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Market Commentary


 
Today's Coupons
 
  10-Year Notes   100-10.5 (+03.5)  
 
  FN 3.5% Coupon   99-18.5 (+02.5)  
 
  Support   3.111%  
 
  Resistance   2.813%  
 
 
 
 
Friday, July 13, 2018
 
 
Treasuries are slightly higher across the curve this morning from yesterday’s close. The UST 10-Year yield is currently at 2.830% after closing at 2.847% prior.

Treasuries and U.S. Stocks were mixed overnight heading into the open as investors shifted their focus away from trade war concerns and onto the start of earnings season. This morning we received the June Import Price Index which fell 0.40% month-over-month following an upwardly revised increase of 0.90% in May. The print came in weaker than surveyed as consensus called for a 0.10% rise. Lower prices of imported foods and energy moved the YoY Import Price Index down to 4.30% from an upwardly revised 4.50% prior.

The June Export Price Index rose more than expected at 0.30% month-over-month versus an expected increase of 0.20% per consensus following a 0.60% increase in May. Export Price Index YoY accelerated to its highest level since 2011, which jumped to 5.30% from 4.90% prior. Lastly, we received the preliminary print of the University of Michigan Sentiment for June pulled back more than expected, falling to 97.10 versus a drop to 98.00 per consensus. Its prior reading level remained unchanged at 98.20.

The curve has bull-flattened with the UST 10-Year yield down 1.7 bps from prior closing.

Have A Wonderful Weekend!
 
 
   
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  07/09 Consumer Credit 12:00 May $12.000b $24.559b $9.262b $10.273b  
                   
  07/10 NFIB Small Business Optimism 03:00 Jun 106.90 107.20 107.80 -  
                   
  07/10 JOLTS Job Openings 07:00 May 6620 6638 6698 6840  
                   
  07/11 MBA Mortgage Applications 04:00 6 Jul - 2.50% -0.50% -  
                   
  07/11 PPI Final Demand MoM 05:30 Jun 0.20% 0.30% 0.50% -  
                   
  07/11 PPI Final Demand YoY 05:30 Jun 3.10% 3.40% 3.10% -  
                   
  07/11 Wholesale Trade Sales MoM 07:00 May 0.50% 2.50% 0.80% 1.40%  
                   
  07/11 Wholesale Inventories MoM 07:00 May F 0.50% 0.60% 0.50% -  
                   
  07/12 Initial Jobless Claims 05:30 7 Jul 225k 214k 231k 232k  
                   
  07/12 Continuing Claims 05:30 30 Jun 1730k 1739k 1739k 1742k  
                   
  07/12 CPI MoM 05:30 Jun 0.20% 0.10% 0.20% -  
                   
  07/12 CPI YoY 05:30 Jun 2.90% 2.90% 2.80% -  
                   
  07/12 Bloomberg Consumer Comfort 06:45 8 Jul - 58.00 57.60 -  
                   
  07/12 Monthly Budget Statement 11:00 Jun -$80.00b -$74.90b -$90.20b -  
                   
  07/13 Import Price Index MoM 05:30 Jun 0.10% -0.40% 0.60% 0.90%  
                   
  07/13 Import Price Index YoY 05:30 Jun 4.60% 4.30% 4.30% 4.50%  
                   
  07/13 Export Price Index MoM 05:30 Jun 0.20% 0.30% 0.60% -  
                   
  07/13 Export Price Index YoY 05:30 Jun - 5.30% 4.90% -  
                   
  07/13 U. of Mich. Sentiment 07:00 Jul P 98.00 97.10 98.20 -  
                   
 
 
 
 
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