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Market Commentary


 
Today's Coupons
 
  10-Year Notes   97-23 (-05.5)  
 
  FN 3.5% Coupon   98-24 (-03)  
 
  Support   3.022%  
 
  Resistance   2.719%  
 
 
 
 
Wednesday, April 25, 2018
 
 
Treasuries are lower than yesterday at the opening of today’s session. The yield on the UST 10-Year is currently at 3.019% after closing at 3.000% during the prior session.

The yield on the 10-Year U.S. Treasury closed at 3.00% after breaching that mark in yesterday’s trading for the first time since 2014. Rates on the 10-Year have risen more than 23 bps over the past two weeks on concerns of Fed rates movement and debt supply hitting the markets.

On the same day the FOMC is set to announce its rate decision next week, the Treasury Department is scheduled to release its quarterly refunding statement detailing the size and composition of new auction amounts that will partially cover the Federal Government’s financing needs for the next couple of years. The market is apparently anticipating the 5-Year belly part of the curve will receive the largest appetite from investors. Meanwhile, today the Treasury is scheduled to auction $17 Billion in 2-Year Notes at 8:30 AM (PT).

The sole print on the economic calendar for today is MBA Mortgage Applications, which dropped by 0.20% during the week ended on April 20, versus a mark of 4.90% during the prior week.  

The curve has bear-flattened with the UST 10-Year yield up 1.9 bps from prior closing.
 
 
   
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  04/23 Chicago Fed Nat Activity Index 05:30 Mar 0.28 0.10 0.88 0.98  
                   
  04/23 Markit US Manufacturing PMI 06:45 Apr P 55.20 56.50 55.60 -  
                   
  04/23 Markit US Services PMI 06:45 Apr P 54.10 54.40 54.00 -  
                   
  04/23 Markit US Composite PMI 06:45 Apr P - 54.80 54.20 -  
                   
  04/23 Existing Home Sales 07:00 Mar 5.55m 5.60m 5.54m -  
                   
  04/23 Existing Home Sales MoM 07:00 Mar 0.20% 1.10% 3.00% -  
                   
  04/24 FHFA House Price Index MoM 06:00 Feb 0.60% 0.60% 0.80% 0.90%  
                   
  04/24 S&P CoreLogic CS 20-City MoM SA 06:00 Feb 0.70% 0.83% 0.75% 0.81%  
                   
  04/24 S&P CoreLogic CS 20-City YoY NSA 06:00 Feb 6.35% 6.80% 6.40% 6.43%  
                   
  04/24 New Home Sales 07:00 Mar 630k 694k 618k 667k  
                   
  04/24 New Home Sales MoM 07:00 Mar 1.90% 4.00% -0.60% 3.60%  
                   
  04/24 Richmond Fed Manufact. Index 07:00 Apr 16.00 -3.00 15.00 -  
                   
  04/25 MBA Mortgage Applications 04:00 20 Apr - -0.20% 4.90% -  
                   
  04/26 Wholesale Inventories MoM 05:30 Mar P 0.70% - 1.00% -  
                   
  04/26 Initial Jobless Claims 05:30 21 Apr 230k - 232k -  
                   
  04/26 Continuing Claims 05:30 14 Apr 1850k - 1863k -  
                   
  04/26 Durable Goods Orders 05:30 Mar P 1.60% - 3.00% -  
                   
  04/26 Durables Ex Transportation 05:30 Mar P 0.50% - 1.00% -  
                   
  04/26 Bloomberg Consumer Comfort 06:45 22 Apr - - 58.10 -  
                   
  04/26 Kansas City Fed Manf. Activity 08:00 Apr 17.00 - 17.00 -  
                   
  04/27 GDP Annualized QoQ 05:30 1Q A 2.00% - 2.90% -  
                   
  04/27 Personal Consumption 05:30 1Q A 1.10% - 4.00% -  
                   
  04/27 GDP Price Index 05:30 1Q A 2.20% - 2.30% -  
                   
  04/27 Core PCE QoQ 05:30 1Q A 2.60% - 1.90% -  
                   
  04/27 U. of Mich. Sentiment 07:00 Apr F 98.00 - 97.80 -  
                   
 
 
 
 
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