Back to top

Market Commentary

Home
Market Commentary


 

 
Today's Coupons
 
  10-Year Notes   99-03 (-03)  
 
  FN 2.5% Coupon   103-26.5 (+02)  
 
  Support   2.138%  
 
  Resistance   0.638%  
 
 
 
 
  Tuesday, June 23, 2020
 
 

Treasury Yields Climb after China Trade Deal Scare

 
 
Market opened today’s session with treasuries edging lower in the long end of the yield curve. 10-Year Treasury yield is at 0.7135, 0.50 bp increased from prior closing of 0.7085.

Stocks experienced a wild overnight session after a White House adviser said that the trade deal with China was over which was later contradicted by President Trump’s tweet saying the deal is fully intact. Stocks gained this morning as investors weighed more on a report that President Trump supported another round of stimulus package and the economic data showed American manufacturing nearing expansion. Markit US Manufacturing PMI sharply rose to 49.60 from 39.80 prior, and Services PMI also improved to 46.70 from 37.50 prior. The composite PMI advanced to 46.80 from 37.00 prior. In addition, New Home Sales in May surged 16.60% MoM to 676k from a downwardly revised prior of 580k vs. 640k consensus, and the last item in the calendar today; Richmond Fed Manufacturing Index in June also climbed to 0 from -27 prior. Treasuries fell and the dollar dropped for a second day. Elsewhere, gold continued its rally toward the highest level since 2012 and WTI crude remained nearly unchanged, trading slightly below $41 a barrel this morning.

The curve has bear-steepened with UST 10-Year yield up 0.50 bp.
 
 
   
 
   
 
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 46.70 37.50 -  
                   
  06/23 Markit US Composite PMI 06:45 Jun P - 46.80 37.00 -  
                   
  06/23 Richmond Fed Manufact. Index 07:00 Jun -2 0 -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 10.30% - -17.70% -  
                   
  06/25 Durables Ex Transportation 05:30 May P 2.20% - -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 -
                   
 
 
 
 
Helpful Links
  Visit Us Online   Submit Loan  
  Get Approved   SeeMyLoanStatusTM  
  Download Rate Sheet   Conventional Program Guidelines  
  Price & Lock   Government Program Guidelines  
 
 
   
 
  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.  
 
 
© Sun West Mortgage Company, Inc. All Rights Reserved