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Market Commentary


 
Today's Coupons
 
  10-Year Notes   100-06 (-08)  
 
  FN 3.5% Coupon   99-17 (-05)  
 
  Support   3.111%  
 
  Resistance   2.759%  
 
 
 
 
Monday, July 09, 2018
 
 
Treasuries are modestly lower across the curve this morning from Friday's close. The UST 10-Year yield is currently at 2.857% after closing at 2.823% prior.

Treasuries sold-off overnight as stocks rallied globally despite the imposition of the first round of tariffs that took effect between U.S. and China last Friday. U.S. equities also rose and emerging markets rebounded as investors set aside looming concerns regarding the escalating trade tensions, while the dollar dropped with Treasuries. This week's economic calendar kicks off quietly with only the May Consumer Credit available later today at 12:00 PM (PT), which is expected to increase month-over-month to $12.000 Billion from $9.262 Billion prior.

The remainder of this week's calendar includes Tuesday's NFIB Small Business Optimism for June, Wednesday's June PPI Final Demand and Wholesale Inventories for May, Thursday's CPI index and Earnings reports for June, and Friday's June Import and Export Price indices. There are also several auctions scheduled this week beginning with Tuesday's $33 Billion 3-Year Notes, Wednesday's $22 Billion 10-Year Notes Reopening, and Thursday's $14 Billion 30-Year Bonds Reopening. Later this week there will be several Fed Officials on deck including New York Fed President Williams on Wednesday, Minneapolis Fed President Kashkari and Philadelphia Fed President Harker on Thursday, and CEO of the Fed Reserve Bank of Atlanta Raphael Bostic on Friday.

The curve has bear-steepened with the UST 10-Year yield up 3.4 bps from prior closing.
 
 
   
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  07/09 Consumer Credit 12:00 May $12.000b - $9.262b -  
                   
  07/10 NFIB Small Business Optimism 03:00 Jun 106.50 - 107.80 -  
                   
  07/10 JOLTS Job Openings 07:00 May 6655 - 6698 -  
                   
  07/11 MBA Mortgage Applications 04:00 6 Jul - - -0.50% -  
                   
  07/11 PPI Final Demand MoM 05:30 Jun 0.20% - 0.50% -  
                   
  07/11 PPI Final Demand YoY 05:30 Jun 3.10% - 3.10% -  
                   
  07/11 Wholesale Trade Sales MoM 07:00 May - - 0.80% -  
                   
  07/11 Wholesale Inventories MoM 07:00 May F 0.40% - 0.50% -  
                   
  07/12 Initial Jobless Claims 05:30 7 Jul 225k - 231k -  
                   
  07/12 Continuing Claims 05:30 30 Jun - - 1739k -  
                   
  07/12 CPI MoM 05:30 Jun 0.20% - 0.20% -  
                   
  07/12 CPI YoY 05:30 Jun 2.90% - 2.80% -  
                   
  07/12 Bloomberg Consumer Comfort 06:45 8 Jul - - 57.60 -  
                   
  07/12 Monthly Budget Statement 11:00 Jun -$80.00b - -$146.80b -  
                   
  07/13 Import Price Index MoM 05:30 Jun 0.10% - 0.60% -  
                   
  07/13 Import Price Index YoY 05:30 Jun 4.70% - 4.30% -  
                   
  07/13 Export Price Index MoM 05:30 Jun 0.20% - 0.60% -  
                   
  07/13 Export Price Index YoY 05:30 Jun - - 4.90% -  
                   
  07/13 U. of Mich. Sentiment 07:00 Jul P 98.20 - 98.20 -  
                   
 
 
 
 
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