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Market Commentary

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Market Commentary


 
Today's Coupons
 
  10-Year Notes   101-04 (-06)  
 
  FN 3.5% Coupon   102-30 (-04)  
 
  Support   2.419%  
 
  Resistance   2.184%  
 
 
 
 
Friday, May 19, 2017
 
 
Treasuries are lower across the curve this morning from yesterday’s close. The UST 10-Year yield is currently at 2.245% after closing at 2.230% prior.

After reports that President Trump disclosed highly-sensitive intelligence to the Russians, and a memo that surfaced regarding Trump’s request to former FBI Director Comey to drop an investigation of former national security adviser Michael Flynn, the market rallied sharply on Wednesday, as investors fled to safe-haven assets. The stock prices dropped on Wednesday on speculation that President Trump’s economic policies would be derailed surrounding U.S. political turmoil.

U.S. stocks have recovered some of Wednesday’s losses as the Dollar recuperated, and Treasury yields inched higher between Thursday and early this morning. Without any significant economic data releases on tap, the market will continue to focus on political headlines throughout today.

There are two scheduled Fed Speaks today, including St. Louis Fed President Bullard, who will speak about the US economy and monetary policy, and San Francisco Fed President Williams, who will speak at a local high school in the San Francisco area.

The curve has bear-steepened with the UST 10-Year up 1.5 bps from prior closing.

Have A Lovely Weekend!
 
 
   
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  05/15 Empire Manufacturing 05:30 May 7.50 -1.00 5.20 -  
                   
  05/15 NAHB Housing Market Index 07:00 May 68.00 70.00 68.00 -  
                   
  05/15 Total Net TIC Flows 13:00 May - -$0.70b $19.30b $13.20b  
                   
  05/16 Housing Starts 05:30 Apr 1260k 1172k 1215k 1203k  
                   
  05/16 Housing Starts MoM 05:30 Apr 3.70% -2.60% -6.80% -6.60%  
                   
  05/16 Building Permits 05:30 Apr 1270k 1229k 1260k 1260k  
                   
  05/16 Building Permits MoM 05:30 Apr 0.20% -2.50% 3.60% 3.40%  
                   
  05/16 Industrial Production MoM 06:15 Apr 0.40% 1.00% 0.50% 0.40%  
                   
  05/16 Capacity Utilization 06:15 Apr 76.30% 76.70% 76.10% -  
                   
  05/17 MBA Mortgage Applications 04:00 12 May - -4.10% 2.40% -  
                   
  05/18 Initial Jobless Claims 05:30 13 May 240k 232k 236k -  
                   
  05/18 Continuing Claims 05:30 6 May 1950k 1898k 1918k 1920k  
                   
  05/18 Philadelphia Fed Business Outlook 05:30 May 18.50 38.80 22.00 -  
                   
  05/18 Bloomberg Consumer Comfort 06:45 14 May - 50.20 49.70 -  
                   
  05/18 Leading Index 07:00 Apr 0.40% 0.30% 0.40% 0.30%  
                   
  05/19 No Data - - - - - -  
                   
 
 
 
 
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