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Market Commentary



 
Today's Coupons
 
  10-Year Notes   99-12 (+07.5)  
 
  FN 2.5% Coupon   103-27 (+01)  
 
  Support   2.138%  
 
  Resistance   0.638%  
 
 
 
 
  Wednesday, June 24, 2020
 
 

Treasury Yields Slightly Lower on Increasing Coronavirus Cases

 
 
Market opened today’s session with treasuries drifting across all maturities. 10-Year Treasury yield is at 0.7086, 0.32 bp decreased from prior closing of 0.7118.

US stocks fell the most in two weeks this morning on increasing concerns over the coronavirus spreading. The US 7-day average of the confirmed cases surged more than 30% from a week ago and California reported more than 6,000 cases yesterday alone which could potentially force policy makers to slow the pace or reverse the economic reopening. It was also reported that the White House is considering new tariffs on $3.1 billion of exports from France, Germany, Spain and the UK which dampened the investor sentiment even further this morning. In the economic calendar, MBA mortgage applications index fell 8.70% after rising 8.00% in prior week. Both purchases and refinances fell 3.00% and 11.70% after rising 3.50% and 10.30% in prior week, respectively. Lastly, FHFA House Price Index in April increased to 0.20% from 0.10% prior vs. 0.30% consensus. Treasuries drifted and gold steadied at $1,770 an ounce this morning. Elsewhere, WTI crude edged lower, trading below $40 a barrel.

The curve has bull-flattened with UST 10-Year yield down 0.32 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 - -8.70% 8.00% -  
                   
  06/24 FHFA House Price Index MoM 06:00 Apr 0.30% 0.20% 0.10% -  
                   
  06/25 GDP Annualized QoQ 05:30 1Q T -5.00% - -5.00% -  
                   
  06/25 Durable Goods Orders 05:30 May P 10.10% - -17.70% -  
                   
  06/25 Durables Ex Transportation 05:30 May P 2.20% - -7.70% -  
                   
  06/25 Initial Jobless Claims 05:30 20 Jun 1335k - 1508k -  
                   
  06/25 Continuing Claims 05:30 13 Jun 20000k - 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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