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Market Commentary


 
 
Today's Coupons
 
  10-Year Notes   108-04 (-12)  
 
  FN 3.5% Coupon   105-11.5 (-04)  
 
  Support   2.541%  
 
  Resistance   0.547%  
 
 
 
 
  Monday, April 27, 2020
 
 

Treasury Yields Climb amid Continued Talks of Reopening

 
 
Market opened today’s session with treasuries selling-off across all maturities. 10-Year Treasury yield is at 0.6415, 4.07 bps increased from prior closing of 0.6008.

US Stocks rose this morning as major economies contemplated reopening. Financial companies led the rally in the US amid continued talk of easing the lockdowns. States including Alaska, Georgia, South Carolina, Tennessee and Texas are beginning to allow restaurants and other establishments to serve customers. New York also announced its plans to reopen in phases with the first one involving construction and manufacturing sectors which could start as soon as May 15th. Treasuries sold-off this morning and the dollar weakened with mortgages slightly outperforming Treasuries. Later this week, both the Fed and the ECB have scheduled monetary policy decisions. With both announcing a lot of fresh stimulus since their last scheduled meetings, economists have limited expectations for further major announcements. The Fed decision is on Wednesday and the ECB is on Thursday, both followed by press conferences. Earnings season also continues this week with Amazon, Barclays, and Samsung are among the companies that are scheduled to post their first quarter results. Elsewhere, WTI oil tumbled below $13 a barrel amid a glut of crude.

The curve has bear-steepened with UST 10-Year yield up 4.07 bps.
 
 
   
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  04/27 Dallas Fed Manf. Activity 07:30 Apr -75.00 -73.70 -70.00 -  
                   
  04/28 Wholesale Inventories MoM 05:30 Mar P -0.40% - -0.70% -  
                   
  04/28 S&P CoreLogic CS 20-City MoM SA 06:00 Feb 0.30% - 0.30% -  
                   
  04/28 S&P CoreLogic CS 20-City YoY NSA 06:00 Feb 3.20% - 3.08% -  
                   
  04/28 Richmond Fed Manufact. Index 07:00 Apr -42 - 2 -  
                   
  04/29 MBA Mortgage Applications 04:00 24 Apr - - -0.30% -  
                   
  04/29 GDP Annualized QoQ 05:30 1Q A -3.80% - 2.10% -  
                   
  04/29 Personal Consumption 05:30 1Q A -3.50% - 1.80% -  
                   
  04/29 GDP Price Index 05:30 1Q A 1.00% - 1.30% -  
                   
  04/29 Core PCE QoQ 05:30 1Q A 1.70% - 1.30% -  
                   
  04/29 FOMC Rate Decision (Upper Bound) 11:00 29 Apr 0.25% - - -  
                   
  04/29 FOMC Rate Decision (Lower Bound) 11:00 29 Apr 0.00% - - -  
                   
  04/30 Initial Jobless Claims 05:30 25 Apr 3500k - 4427k -  
                   
  04/30 Continuing Claims 05:30 18 Apr 19238k - 15976k -  
                   
  04/30 PCE Core Deflator MoM 05:30 Mar -0.10% - 0.20% -  
                   
  04/30 Personal Income 05:30 Mar -1.50% - 0.60% -  
                   
  04/30 Personal Spending 05:30 Mar -5.00% - 0.20% -  
                   
  04/30 PCE Deflator MoM 05:30 Mar -0.30% - 0.10% -  
                   
  04/30 PCE Deflator YoY 05:30 Mar 1.30% - 1.80% -  
                   
  05/01 Markit US Manufacturing PMI 06:45 Apr F 36.70 - 36.90 -
                   
 
 
 
 
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