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Market Commentary


 

 
Today's Coupons
 
  10-Year Notes   99-18 (+02.5)  
 
  FN 2.5% Coupon   103-28.5 (+01)  
 
  Support   2.138%  
 
  Resistance   0.638%  
 
 
 
 
  Thursday, June 25, 2020
 
 

Treasury Yields Lower on Resurgence of Coronavirus Cases

 
 
Market opened today’s session with treasuries edging higher across all maturities. 10-Year Treasury yield is at 0.6659, 1.31 bps decreased from prior closing of 0.6790.

Stocks fluctuated this morning as investors weighed resurgence in coronavirus cases against the news that US banks will get easier regulations. The US saw one of its highest-ever increases in confirmed cases yesterday which forced some states to take drastic measures, imposing face mask orders and internal quarantines. In banking sector, US banking regulators allowed larger banks to invest in riskier funds such as venture capital funds. Bank stocks rallied across the board on the news, helping stocks erase earlier losses. Investors also grappled with a mixed batch of economic data. It was reported that another 1.48 million Americans filed for unemployment benefits last week, beating the estimate of 1.32 million. However, Continuing Claims edged lower to 19.522 million from a downwardly revised prior of 20.289 million vs. 20 million consensus. Wholesale Inventories lowered to -1.20% from a downwardly revised prior of 0.20% but Durable Goods Orders surged to 15.80% from a downwardly revised prior of -18.10%. Lastly, Bloomberg Consumer Comfort slightly rose to 41.40 from 40.20 prior.

The curve has bull-flattened with UST 10-Year yield down 1.31 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 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% -5.00% -  
                   
  06/25 Durable Goods Orders 05:30 May P 10.50% 15.80% -17.70% -18.10%  
                   
  06/25 Durables Ex Transportation 05:30 May P 2.10% 4.00% -7.70% -8.20%  
                   
  06/25 Initial Jobless Claims 05:30 20 Jun 1320k 1480k 1508k 1540k  
                   
  06/25 Continuing Claims 05:30 13 Jun 20000k 19522k 20544k 20289k  
                   
  06/25 Bloomberg Consumer Comfort 06:45 21 Jun - 41.40 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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