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Market Commentary


 
Today's Coupons
 
  10-Year Notes   98-10.5 (-03)  
 
  FN 3.5% Coupon   98-16.5 (-02)  
 
  Support   3.111%  
 
  Resistance   2.761%  
 
 
 
 
Monday, May 21, 2018
 
 
Treasuries are lower across the curve this morning from Friday’s close. The UST 10-Year yield is currently at 3.070% after closing at 3.057% prior.

Treasury yields rose overnight and into the open as investors refocused their attention to the ongoing trade talks between the U.S. and China. Treasury Secretary Mnuchin stated over the weekend that the trade war has been put on hold as they try to execute a framework to substantially reduce the U.S. trade deficit in goods with China. U.S. stocks surged, and all major equity gauges were higher this morning as the trade talks appear to be making progress.

This week’s economic calendar kicked off with the Chicago Fed National Activity Index for April which rose to 0.34 from an upwardly revised 0.32 prior. The remainder of the week consists of Tuesday’s Richmond Fed Manufacturing Index for May, Wednesday’s New Home Sales data for April and the FOMC Minutes from the May Fed meeting, Thursday’s Existing Home Sales for April, and Friday’s Durable Goods Orders for April.

The curve has bear-flattened with the UST 10-Year yield up 1.3 bps from prior closing.
 
 
   
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  05/21 Chicago Fed Nat Activity Index 05:30 Apr 0.30 0.34 0.10 0.32  
                   
  05/22 Richmond Fed Manufact. Index 07:00 May 10.00 - -3.00 -  
                   
  05/23 MBA Mortgage Applications 04:00 18 May - - -2.70% -  
                   
  05/23 Markit US Manufacturing PMI 06:45 May P 56.50 - 56.50 -  
                   
  05/23 Markit US Services PMI 06:45 May P 55.00 - 54.60 -  
                   
  05/23 Markit US Composite PMI 06:45 May P - - 54.90 -  
                   
  05/23 New Home Sales 07:00 Apr 679K - 694K -  
                   
  05/23 New Home Sales MoM 07:00 Apr -2.20% - 4.00% -  
                   
  05/23 FOMC Meeting Minutes 11:00 2 May - - - -  
                   
  05/24 Initial Jobless Claims 05:30 19 May 220K - 222K -  
                   
  05/24 Continuing Claims 05:30 12 May 1748k - 1707k -  
                   
  05/24 FHFA House Price Index MoM 06:00 Mar 0.60% - 0.60% -  
                   
  05/24 Bloomberg Consumer Comfort 06:45 20 May - - 54.60 -  
                   
  05/24 Existing Home Sales 07:00 Apr 5.55m - 5.60m -  
                   
  05/24 Existing Home Sales MoM 07:00 Apr -0.90% - 1.10% -  
                   
  05/24 Kansas City Fed Manf. Activity 08:00 May 20.00 - 26.00 -  
                   
  05/25 Durable Goods Orders 05:30 Apr P -1.30% - 2.60% -  
                   
  05/25 Durables Ex Transportation 05:30 Apr P 0.50% - 0.10% -  
                   
  05/25 U. of Mich. Sentiment 07:00 May F 98.80 - 98.80 -  
                   
 
 
 
 
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