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Market Commentary


 
Today's Coupons
 
  10-Year Notes   99-09 (00)  
 
  FN 3.5% Coupon   99-02 (00)  
 
  Support   3.111%  
 
  Resistance   2.813%  
 
 
 
 
Tuesday, July 24, 2018
 
 
Treasuries are lower across the curve this morning from yesterday's close. The UST 10-Year yield is currently at 2.962% after closing at 2.956% prior.

Yesterday Treasuries sold-off as investors reacted to reports that the Bank of Japan may be tweaking its monetary policy that could essentially lead to the end an era of bond-buying by central bankers. The bond market reacted similarly last month when the European Central Bank announced that it would end its bond-buying program by the end of this year. Treasury yields inched even higher this morning after positive corporate earnings triggered a rally in U.S. Stocks. On the economic calendar, we received the FHFA House Price Index which rose 0.20% month-over-month in May following an upwardly revised 0.20% rise in April, coming in below an expected 0.30% increase per consensus.

We also received the July Markit US Manufacturing PMI which came in at a higher reading level than expected at 55.50 versus 55.10 per consensus; its prior level remained unchanged at 55.40. Markit US Services PMI came in slightly below expectations at 56.20 versus 56.30 per survey, and the Markit US Composite PMI pulled back to 55.90 versus its unrevised level of 56.20 prior. Lastly, we received the Richmond Fed Manufacturing Index for July which came in at 20.00 following an upwardly revised index of 21.00 prior. Later today at 10:00 AM (PT), U.S. will sell $35 Billion 2-Year Notes.

The curve has bear-flattened with the UST 10-Year yield up 0.6 bp from prior closing.
 
 
   
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  07/23 Chicago Fed Nat Activity Index 05:30 Jun 0.25 0.43 -0.15 -0.45  
                   
  07/23 Existing Home Sales 07:00 Jun 5.44m 5.38m 5.43m 5.41m  
                   
  07/23 Existing Home Sales MoM 07:00 Jun 0.20% -0.60% -0.40% -0.70%  
                   
  07/24 FHFA House Price Index MoM 06:00 May 0.30% 0.20% 0.10% 0.20%  
                   
  07/24 Markit US Manufacturing PMI 06:45 Jul P 55.10 55.50 55.40 -  
                   
  07/24 Markit US Services PMI 06:45 Jul P 56.30 56.20 56.50 -  
                   
  07/24 Markit US Composite PMI 06:45 Jul P - 55.90 56.20 -  
                   
  07/24 Richmond Fed Manufact. Index 07:00 Jul 18.00 20.00 20.00 21.00  
                   
  07/25 MBA Mortgage Applications 04:00 20 Jul - - -2.50% -  
                   
  07/25 New Home Sales 07:00 Jun 668k - 689k -  
                   
  07/25 New Home Sales MoM 07:00 Jun -3.10% - 6.70% -  
                   
  07/26 Initial Jobless Claims 05:30 21 Jul 215k - 207k -  
                   
  07/26 Continuing Claims 05:30 14 Jul 1733k - 1751k -  
                   
  07/26 Wholesale Inventories MoM 05:30 Jun P 0.30% - 0.60% -  
                   
  07/26 Durable Goods Orders 05:30 Jun P 3.00% - -0.40% -  
                   
  07/26 Durables Ex Transportation 05:30 Jun P 0.50% - 0.00% -  
                   
  07/26 Bloomberg Consumer Comfort 06:45 22 Jul - - 58.80 -  
                   
  07/26 Kansas City Fed Manf. Activity 08:00 Jul 25.00 - 28.00 -  
                   
  07/27 GDP Annualized QoQ 05:30 2Q A 4.20% - 2.00% -  
                   
  07/27 Personal Consumption 05:30 2Q A 3.00% - 0.90% -  
                   
  07/27 GDP Price Index 05:30 2Q A 2.30% - 2.20% -  
                   
  07/27 Core PCE QoQ 05:30 2Q A 2.20% - 2.30% -  
                   
  07/27 U. of Mich. Sentiment 07:00 Jul F 97.10 - 97.10 -  
                   
 
 
 
 
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