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Market Commentary


 
Today's Coupons
 
  10-Year Notes   100-15.5 (+05)  
 
  FN 3.5% Coupon   100-21 (+02.5)  
 
  Support   3.237%  
 
  Resistance   2.342%  
 
 
 
 
Tuesday, April 23, 2019
 
 
Treasury Yields Lower as US Stocks Advance
 
 
Market opened today’s session with treasuries advancing across all maturities. 10-Year treasury yield is at 2.5668, 2.17 bps decreased from prior closing of 2.5885.

Oil extended its gain, trading above $66 a barrel this morning, in the wake of the decision to end waivers that allowed the purchase of Iranian crude in an attempt to increase pressure on Iran. US equity index futures also edged up as some of the major companies reported better-than-expected earnings including Coca Cola, United Technologies, Procter & Gamble, and Twitter among those companies. Texas Instruments and eBay are scheduled to release their earnings results after the bell today. In China, despite of growing optimism over sealing a trade deal, officials in Beijing signaled they were less comfortable adding further stimulus to the economy, leading to losses over the past two days. 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.

FHFA House Price Index in February increased at a slower pace of 0.30% vs. 0.50% consensus and 0.60% prior. Richmond Fed Manufacturing Index also printed a disappointing reading of 3.00 vs. both consensus and prior of 10.00. However, New Home Sales in March climbed to 692k from a downwardly revised prior of 662k vs. 649k consensus. Later today, the US Treasury is scheduled to auction off $26 billion of 52-week bills at 8:30 AM (PT), and $40 billion of 2-Year notes at 10:00 AM (PT).

The curve has bull-steepened with UST 10-Year yield down 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% 0.30% 0.60% -  
                   
  04/23 Richmond Fed Manufact. Index 07:00 Apr 10.00 3.00 10.00 -  
                   
  04/23 New Home Sales 07:00 Mar 649k 692k 667k 662k  
                   
  04/23 New Home Sales MoM 07:00 Mar -2.70% 4.50% 4.90% 5.90%  
                   
  04/24 MBA Mortgage Applications 04:00 19 Apr - - -3.50% -  
                   
  04/25 Durable Goods Orders 05:30 Mar P 0.80% - -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 1682k - 1653k -  
                   
  04/25 Bloomberg Consumer Comfort 06:45 21 Apr - - 60.30 -  
                   
  04/25 Kansas City Fed Manf. Activity 08:00 Apr 9.00 - 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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  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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