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Market Commentary


 
Today's Coupons
 
  10-Year Notes   99-08 (+0.5)  
 
  FN 3.5% Coupon   98-28.5 (+0.5)  
 
  Support   3.111%  
 
  Resistance   2.759%  
 
 
 
 
Wednesday, June 13, 2018
 
 
Treasuries are slightly higher across the curve this morning from yesterday’s close. The UST 10-Year yield is currently at 2.958% after closing at 2.962% prior.

Treasuries held steady overnight and into the open ahead of the Fed’s announcement of its latest policy decision scheduled for 11:00 AM (PT) this morning. The likelihood of this year’s second rate hike has been priced in by the markets, so investors will primarily be focused on the outlook for future policy changes. Fed Chairman Powell will hold a press conference at 11:30 AM (PT) following the FOMC decision. Tomorrow the ECB will announce their latest policy decision, and while no change is expected, investors will look for news regarding a potential end to its bond-buying program.

This morning we received the May PPI Final Demand which rose 0.50% month-over-month following a 0.10% increase in April, bringing the PPI Final Demand level up to 3.10% year-over-year from 2.60% prior. PPI excluding Food and Energy rose 0.30% month-over-month following a 0.20% increase in April, bringing its year-over-year level up to 2.40% from 2.30% prior. We also received the MBA Mortgage Applications for the week ended June 8 which fell 1.50% after rising 4.10% the week prior. Purchase applications dropped 1.50% after increasing 4.20% the week prior, while refinancing activities fell 1.50% after rising 3.80% the week prior.

The curve has bull-flattened with the UST 10-Year yield down 0.4 bp from prior closing.

 
 
   
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  06/11 No Data - - - - - -  
                   
  06/12 NFIB Small Business Optimism 03:00 May 105.00 107.80 104.80 -  
                   
  06/12 CPI MoM 05:30 May 0.20% 0.20% 0.20% -  
                   
  06/12 CPI YoY 05:30 May 2.80% 2.80% 2.50% -  
                   
  06/12 Monthly Budget Statement 11:00 May -$144.00b -$146.80b -$88.40b -  
                   
  06/13 MBA Mortgage Applications 04:00 8 Jun - -1.50% 4.10% -  
                   
  06/13 PPI Final Demand MoM 05:30 May 0.30% 0.50% 0.10% -  
                   
  06/13 PPI Final Demand YoY 05:30 May 2.80% 3.10% 2.60% -  
                   
  06/13 FOMC Rate Decision (Upper Bound) 11:00 13 Jun 2.00% - 1.75% -  
                   
  06/13 FOMC Rate Decision (Lower Bound) 11:00 13 Jun 1.75% - 1.50% -  
                   
  06/14 Initial Jobless Claims 05:30 9 Jun 223k - 222k -  
                   
  06/14 Retail Sales Advance MoM 05:30 May 0.40% - 0.30% 0.20%  
                   
  06/14 Continuing Claims 05:30 2 Jun 1734k - 1741k -  
                   
  06/14 Import Price Index MoM 05:30 May 0.50% - 0.30% -  
                   
  06/14 Import Price Index YoY 05:30 May 3.90% - 3.30% -  
                   
  06/14 Export Price Index MoM 05:30 May 0.30% - 0.60% -  
                   
  06/14 Export Price Index YoY 05:30 May - - 3.80% -  
                   
  06/14 Bloomberg Consumer Comfort 06:45 10 Jun - - 54.80 -  
                   
  06/14 Business Inventories 07:00 Apr 0.30% - 0.00% -  
                   
  06/15 Empire Manufacturing 05:30 Jun 19.00 - 20.10 -  
                   
  06/15 Industrial Production MoM 06:15 May 0.20% - 0.70% -  
                   
  06/15 Capacity Utilization 06:15 May 78.10% - 78.00% -  
                   
  06/15 U. of Mich. Sentiment 07:00 Jun P 98.50 - 98.00 -  
                   
 
 
 
 
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  This information is provided solely for informational use and is not intended as trading or investment advice 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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