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Market Commentary


 
Today's Coupons
 
  10-Year Notes   100-02 (+17.5)  
 
  FN 3.5% Coupon   99-18 (+10)  
 
  Support   3.111%  
 
  Resistance   2.821%  
 
 
 
 
Tuesday, May 29, 2018
 
 
Treasuries are higher across the curve this morning from Friday’s close. The UST 10-Year yield is currently at 2.869% after closing at 2.932% prior.

Treasuries are rallying across the curve this morning as investors flee to safe-haven assets due to the ongoing geopolitical turmoil. Stocks and equities are selling off, while the dollar rallies with Treasuries. This week’s economic calendar kicked off with the March Case-Shiller Home Prices which rose 0.53% month-over-month following an upwardly revised 0.84% increase prior. Case-Shiller Home Prices rose 6.79% year-over-year from a downwardly revised 6.76% increase prior. Also on deck, the May Conference Board Consumer Confidence came in line with expectations at a reading of 128.00 after a downwardly revised 125.60 reading prior.

The remainder of this week’s economic calendar will feature Wednesday’s ADP Employment Change for May, Wholesale Inventories for April and the latest release of the Beige Book, and Thursday’s Personal Income and Spending for April and the Pending Home Sales print for April. Then on Friday, we will receive the employment reports for the month of May. Later today at 10:00 AM (PT), U.S. will sell $40 billion 4-Week Bills.

The curve has bull-flattened with the UST 10-Year yield down 6.3 bps from prior closing.
 
 
   
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  05/28 No Data - - - - - -  
                   
  05/29 S&P CoreLogic CS 20-City MoM SA 06:00 Mar 0.75% 0.53% 0.83% 0.84%  
                   
  05/29 S&P CoreLogic CS 20-City YoY NSA 06:00 Mar 6.45% 6.79% 6.80% 6.76%  
                   
  05/29 Dallas Fed Manf. Activity 07:30 May 23.80 26.80 21.80 -  
                   
  05/30 MBA Mortgage Applications 04:00 25 May - - -2.60% -  
                   
  05/30 ADP Employment Change 05:15 May 190k - 204k -  
                   
  05/30 GDP Annualized QoQ 05:30 1Q S 2.30% - 2.30% -  
                   
  05/30 Personal Consumption 05:30 1Q S 1.20% - 1.10% -  
                   
  05/30 GDP Price Index 05:30 1Q S 2.00% - 2.00% -  
                   
  05/30 Core PCE QoQ 05:30 1Q S 2.50% - 2.50% -  
                   
  05/30 Wholesale Inventories MoM 05:30 Apr P 0.50% - 0.30% -  
                   
  05/30 U.S. Federal Reserve Releases Beige Book 11:00 - - - - -  
                   
  05/31 Challenger Job Cuts YoY 04:30 May - - -1.40% -  
                   
  05/31 Personal Income 05:30 Apr 0.30% - 0.30% -  
                   
  05/31 Personal Spending 05:30 Apr 0.40% - 0.40% -  
                   
  05/31 Initial Jobless Claims 05:30 26 May 228k - 234k -  
                   
  05/31 Continuing Claims 05:30 19 May 1733k - 1741k -  
                   
  05/31 PCE Deflator MoM 05:30 Apr 0.20% - 0.00% -  
                   
  05/31 PCE Deflator YoY 05:30 Apr 2.00% - 2.00% -  
                   
  05/31 PCE Core MoM 05:30 Apr 0.10% - 0.20% -  
                   
  05/31 Bloomberg Consumer Comfort 06:45 27 May - - 55.20 -  
                   
  05/31 Pending Home Sales MoM 07:00 Apr 0.40% - 0.40% -  
                   
  05/31 Pending Home Sales NSA YoY 07:00 Apr - - -4.40% -  
                   
  06/01 Change in Nonfarm Payrolls 05:30 May 190k - 164k -  
                   
  06/01 Unemployment Rate 05:30 May 3.90% - 3.90% -  
                   
  06/01 Underemployment Rate 05:30 May - - 7.80% -  
                   
  06/01 Average Hourly Earnings MoM 05:30 May 0.20% - 0.10% -  
                   
  06/01 Average Hourly Earnings YoY 05:30 May 2.60% - 2.60% -  
                   
  06/01 Labor Force Participation Rate 05:30 May - - 62.80% -  
                   
  06/01 Markit US Manufacturing PMI 06:45 May F 56.60 - 56.60 -  
                   
  06/01 Construction Spending MoM 07:00 Apr 0.80% - -1.70% -  
                   
  06/01 ISM Manufacturing 07:00 May 58.20 - 57.30 -  
                   
  06/01 ISM Prices Paid 07:00 May 78.00 - 79.30 -  
                   
 
 
 
 
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