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Market Commentary


 
Today's Coupons
 
  10-Year Notes   99-14 (+02.5)  
 
  FN 3.5% Coupon   99-07 (+02)  
 
  Support   3.111%  
 
  Resistance   2.813%  
 
 
 
 
Wednesday, July 25, 2018
 
 
Treasuries are slightly higher across the curve this morning from yesterday's close. The UST 10-Year yield is currently at 2.942% after closing at 2.949% prior.

Treasuries rose overnight and have held steady this morning ahead of a key trade conference between the U.S. and the European Union, and an anticipated bond auction later this morning. President Trump and European commission president Jean-Claude Junker are scheduled to meet at the White House at 10:30 AM (PT) to discuss trade tariffs. Investors will also have their attention on the $36 Billion 5-Year Notes auction scheduled at 10:00 AM (PT). Elsewhere, corporate earnings season continues headlined by autos and tech companies.

On the economic calendar, we received the MBA Mortgage Applications for the week ended July 20 which fell 0.20% after falling 2.50% the week prior. Purchase applications decreased 1.00% following a 5.20% drop the week prior, while refinancing activities increased 0.90% after rising 2.20% the week prior. We also received the New Home Sales report for June which dropped 5.30% to 631k MoM following a downwardly revised 3.90% increase of 666k in May. Tomorrow the ECB will announce their latest monetary policy decision, while the August FOMC meeting will begin next Tuesday with the announcement of the Fed's latest policy decision scheduled for Wednesday.

The curve has bull-flattened with the UST 10-Year yield down 0.7 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 - -0.20% -2.50% -  
                   
  07/25 New Home Sales 07:00 Jun 668k 631k 689k 666k  
                   
  07/25 New Home Sales MoM 07:00 Jun -3.10% -5.30% 6.70% 3.90%  
                   
  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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  This information is provided solely for informational use and is not intended as trading or investment advice 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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