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Market Commentary


 
Today's Coupons
 
  10-Year Notes   102-26.5 (-01.5)  
 
  FN 3.5% Coupon   102-10.5 (-0.5)  
 
  Support   3.237%  
 
  Resistance   1.939%  
 
 
 
 
Tuesday, July 23, 2019
 
 
Treasury Yields Rise as US Stocks Climb on Positive Corporate Earnings
 
 
Market opened today’s session with treasuries inching lower across all maturities. 10-Year Treasury yield is at 2.0672, 2.08 bps increased from prior closing of 2.0464.

US equity futures rose with companies reporting positive earnings. Lockheed Martin, United Technologies and Coca Cola jumped in premarket after posting stronger-than-expected second quarter results. Visa, Chipotle, and Snap are scheduled to post their earnings after the bell today. More than 18% of S&P 500 companies have reported their second quarter results so far and about 78% of those companies came in above analysts’ expectations. Meanwhile, President Trump announced that he would support a bipartisan agreement to suspend the US debt ceiling and boost government spending levels for two years, averting the risk of a payment default in September. In the UK, Boris Johnson was officially announced as Prime Minister May’s replacement by the Conservative Party earlier today, and he defeated his rival Jeremy Hunt by a landslide in the contest to succeed Theresa May as British prime minister. Elsewhere, WTI crude stabilized after climbing last two days, trading above $56 a barrel this morning.

FHFA House Price Index in May edged lower to 0.10% from 0.40% prior vs. 0.40% consensus. Richmond Fed Manufacturing Index slid to -12.00 in July vs. consensus of 5.00, following 3.00 in prior. Lastly, Existing Home Sales in June lowered to 5.27m after an upwardly revised prior of 5.36m. Later today, the US Treasury is scheduled to auction off $40 billion of 2-year notes at 10:00 AM (PT).

The curve has bear-steepened with UST 10-Year yield up 2.08 bps.
 
 
   
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  07/22 Chicago Fed Nat Activity Index 05:30 Jun 0.08 -0.02 -0.05 -0.03  
                   
  07/23 FHFA House Price Index MoM 06:00 May 0.40% 0.10% 0.40% -  
                   
  07/23 Richmond Fed Manufact. Index 07:00 Jul 5.00 -12.00 3.00 2.00  
                   
  07/23 Existing Home Sales 07:00 Jun 5.32m 5.27m 5.34m 5.36m  
                   
  07/23 Existing Home Sales MoM 07:00 Jun -0.40% -1.70% 2.50% 2.90%  
                   
  07/24 MBA Mortgage Applications 04:00 19 Jul - - -1.10% -  
                   
  07/24 Markit US Manufacturing PMI 06:45 Jul P 51.00 - 50.60 -  
                   
  07/24 Markit US Services PMI 06:45 Jul P 51.80 - 51.50 -  
                   
  07/24 Markit US Composite PMI 06:45 Jul - - 51.50 -  
                   
  07/24 New Home Sales 07:00 Jun 659k - 626k -  
                   
  07/24 New Home Sales MoM 07:00 Jun 5.30% - -7.80% -  
                   
  07/25 Durable Goods Orders 05:30 Jun P -0.80% - -1.30% -  
                   
  07/25 Durables Ex Transportation 05:30 Jun P 0.20% - 0.40% -  
                   
  07/25 Initial Jobless Claims 05:30 20 Jul 219k - 216k -  
                   
  07/25 Continuing Claims 05:30 13 Jul 1691k - 1686k -  
                   
  07/25 Wholesale Inventories MoM 05:30 Jun P 0.50% - 0.40% -  
                   
  07/25 Bloomberg Consumer Comfort 06:45 21 Jul - - 64.70 -  
                   
  07/25 Kansas City Fed ManfActivity 08:00 Jul 3.00 - 0.00 -  
                   
  07/26 GDP Annualized QoQ 05:30 2Q A 1.80% - 3.10% -  
                   
  07/26 Personal Consumption 05:30 2Q A 4.00% - 0.90% -  
                   
  07/26 GDP Price Index 05:30 2Q A 2.00% - 0.90% -  
                   
  07/26 Core PCE QoQ 05:30 2Q A 2.00% - 1.20% -
                   
 
 
 
 
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