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Market Commentary


 
Today's Coupons
 
  10-Year Notes   98-03 (-06.5)  
 
  FN 3.5% Coupon   99-02.5 (-06.5)  
 
  Support   3.026%  
 
  Resistance   2.719%  
 
 
 
 
Tuesday, May 08, 2018
 
 
Treasuries are moderately lower across the curve this morning from yesterday’s close. The UST 10-Year yield is currently at 2.981% after closing at 2.951% prior.

President Donald Trump is expected to announce a decision on the Iran nuclear deal later today on whether the U.S. will pull out of a nuclear accord with Iran, which could potentially disrupt supplies from OPEC’s third-largest producer. Oil prices declined 0.90% at the open of today’s session with lingering uncertainty weighing on the President’s decision.

Today’s economic calendar is another quiet one beginning with the NFIB Small Business Optimism report for April, which came in above expectations at 104.80 versus 104.50 per consensus. Small business optimism rose from 104.70 prior, with an increase in the net percentage of small business owners citing improved earnings. Later today at 10:00 AM (PT), U.S. will sell $31 Billion of 3-Year Notes for the first part of the May refunding process for Treasury. The auctions will continue with Wednesday’s $25 Billion 10-Year Notes and Thursday’s $17 Billion 30-Year Notes.

The curve has bear-steepened with the UST 10-Year yield up 3.0 bps 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 $11.622b $10.601b $13.639b  
                   
  05/08 NFIB Small Business Optimism 03:00 Apr 104.50 104.80 104.70 -  
                   
  05/08 JOLTS Job Openings 07:00 Mar 6100 6550 6052 6078  
                   
  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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