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Market Commentary


 
 
Today's Coupons
 
  10-Year Notes   99-19.5 (+21.5)  
 
  FN 2.5% Coupon   104-04 (+05.5)  
 
  Support   2.143%  
 
  Resistance   0.599%  
 
 
 
 
  Thursday, June 11, 2020
 
 

Treasury Yields Decline Further on Possible Second Wave of Coronavirus

 
 
Market opened today’s session with treasuries rallying across all maturities. 10-year Treasury yield is at 0.6641, 6.22 bps decreased from prior closing of 0.7263.

US stocks plunged this morning, heading toward a third day of losses following one of the fastest rallies on record. Many shares that have surged recently on the economy reopening bore the brunt of selling; airlines, cruise lines, and retailers. Although much of the selling in equities in the past few days owed to the recent rally, market sentiment was dampened further this morning as concerns about a second wave of coronavirus cases have mounted after some states reported increased number of confirmed cases after easing their lockdowns. Treasuries and gold climbed while WTI sharply sold off below $37 a barrel this morning. Weekly claims data showed that another 1.542 million Americans filed for unemployment benefits last week, slightly below consensus of 1.550 million and Continuing Claims also edged lower to 20.929 million from a downwardly revised prior of 21.268 million. MoM PPI Final Demand in May rose to 0.40% from -1.30% prior while YoY change also increased to -0.80% from -1.20% prior. Lastly, Bloomberg Consumer Comfort edged higher to 38.70 from 37.00.

The curve has bull-flattened with UST 10-Year yield down 6.22 bps.

 
 
   
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  06/08 No Data - - - - - -  
                   
  06/09 NFIB Small Business Optimism 03:00 May 92.50 94.40 90.90 -  
                   
  06/09 JOLTS Job Openings 07:00 Apr 5750 5046 6191 6011  
                   
  06/10 MBA Mortgage Applications 04:00 5 Jun - 9.30% -3.90% -  
                   
  06/10 CPI MoM 05:30 May 0.00% -0.10% -0.80% -  
                   
  06/10 CPI YoY 05:30 May 0.30% 0.10% 0.30% -  
                   
  06/10 CPI Index NSA 05:30 May 256.823 256.394 256.389 -  
                   
  06/10 CPI Core Index SA 05:30 May 265.601 265.441 265.601 -  
                   
  06/10 Real Avg Weekly Earnings YoY 05:30 May - 6.50% 7.50% 7.60%  
                   
  06/10 Monthly Budget Statement 11:00 May -$504.0b - -$207.8b -  
                   
  06/11 PPI Final Demand MoM 05:30 May 0.10% 0.40% -1.30% -  
                   
  06/11 PPI Final Demand YoY 05:30 May -1.20% -0.80% -1.20% -  
                   
  06/11 Initial Jobless Claims 05:30 6 Jun 1550k 1542k 1877k 1897k  
                   
  06/11 Continuing Claims 05:30 30 May 20000k 20929k 21487k 21268k  
                   
  06/11 Bloomberg Consumer Comfort 06:45 7 Jun - 38.70 37.00 -  
                   
  06/12 Import Price Index MoM 05:30 May 0.70% - -2.60% -  
                   
  06/12 Import Price Index YoY 05:30 May -6.30% - -6.80% -  
                   
  06/12 Export Price Index MoM 05:30 May 0.70% - -3.30% -  
                   
  06/12 Export Price Index YoY 05:30 May - - -7.00% -  
                   
  06/12 U. of Mich. Sentiment 07:00 Jun P 75.00 - 72.30 -
                   
 
 
 
 
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  This information is provided solely for informational use and is not intended as an advice for trading or investment purposes in any manner whatsoever. Sun West Mortgage Company, Inc. is not a licensed or registered broker or dealer and cannot provide investment strategies or recommendations. This information is provided to licensed brokers/lenders only and may not be copied or distributed to customers or potential customers. All loans are subject to approval. Certain restrictions may apply. Listed pricing is a morning indication only. Program rates, prices, guidelines, fees, costs, terms and conditions are subject to change without notice.  
 
 
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