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Market Commentary


 
Today's Coupons
 
  10-Year Notes   100-29 (+13.5)  
 
  FN 3.5% Coupon   100-27 (+05)  
 
  Support   3.237%  
 
  Resistance   2.342%  
 
 
 
 
Wednesday, April 24, 2019
 
 
Treasury Yields Lower further as Stocks Struggle
 
 
Market opened today’s session with treasuries rallying across all maturities. 10-Year treasury yield is at 2.5271, 3.79 bps decreased from prior closing of 2.5650.
Treasuries sharply advanced along with the dollar reaching a six-week high while US equity futures drifted. Economic bellwether Caterpillar Inc. rose slightly after reporting better-than-expected earnings. Today, Facebook, Microsoft, PayPal, and Tesla are set to release their latest quarterly results after the bell. Although about 80 percent of S&P 500 companies reported results so far have exceeded estimates, whether these positive earnings were sufficient to erase lingering concerns over economic outlook is still in question. On the trade front, U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin will be in Beijing next week as both sides continue to seek an agreement in place. Elsewhere, WTI crude continued to trade above $66 a barrel this morning. MBA Mortgage Applications Index fell 7.30% last week after falling 3.50% in prior week. Both purchases and refinances decreased 4.10% and 11.00% after rising 0.90% and falling 8.20% in prior week, respectively. Later today, the US Treasury is scheduled to auction off $41 billion of 5-Year notes at 10:00 AM (PT).
The curve has bull-steepened with UST 10-Year yield down 3.79 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 - -7.30% -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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