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Market Commentary

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Market Commentary


 
Today's Coupons
 
  10-Year Notes   100-19 (+11)  
 
  FN 3.5% Coupon   102-21.5 (+01.5)  
 
  Support   3.237%  
 
  Resistance   1.492%  
 
 
 
 
Tuesday, August 20, 2019
 
 
Treasury Yields Lower as Stocks Drift
 
 
Market opened today’s session with treasuries rallying across all maturities. 10-Year Treasury yield is at 1.5453, 6.10 bps decreased from prior closing of 1.6063.

The three main US equity indexes struggled for traction after Boston Fed President Rosengren continued to push back against further rate cuts. He argued that he wasn’t convinced that the ongoing trade war and slowing global growth would have significant impact on the US economy. This shines more focus on Friday’s annual central bankers retreat in Jackson Hole where Fed Chair Powell is expected to shed some lights on the outlook of interest rates. On the trade front, Huawei said the temporary relief doesn’t change the fact that it has been treated “unjustly” after US Commerce department extended a temporary reprieve for the Chinese company by another 90 days. In premarket, Home Depot and Kohl’s rose after posting their quarterly results. Scheduled to be released at 11:00 AM (PT) tomorrow, minutes of the Fed’s July meeting will provide details on the first rate cut in a decade. Elsewhere, WTI crude nudged lower from the previous session but still traded above $56 a barrel this morning. There is no economic data scheduled for today. 

The curve has bull-flattened with UST 10-Year yield down 6.10 bps.
 
 
   
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  08/19 No Data - - - - - -  
                   
  08/20 No Data - - - - - -  
                   
  08/21 MBA Mortgage Applications 04:00 16 Aug - - 21.70% -  
                   
  08/21 Existing Home Sales 07:00 Jul 5.39m - 5.27m -  
                   
  08/21 Existing Home Sales MoM 07:00 Jul 2.30% - -1.70% -  
                   
  08/21 FOMC Meeting Minutes 11:00 31 Jul - - - -  
                   
  08/22 Initial Jobless Claims 05:30 17 Aug 216k - 220k -  
                   
  08/22 Continuing Claims 05:30 10 Aug - - 1726k -  
                   
  08/22 Bloomberg Consumer Comfort 06:45 18 Aug - - 61.20 -  
                   
  08/22 Markit US Services PMI 06:45 Aug P 52.80 - 53.00 -  
                   
  08/22 Markit US Composite PMI 06:45 Aug P - - 52.60 -  
                   
  08/22 Leading Index 07:00 Jul 0.20% - -0.30% -  
                   
  08/22 Kansas City Fed ManfActivity 08:00 Aug 2.00 - -1.00 -  
                   
  08/23 New Home Sales 07:00 Jul 645k - 646k -  
                   
  08/23 New Home Sales MoM 07:00 Jul -0.20% - 7.00% -
                   
 
 
 
 
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