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Market Commentary


 
Today's Coupons
 
  10-Year Notes   97-29.5 (+09.5)  
 
  FN 3.5% Coupon   98-29.5 (+07.5)  
 
  Support   3.026%  
 
  Resistance   2.719%  
 
 
 
 
Thursday, April 26, 2018
 
 
Treasuries are higher than yesterday at the opening of today’s session. The yield on the UST 10-Year is currently at 2.993% after closing at 3.027% during the prior session.

The 10-Year U.S. Treasury regained some pricing momentum at the opening of trading today after closing above 3.00% for a second session. Pricing support was received from large blocks traded in the European markets earlier in the day ahead of a European Central Bank decision on interest rates announced this morning. 

Initial Jobless Claims for the week ended on April 21 reached 209k, below expected 230k and down from prior 233k revised; while Continuing Claims for the week ended on April 14 reached 1837k, below expected 1850k and down from prior 1866k revised. Further, preliminary month-over-month Wholesale Inventories for March rose 0.50%, below survey of 0.70% and down from 1.00% prior; while month-over-month Retail Inventories for March came in at -0.40% versus a 0.40% prior. Preliminary Durable Goods Orders for March came in at 2.60%, above 1.60% expected but down from 3.50% prior revised. Finally, the Kansas City Fed Manufacturing Index rose to 26 during April, exceeding both survey and prior mark of 17; while the Bloomberg Consumer Comfort Index scored 57.50 during the week ended on April 22 versus a 58.10 during the week before.

Also today, the Treasury Department is scheduled to auction $29 Billion in 7-year notes at 10:00 AM (PT). 

The curve has bull-flattened with the UST 10-Year yield down 3.4 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% 0.50% 1.00% -  
                   
  04/26 Initial Jobless Claims 05:30 21 Apr 230k 209k 232k 233k  
                   
  04/26 Continuing Claims 05:30 14 Apr 1850k 1837k 1863k 1866k  
                   
  04/26 Durable Goods Orders 05:30 Mar P 1.60% 2.60% 3.00% 3.50%  
                   
  04/26 Durables Ex Transportation 05:30 Mar P 0.50% 0.00% 1.00% 0.90%  
                   
  04/26 Bloomberg Consumer Comfort 06:45 22 Apr - 57.50 58.10 -  
                   
  04/26 Kansas City Fed Manf. Activity 08:00 Apr 17.00 26.00 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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