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Market Commentary


 
 
Today's Coupons
 
  10-Year Notes   107-18.5 (-0.3.5)  
 
  FN 3.5% Coupon   105-15.5 (00)  
 
  Support   2.426%  
 
  Resistance   0.547%  
 
 
 
 
  Monday, May 11, 2020
 
 

Treasury Yields Remain Nearly Unchanged amid Reopening Doubts

 
 
Market opened today’s session with treasuries slightly edging lower across all maturities. 10-year Treasury yield is at 0.6860, 0.29 bp increased from prior closing of 0.6831.

US stocks slumped this morning as worries about reopening the economy too soon started to grow. Equities lost traction as the US economy appeared to be in for a slow and painful recovery from the pandemic despite the efforts to convince Americans that it’s safe to return to work by President Trump. Concerns also remained over the risks of a second wave, with South Korea facing a sudden increase in cases with the surge tied to nightclubs in Seoul. Airlines and hotels including United Airline and Marriott which would have benefited from the reopening led the losses in equities this morning. AMC Entertainment, however, surged after Amazon had reportedly held talks about a potential takeover. Treasuries remained little changed with mortgages underperforming Treasuries. The dollar halted two days of losses against most of its major peers, and oil rose on Saudi Arabia’s plan to deepen production cuts in an effort to balance the market. We don’t have a scheduled economic data today but the US Treasury is scheduled to auction off $42 billion of 3-year notes at 10:00 AM (PT).

The curve has bear-flattened with UST 10-Year yield up 0.29 bp.

 
 
   
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  05/11 No Data - - - - - -  
                   
  05/12 NFIB Small Business Optimism 03:00 Apr 84.00 - 96.40 -  
                   
  05/12 CPI MoM 05:30 Apr -0.80% - -0.40% -  
                   
  05/12 CPI YoY 05:30 Apr 0.40% - 1.50% -  
                   
  05/12 CPI Index NSA 05:30 Apr 256.489 - 258.115 -  
                   
  05/12 CPI Core Index SA 05:30 Apr 266.110 - 266.795 -  
                   
  05/12 Real Avg Weekly Earnings YoY 05:30 Apr - - 0.70% 0.60%  
                   
  05/13 MBA Mortgage Applications 04:00 8 May - - 0.10% -  
                   
  05/13 PPI Final Demand MoM 05:30 Apr -0.50% - -0.20% -  
                   
  05/13 PPI Final Demand YoY 05:30 Apr -0.30% - 0.70% -  
                   
  05/14 Initial Jobless Claims 05:30 9 May 2500k - 3169k -  
                   
  05/14 Continuing Claims 05:30 2 May 25000k - 22647k -  
                   
  05/14 Import Price Index MoM 05:30 Apr -3.20% - -2.30% -  
                   
  05/14 Import Price Index YoY 05:30 Apr -7.40% - -4.10% -  
                   
  05/14 Export Price Index MoM 05:30 Apr -2.30% - -1.60% -  
                   
  05/14 Export Price Index YoY 05:30 Apr - - -3.60% -  
                   
  05/14 Bloomberg Consumer Comfort 06:45 10 May - - 36.90 -  
                   
  05/15 Retail Sales Advance MoM 05:30 Apr -11.70% - -8.70% -8.40%  
                   
  05/15 Empire Manufacturing 05:30 May -60.00 - -78.20 -  
                   
  05/15 Capacity Utilization 06:15 Apr 64.00% - 72.70% -  
                   
  05/15 U. of Mich. Sentiment 07:00 Mar P 67.50 - 71.80 -
                   
 
 
 
 
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