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Market Commentary


 
Today's Coupons
 
  10-Year Notes   102-16.5 (-10)  
 
  FN 3.5% Coupon   101-29.5 (-02.5)  
 
  Support   3.237%  
 
  Resistance   2.015%  
 
 
 
 
Wednesday, June 19, 2019
 
 
Treasury Yields Rose ahead of Fed’s Rate Decision
 
 
Market opened today’s session with treasuries selling-off across all maturities. 10-Year Treasury yield is at 2.0871, 2.76 bps increased from prior closing of 2.0595.

US stock index futures drifted along with the dollar as investors awaited the Fed’s latest decision to be released at 11:00 AM (PT) with anticipation that the policy makers will shed some light on their readiness to lower rates. The rate decision will be followed by a press conference with Fed Chair Powell at 11:30 AM (PT). Meanwhile, political pressure continued from President Trump for a rate cut, threatening to replace current Fed Chair Powell. Aside from the highly anticipated rate decision today, it was reported that President Trump and his Chinese counterpart Xi will hold an “extended meeting” at the G-20 summit. Market reaction was very minimal on the news. Elsewhere, WTI crude steadied after OPEC and its allies agreed to hold a two-day meeting to discuss oil production cuts on July 1st. In the economic calendar, only one data was released today; MBA Mortgage Applications Index fell 3.40% after rising 26.80% in prior week. Both purchases and refinances declined 3.50% after rising 10.00% and 46.50% in prior week, respectively.

The curve has bear-steepened with UST 10-Year yield up 2.76 bps.
 
 
   
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  06/17 Empire Manufacturing 05:30 Jun 11.00 -8.60 17.80 -  
                   
  06/17 NAHB Housing Market Index 07:00 Jun 67.00 64.00 66.00 -  
                   
  06/18 Housing Starts 05:30 May 1239k 1269k 1235k 1281k  
                   
  06/18 Housing Starts MoM 05:30 May 0.30% -0.90% 5.70% 6.80%  
                   
  06/18 Building Permits 05:30 May 1292k 1294k 1296k 1290k  
                   
  06/18 Building Permits MoM 05:30 May 0.10% 0.30% 0.60% 0.20%  
                   
  06/19 MBA Mortgage Applications 04:00 14 Jun - -3.40% 26.80% -  
                   
  06/19 FOMC Rate Decision (Upper Bound) 11:00 19 Jun 2.50% - 2.50% -  
                   
  06/19 FOMC Rate Decision (Lower Bound) 11:00 19 Jun 2.25% - 2.25% -  
                   
  06/20 Philadelphia Fed Business Outlook 05:30 Jun 10.70 - 16.60 -  
                   
  06/20 Initial Jobless Claims 05:30 15 Jun 220k - 222k -  
                   
  06/20 Continuing Claims 05:30 8 Jun 1680k - 1695k -  
                   
  06/20 Bloomberg Consumer Comfort 06:45 16 Jun - - 61.60 -  
                   
  06/20 Leading Index 07:00 May 0.10% - 0.20% -  
                   
  06/21 Markit US Manufacturing PMI 06:45 Jun P 50.50 - 50.50 -  
                   
  06/21 Markit US Services PMI 06:45 Jun P 51.00 - 50.90 -  
                   
  06/21 Markit US Composite PMI 06:45 Jun P - - 50.90 -  
                   
  06/21 Existing Home Sales 07:00 May 5.27m - 5.19m -  
                   
  06/21 Existing Home Sales MoM 07:00 May 1.40% - -0.40% -
                   
 
 
 
 
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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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