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Market Commentary


 
Today's Coupons
 
  10-Year Notes   98-06 (+07.5)  
 
  FN 3.5% Coupon   98-15 (+08)  
 
  Support   3.111%  
 
  Resistance   2.761%  
 
 
 
 
Friday, May 18, 2018
 
 
Treasuries are higher across the curve this morning from yesterday’s close. The UST 10-Year yield is currently at 3.083% after closing at 3.112% prior.

Treasuries rose overnight and into the open early this morning as investors continue to digest conflicting signals of the trade talks between U.S. and China. Stock futures are lower, while the dollar rose with Treasuries. There are no reports scheduled for release on today’s economic calendar, so the focus will likely remain on the trade talks as well as any further implications from Fed Officials regarding a faster pace for rate increases.

Cleveland Fed President Mester spoke on macroprudential and monetary policy at an ECB conference in Frankfurt early this morning. She noted that the economy is near both of monetary policy goals of maximum employment and price stability. Dallas Fed President Kaplan is currently speaking in a moderated Q&A session at the University of Texas, and Fed Governor Brainard is also currently speaking on the modernization of the community reinvestment act at a conference in New York.

The curve has bull-flattened with the UST 10-Year yield down 2.9 bps from prior closing.

Have A Wonderful Weekend!
 
 
   
 
   
 
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 20.10 15.80 -  
                   
  05/15 Retail Sales Advance MoM 05:30 Apr 0.30% 0.30% 0.60% 0.80%  
                   
  05/15 Business Inventories 07:00 Mar 0.10% 0.00% 0.60% -  
                   
  05/15 NAHB Housing Market Index 07:00 May 69.00 70.00 69.00 68.00  
                   
  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 - -2.70% -0.40% -  
                   
  05/16 Housing Starts 05:30 Apr 1310k 1287k 1319k 1336k  
                   
  05/16 Housing Starts MoM 05:30 Apr -0.70% -3.70% 1.90% 3.60%  
                   
  05/16 Building Permits 05:30 Apr 1350k 1352k 1354k 1377k  
                   
  05/16 Building Permits MoM 05:30 Apr -2.10% -1.80% 2.50% 4.10%  
                   
  05/16 Industrial Production MoM 06:15 Apr 0.60% 0.70% 0.50% 0.70%  
                   
  05/16 Capacity Utilization 06:15 Apr 78.40% 78.00% 78.00% 77.60%  
                   
  05/17 Initial Jobless Claims 05:30 12 May 215k 222k 211k -  
                   
  05/17 Continuing Claims 05:30 5 May 1780k 1707k 1790k 1794k  
                   
  05/17 Philadelphia Fed Business Outlook 05:30 May 21.00 34.40 23.20 -  
                   
  05/17 Bloomberg Consumer Comfort 06:45 13 May - 54.60 55.80 -  
                   
  05/17 Leading Index 07:00 Apr 0.40% 0.40% 0.30% 0.40%  
                   
  05/18 No Data - - - - - -  
                   
 
 
 
 
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