5)  
 
  FN 3.5% Coupon   100-19 (-04)  
 
  Support   3.237%  
 
  Resistance   2.342%  
 
 
 
 
Monday, April 22, 2019
 
 
Treasury Yields Climb as Oil Reaches Six-Month High
 
 
Market opened today’s session with treasuries inching lower across all maturities. The 10-Year treasury yield is currently at 2.5813, 2.17 bps increased from prior closing of 2.5596.

Both stocks and treasuries pointed to a weak open this morning as the busiest week of earnings season kicked off. WTI crude jumped as the White House reportedly won’t renew waivers that allowed the purchase of Iranian crude without facing US sanctions. It hovered over $65 a barrel, reaching the highest level in almost six months from heightened concerns over supply constraints. In corporate news, the earnings season continues this week with more than 140 S&P 500 companies set to release their results including Amazon, Facebook, Twitter, Microsoft, Tesla, and Coca Cola. Another event that will draw investors’ attention this week will be the initial print on first quarter US GDP which will be released on Friday.

Chicago Fed National Activity Index increased to -0.15 from a downwardly revised prior of -0.31 vs consensus of -0.10. Existing Home Sales declined to 5.21 million from a downwardly revised prior of 5.48 million vs. 5.30 million consensus. Later today, the US Treasury is scheduled to auction off $42 billion of 3-month bills and $36 billion of 6-month bills at 8:30 AM (PT).

The curve has bear-steepened with UST 10-Year yield up 2.17 bps.
 
 
   
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  04/22 Chicago Fed Nat Activity Index 05:30 Mar -0.10 -0.15 -0.29 -0.31  
                   
  04/22 Existing Home Sales 07:00 Mar 5.30m 5.21m 5.51m 5.48m  
                   
  04/22 Existing Home Sales MoM 07:00 Mar -3.80% -4.90% 11.80% 11.20%  
                   
  04/23 FHFA House Price Index MoM 06:00 Feb 0.50% - 0.60% -  
                   
  04/23 Richmond Fed Manufact. Index 07:00 Apr 10.00 - 10.00 -  
                   
  04/23 New Home Sales 07:00 Mar 650k - 667k -  
                   
  04/23 New Home Sales MoM 07:00 Mar -2.60% - 4.90% -  
                   
  04/24 MBA Mortgage Applications 04:00 19 Apr - - -3.50% -  
                   
  04/25 Durable Goods Orders 05:30 Mar P 0.70% - -1.60% -  
                   
  04/25 Durables Ex Transportation 05:30 Mar P 0.20% - -0.10% -  
                   
  04/25 Initial Jobless Claims 05:30 20 Apr 200k - 192k -  
                   
  04/25 Continuing Claims 05:30 13 Apr 1667k - 1653k -  
                   
  04/25 Bloomberg Consumer Comfort 06:45 21 Apr - - 60.30 -  
                   
  04/25 Kansas City Fed Manf. Activity 08:00 Apr 8.00 - 10.00 -  
                   
  04/26 GDP Annualized QoQ 05:30 1Q A 2.20% - 2.20% -  
                   
  04/26 Personal Consumption 05:30 1Q A 1.00% - 2.50% -  
                   
  04/26 GDP Price Index 05:30 1Q A 1.20% - 1.70% -  
                   
  04/26 Core PCE QoQ 05:30 1Q A 1.30% - 1.80% -  
                   
  04/26 U. of Mich. Sentiment 07:00 Apr F 97.00 - 96.90 -
                   
 
 
 
 
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