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Market Commentary


 
Today's Coupons
 
  10-Year Notes   98-10 (+0.5)  
 
  FN 3.5% Coupon   99-10.5 (+01.5)  
 
  Support   3.026%  
 
  Resistance   2.719%  
 
 
 
 
Monday, May 07, 2018
 
 
Treasuries are slightly higher across the curve this morning from Friday’s close. The UST 10-Year yield is currently at 2.947% after closing at 2.951% prior.

Today’s economic calendar kicks off the week quietly with only the March Consumer Credit data being released at 12:00 PM (PT). Consensus is calling for a $15.200 Billion increase in credit following a $10.601 Billion increase prior. There are several Fed speeches on deck today including Richmond Fed President Barkin who will speak in a moderated Q&A at George Mason University at 11:00 AM (PT), while Dallas Fed President Kaplan and Chicago Fed President Evans speak at the Atlanta Fed’s financial markets conference in Florida at 12:30 PM (PT).

The remainder of this week’s economic calendar consists of Tuesday’s NFIB Small Business Optimism print for April, Wednesday’s April PPI Final Demand reports and Wholesale Trade Sales and Inventories for March, Thursday’s CPI Inflation reports for April, and Friday’s Import and Export Price Index for the month of April. Lastly, the U.S. will issue a combined $73 Billion of 3-Year, 10-Year, and 30-Year Notes this week. The auctions will begin with tomorrow’s $31 Billion 3-Year Notes, followed by Wednesday’s $25 Billion 10-Year Notes, and Thursday’s $17 Billion 30-Year Notes.

The curve has bull-flattened with the UST 10-Year yield down 0.4 bp from prior closing.
 
 
   
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  05/07 Consumer Credit 12:00 Mar $15.200b - $10.601b -  
                   
  05/08 NFIB Small Business Optimism 03:00 Apr 104.50 - 104.70 -  
                   
  05/08 JOLTS Job Openings 07:00 Mar 6100 - 6052 -  
                   
  05/09 MBA Mortgage Applications 04:00 4 May - - -2.50% -  
                   
  05/09 PPI Final Demand MoM 05:30 Apr 0.20% - 0.30% -  
                   
  05/09 PPI Final Demand YoY 05:30 Apr 2.80% - 3.00% -  
                   
  05/09 Wholesale Trade Sales MoM 07:00 Mar - - 1.00% -  
                   
  05/09 Wholesale Inventories MoM 07:00 Mar F 0.50% - 0.50% -  
                   
  05/10 CPI MoM 05:30 Apr 0.30% - -0.10% -  
                   
  05/10 Initial Jobless Claims 05:30 5 May 219k - 211k -  
                   
  05/10 Continuing Claims 05:30 28 Apr 1800k - 1756k -  
                   
  05/10 CPI YoY 05:30 Apr 2.50% - 2.40% -  
                   
  05/10 Bloomberg Consumer Comfort 06:45 6 May - - 56.50 -  
                   
  05/10 Monthly Budget Statement 11:00 Apr $212.00b - -$208.70b -  
                   
  05/11 Import Price Index MoM 05:30 Apr 0.50% - 0.00% -  
                   
  05/11 Import Price Index YoY 05:30 Apr 3.90% - 3.60% -  
                   
  05/11 Export Price Index MoM 05:30 Apr 0.40% - 0.30% -  
                   
  05/11 Export Price Index YoY 05:30 Apr - - 3.40% -  
                   
  05/11 U. of Mich. Sentiment 07:00 May P 98.30 - 98.80 -  
                   
 
 
 
 
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