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Market Commentary



 
Today's Coupons
 
  10-Year Notes   99-14 (+03)  
 
  FN 2.5% Coupon   103-28 (+03.5)  
 
  Support   2.138%  
 
  Resistance   0.638%  
 
 
 
 
  Monday, June 22, 2020
 
 

Treasury Yields Fall as Coronavirus Cases Surge

 
 
Market opened today’s session with treasuries rallying across all maturities. 10-Year Treasury yield is at 0.6790, 1.47 bps decreased from prior closing of 0.6937.

Stocks fluctuated to start the week as investors weighed an uptick in coronavirus cases against the strength of the economic recovery. The US reported the highest number of confirmed one-day infections since May 1st on Friday and states including Nevada, Florida, California and Arizona also reported record-high single day confirmed cases which sparked some new temporary shutdowns. Apple reclosed some of its stores and cruise lines voluntarily suspended all trips until Sept 15th. Treasuries gained and gold neared a seven-year high while the dollar weakened. Elsewhere, WTI crude traded slightly below $40 a barrel this morning and the yield on Germany’s 30 year government debt fell below zero for the first time since May. In the economic calendar, Chicago Fed National Activity Index in May sharply improved to 2.61 from a downwardly revised prior of -17.89 vs. -10.00 consensus. However, Existing Home Sales in May plunged to 3.91 million from 4.33 million prior, marking the largest annual decline since 1982 and the slowest pace since October 2010.

The curve has bull-flattened with UST 10-Year yield down 1.47 bps.
 
 
   
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  06/22 Chicago Fed Nat Activity Index 05:30 May -10.00 2.61 -16.74 -17.89  
                   
  06/22 Existing Home Sales 07:00 May 4.09m 3.91m 4.33m -  
                   
  06/22 Existing Home Sales MoM 07:00 May -5.60% -9.70% -17.80% -  
                   
  06/23 Markit US Services PMI 06:45 Jun P 48.00 - 37.50 -  
                   
  06/23 Markit US Composite PMI 06:45 Jun P - - 37.00 -  
                   
  06/23 Richmond Fed Manufact. Index 07:00 Jun -5 - -27 -  
                   
  06/24 MBA Mortgage Applications 04:00 19 Jun - - 8.00% -  
                   
  06/24 FHFA House Price Index MoM 06:00 Apr 0.30% - 0.10% -  
                   
  06/25 GDP Annualized QoQ 05:30 1Q T -5.00% - -5.00% -  
                   
  06/25 Durable Goods Orders 05:30 May P 11.40% - -17.70% -  
                   
  06/25 Durables Ex Transportation 05:30 May P 2.10% - -7.70% -  
                   
  06/25 Initial Jobless Claims 05:30 20 Jun 1350k - 1508k -  
                   
  06/25 Continuing Claims 05:30 13 Jun 19928k - 20544k -  
                   
  06/25 Bloomberg Consumer Comfort 06:45 21 Jun - - 40.20 -  
                   
  06/26 Personal Income 05:30 May -6.00% - 10.50% -  
                   
  06/26 Personal Spending 05:30 May 9.00% - -13.60% -  
                   
  06/26 PCE Deflator MoM 05:30 May 0.00% - -0.50% -  
                   
  06/26 PCE Deflator YoY 05:30 May 0.50% - 0.50% -  
                   
  06/26 U. of Mich. Sentiment 07:00 Jun F 79.00 - 78.90 -
                   
 
 
 
 
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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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