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Market Commentary


 
Today's Coupons
 
  10-Year Notes   100-07.5 (+06)  
 
  FN 3.5% Coupon   99-15.5 (+03)  
 
  Support   3.111%  
 
  Resistance   2.825%  
 
 
 
 
Friday, August 17, 2018
 
 
Treasuries are moderately higher across the curve this morning from yesterday's close. The UST 10-Year yield is currently at 2.852% after closing at 2.867% prior.

Treasuries inched higher overnight as investors return focus on the Turkish turmoil. Yesterday treasuries fell lower on news of a possible breakthrough in the ongoing trade war between U.S. and China, but markets have shifted the focus back on Turkey's financial crisis which dragged stocks lower overnight. Stocks have extended declines since the opening of today's session on disappointing tech earnings results from Nvidia Corp. and Applied Materials Inc. Elsewhere, the dollar also opened lower while treasuries rose as Turkey's Lira resumed its fall.

On the economic calendar, we received the July Leading Index which rose to 0.60% following a 0.50% increase in June; consensus called for a slight drop back of the index to 0.40%. We also received the preliminary reading of the August University of Michigan Sentiment which lowered to 95.30 from its previous level of 97.90; consensus called for a slight increase to 98.00. Next week we will have a very light economic calendar with no reports available on Monday and Tuesday, and mainly just housing data throughout the week.

The curve has bull-flattened with the UST 10-Year yield down 1.5 bps from prior closing.

Have A Nice Weekend!
 
 
   
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  08/13 No Data - - - - - -  
                   
  08/14 NFIB Small Business Optimism 03:00 Jul 106.80 107.90 107.20 -  
                   
  08/14 Import Price Index MoM 05:30 Jul 0.00% 0.00% -0.40% -0.10%  
                   
  08/14 Import Price Index YoY 05:30 Jul 4.50% 4.80% 4.30% 4.70%  
                   
  08/14 Export Price Index MoM 05:30 Jul 0.20% -0.50% 0.30% 0.20%  
                   
  08/14 Export Price Index YoY 05:30 Jul - 4.30% 5.30% -  
                   
  08/15 MBA Mortgage Applications 04:00 10 Aug - -2.00% -3.00% -  
                   
  08/15 Nonfarm Productivity 05:30 2Q P 2.40% 2.90% 0.40% 0.30%  
                   
  08/15 Empire Manufacturing 05:30 Aug 20.00 25.60 22.60 -  
                   
  08/15 Retail Sales Advance MoM 05:30 Jul 0.10% 0.50% 0.50% 0.20%  
                   
  08/15 Unit Labor Costs 05:30 2Q P 0.00% -0.90% 2.90% 3.40%  
                   
  08/15 Industrial Production MoM 06:15 Jul 0.30% 0.10% 0.60% 1.00%  
                   
  08/15 Capacity Utilization 06:15 Jul 78.20% 78.10% 78.00% 78.10%  
                   
  08/15 Business Inventories 07:00 Jun 0.10% 0.10% 0.40% 0.30%  
                   
  08/15 NAHB Housing Market Index 07:00 Aug 67.00 67.00 68.00 -  
                   
  08/15 Total Net TIC Flows 13:00 Jun - $114.50b $69.90b $69.20b  
                   
  08/15 Net Long-term TIC Flows 13:00 Jun - -$36.50b $45.60b $45.50b  
                   
  08/16 Philadelphia Fed Business Outlook 05:30 Aug 22.00 11.90 25.70 -  
                   
  08/16 Initial Jobless Claims 05:30 11 Aug 215k 212k 213k 214k  
                   
  08/16 Continuing Claims 05:30 4 Aug 1738k 1721k 1755k 1760k  
                   
  08/16 Housing Starts 05:30 Jul 1264k 1168k 1173k 1158k  
                   
  08/16 Housing Starts MoM 05:30 Jul 7.40% 0.90% -12.30% -12.90%  
                   
  08/16 Building Permits 05:30 Jul 1310k 1311k 1273k 1292k  
                   
  08/16 Building Permits MoM 05:30 Jul 1.40% 1.50% -2.20% -0.70%  
                   
  08/16 Bloomberg Consumer Comfort 06:45 12 Aug - 58.90 59.30 -  
                   
  08/17 Leading Index 07:00 Jul 0.40% 0.60% 0.50% -  
                   
  08/17 U. of Mich. Sentiment 07:00 Aug P 98.00 95.30 97.90 -  
                   
 
 
 
 
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