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Market Commentary


 
Today's Coupons
 
  10-Year Notes   98-31.5 (-06.5)  
 
  FN 3.5% Coupon   98-31 (-03)  
 
  Support   3.026%  
 
  Resistance   2.737%  
 
 
 
 
Monday, May 14, 2018
 
 
Treasuries are lower across the curve this morning from Friday’s close. The UST 10-Year yield is currently at 2.991% after closing at 2.971% prior.

With a fairly quiet economic calendar week, investors will primarily be focused on Fed speeches and how Federal Officials may interpret the recent reading of soft inflation data. St. Louis Fed President Bullard kicked off this week’s Fed Speak earlier today in New York. Dallas Fed President Kaplan and San Francisco Fed President Williams are on deck tomorrow, and Atlanta Fed President Bostic will speak on Wednesday. Then on Thursday, Minneapolis Fed President Kashkari and Fed Kaplan will both participate in a moderated Q&A. Lastly, Cleveland Fed President Mester and Fed Governor Brainard will make their appearance to conclude the week on Friday.

As for the economic calendar, we will have the May Empire Manufacturing reading on Tuesday along with the Retail Sales reports for April. On Wednesday, we will receive the Housing Starts and Building Permits reports for April, along with Industrial Production print and Capacity Utilization data for April. The calendar wraps up on Thursday with the Philadelphia Fed Business Outlook reading for May and the Leading Index data for April.

The curve has bear-steepened with the UST 10-Year yield up 2.0 bps from prior closing.
 
 
   
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  05/14 No Data - - - - - -  
                   
  05/15 Empire Manufacturing 05:30 May 15.00 - 15.80 -  
                   
  05/15 Retail Sales Advance MoM 05:30 Apr 0.30% - 0.60% -  
                   
  05/15 Business Inventories 07:00 Mar 0.10% - 0.60% -  
                   
  05/15 NAHB Housing Market Index 07:00 May 69.00 - 69.00 -  
                   
  05/15 Total Net TIC Flows 13:00 Mar - - $44.70b -  
                   
  05/15 Net Long-term TIC Flows 13:00 Mar - - $49.00b -  
                   
  05/16 MBA Mortgage Applications 04:00 11 May - - -0.40% -  
                   
  05/16 Housing Starts 05:30 Apr 1310k - 1319k -  
                   
  05/16 Housing Starts MoM 05:30 Apr -0.70% - 1.90% -  
                   
  05/16 Building Permits 05:30 Apr 1350k - 1354k 1379k  
                   
  05/16 Building Permits MoM 05:30 Apr -2.10% - 2.50% 4.40%  
                   
  05/16 Industrial Production MoM 06:15 Apr 0.60% - 0.50% -  
                   
  05/16 Capacity Utilization 06:15 Apr 78.40% - 78.00% -  
                   
  05/17 Initial Jobless Claims 05:30 12 May 215k - 211k -  
                   
  05/17 Continuing Claims 05:30 5 May 1780k - 1790k -  
                   
  05/17 Philadelphia Fed Business Outlook 05:30 May 21.00 - 23.20 -  
                   
  05/17 Bloomberg Consumer Comfort 06:45 13 May - - 55.80 -  
                   
  05/17 Leading Index 07:00 Apr 0.40% - 0.30% -  
                   
  05/18 No Data - - - - - -  
                   
 
 
 
 
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