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Market Commentary


 
Today's Coupons
 
  10-Year Notes   99-17.5 (+13.5)  
 
  FN 3.5% Coupon   99-08.5 (+08)  
 
  Support   3.111%  
 
  Resistance   2.812%  
 
 
 
 
Friday, May 25, 2018
 
 
Treasuries are higher across the curve this morning from yesterday’s close. The UST 10-Year yield is currently at 2.929% after closing at 2.978% prior.

Treasuries rallied overnight and into the open as investors continued to weigh in on geopolitical turmoil. Spanish bonds fell as investors reacted to growing support for a no-confidence vote against Prime Minster Mariano Rajoy over a corruption scandal. Political concerns have also mounted over the leadership in Italy sparked by the nascent populist coalition. U.S. stocks fell while the dollar gained with Treasuries.

This morning we received the Durable Goods Orders for April which fell 1.70% after an upwardly revised 2.70% increase in March. The headline durable goods came in weaker than expected as consensus called for a 1.30% decrease month-over-month. Excluding transportation, durable goods rose better than expected at 0.90% versus a 0.50% increase per consensus following a 0.40% increase in March. Moreover, Capital Goods Orders Nondefense excluding aircraft rose 1.00% after a downwardly revised 0.90% decrease prior. Lastly, we received the University of Michigan Sentiment for May which came in below expectations at 98.00 versus 98.80 per consensus.

The curve has bull-flattened with the UST 10-Year yield down 4.9 bps from prior closing.

Have A Nice Weekend!
 
 
   
 
   
 
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 16.00 -3.00 -  
                   
  05/23 MBA Mortgage Applications 04:00 18 May - -2.60% -2.70% -  
                   
  05/23 Markit US Manufacturing PMI 06:45 May P 56.50 56.60 56.50 -  
                   
  05/23 Markit US Services PMI 06:45 May P 55.00 55.70 54.60 -  
                   
  05/23 Markit US Composite PMI 06:45 May P - 55.70 54.90 -  
                   
  05/23 New Home Sales 07:00 Apr 680k 662k 694k 672k  
                   
  05/23 New Home Sales MoM 07:00 Apr -2.10% -1.50% 4.00% 2.00%  
                   
  05/23 FOMC Meeting Minutes 11:00 2 May - - - -  
                   
  05/24 Initial Jobless Claims 05:30 19 May 220K 234k 222K 223k  
                   
  05/24 Continuing Claims 05:30 12 May 1746k 1741k 1707k 1712k  
                   
  05/24 FHFA House Price Index MoM 06:00 Mar 0.60% 0.10% 0.60% 0.80%  
                   
  05/24 Bloomberg Consumer Comfort 06:45 20 May - 55.20 54.60 -  
                   
  05/24 Existing Home Sales 07:00 Apr 5.55m 5.46m 5.60m -  
                   
  05/24 Existing Home Sales MoM 07:00 Apr -0.90% -2.50% 1.10% -  
                   
  05/24 Kansas City Fed Manf. Activity 08:00 May 20.00 29.00 26.00 -  
                   
  05/25 Durable Goods Orders 05:30 Apr P -1.30% -1.70% 2.60% 2.70%  
                   
  05/25 Durables Ex Transportation 05:30 Apr P 0.50% 0.90% 0.10% 0.40%  
                   
  05/25 U. of Mich. Sentiment 07:00 May F 98.80 98.00 98.80 -  
                   
 
 
 
 
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