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Market Commentary


 
Today's Coupons
 
  10-Year Notes   102-28.5 (-02.5)  
 
  FN 3.5% Coupon   102-10 (-01)  
 
  Support   3.237%  
 
  Resistance   1.939%  
 
 
 
 
Friday, July 19, 2019
 
 
Treasury Yields Rise on Interest Rate Outlook
 
 
Market opened today’s session with treasuries selling-off across all maturities. 10-Year Treasury yield is at 2.0430, 1.88 bps increased from prior closing of 2.0242.

US equity futures climbed as investors digested corporate earnings as well as yesterday’s dovish comments from the Fed officials. Microsoft rose in premarket after posting quarterly earnings and revenue which topped analysts’ expectations. More than 15% of S&P 500 companies have reported their second quarter results so far and about 79% of those companies came in above analysts’ expectations. Yesterday, New York Fed President Williams stated that the Fed needed to act quickly and “better take preventative measure than wait for disaster to unfold” which reinforced wagers that the Fed could cut interest rates by as much as 50 basis points at the end of the month. However, a spokesperson from the New York Fed said Williams’s comment was drawing from academic research and was not hinting a potential policy change. Treasuries slipped this morning from the gains in previous session. Elsewhere, WTI crude rose after four days losses this morning, trading above $55 a barrel. We have a fairly light economic calendar today; University of Michigan Sentiment for preliminary July reading printed 98.40 slightly below consensus of 98.80, following 98.20 in prior.

The curve has bear-flattened with UST 10-Year yield up 1.88 bps.
 
 
   
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  07/15 Empire Manufacturing 05:30 Jul 2.00 4.30 -8.60 -  
                   
  07/16 Import Price Index MoM 05:30 Jun -0.60% -0.90% -0.30% 0.00%  
                   
  07/16 Import Price Index YoY 05:30 Jun -2.30% -2.00% -1.50% -1.10%  
                   
  07/16 Export Price Index MoM 05:30 Jun -0.20% -0.70% -0.20% -  
                   
  07/16 Export Price Index YoY 05:30 Jun - -1.60% -0.70% -0.80%  
                   
  07/16 Retail Sales Advance MoM 05:30 Jun 0.20% 0.40% 0.50% 0.40%  
                   
  07/16 Industrial Production MoM 06:15 Jun 0.10% 0.00% 0.40% -  
                   
  07/16 Capacity Utilization 06:15 Jun 78.10% 77.90% 78.10% -  
                   
  07/16 NAHB Housing Market Index 07:00 Jul 64.00 65.00 64.00 -  
                   
  07/17 MBA Mortgage Applications 04:00 12 Jul - -1.10% -2.40% -  
                   
  07/17 Housing Starts 05:30 Jun 1260k 1253k 1269k 1265k  
                   
  07/17 Housing Starts MoM 05:30 Jun -0.70% -0.90% -0.90% -0.40%  
                   
  07/17 Building Permits 05:30 Jun 1300k 1220k 1294k 1299k  
                   
  07/17 Building Permits MoM 05:30 Jun 0.10% -6.10% 0.30% 0.70%  
                   
  07/17

U.S. Federal Reserve Releases Beige

Book

11:00 - - - - -  
                   
  07/18 Initial Jobless Claims 05:30 13 Jul 216k 216K 209k 208K  
                   
  07/18 Continuing Claims 05:30 6 Jul 1700k 1686K 1723k 1728K  
                   
  07/18 Philadelphia Fed Business Outlook 05:30 Jul 5.00 21.80 0.30 -  
                   
  07/18 Bloomberg Consumer Comfort 06:45 14 Jul - 64.70 63.80 -  
                   
  07/18 Leading Index 07:00 Jun 0.10% -0.30% 0.00% -  
                   
  07/19 U. of MichSentiment 07:00 Jul P 98.80 98.40 98.20 -
                   
 
 
 
 
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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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