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Market Commentary


 
Today's Coupons
 
  10-Year Notes   100-07 (-08.5)  
 
  FN 3.5% Coupon   99-16 (-04)  
 
  Support   3.111%  
 
  Resistance   2.817%  
 
 
 
 
Tuesday, August 21, 2018
 
 
Treasuries are lower across the curve this morning from yesterday's close. The UST 10-Year yield is currently at 2.845% after closing at 2.820% prior.

Treasuries fell overnight as investors digested President Trump's judgment of the Fed's rate hike path ahead of the annual Jackson Hole symposium which is scheduled to begin on Thursday. Yesterday President Trump criticized the Fed's interest rate increases claiming that Jerome Powell has not been a “cheap-money” Fed chairman. The dollar dropped with Treasuries on the President's comments. Elsewhere, optimism regarding the latest developments of the ongoing trade war has pushed U.S. equities and stocks higher for a second day as investors await a meeting between U.S. and China trade officials later this week.

Another quiet economic calendar day without any reports available for release will likely keep the markets' focus on geopolitical headlines. Still ahead this week, the FOMC Minutes from the Fed's latest conference will be available tomorrow at 11:00 AM (PT). Also later this week, U.S. will sell 5-Year TIPS reopening at 10:00 AM (PT) on Thursday. Then on Friday, Fed Chairman Powell is scheduled to speak at the Kansas City Fed's annual policy symposium to discuss economy and monetary policy.

The curve has bear-steepened with the UST 10-Year yield up 2.5 bps from prior closing.
 
 
   
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  08/20 No Data - - - - - -  
                   
  08/21 No Data - - - - - -  
                   
  08/22 MBA Mortgage Applications 04:00 17 Aug - - -2.00% -  
                   
  08/22 Existing Home Sales 07:00 Jul 5.40m - 5.38m -  
                   
  08/22 Existing Home Sales MoM 07:00 Jul 0.40% - -0.60% -  
                   
  08/22 FOMC Meeting Minutes 11:00 1 Aug - - - -  
                   
  08/23 Initial Jobless Claims 05:30 18 Aug 215k - 212k -  
                   
  08/23 Continuing Claims 05:30 11 Aug 1735k - 1721k -  
                   
  08/23 FHFA House Price Index MoM 06:00 Jun 0.30% - 0.20% -  
                   
  08/23 Bloomberg Consumer Comfort 06:45 19 Aug - - 58.90 -  
                   
  08/23 Markit US Manufacturing PMI 06:45 Aug P 55.00 - 55.30 -  
                   
  08/23 Markit US Services PMI 06:45 Aug P 55.80 - 56.00 -  
                   
  08/23 Markit US Composite PMI 06:45 Aug P - - 55.70 -  
                   
  08/23 New Home Sales 07:00 Jul 647k - 631k -  
                   
  08/23 New Home Sales MoM 07:00 Jul 2.50% - -5.30% -  
                   
  08/23 Kansas City Fed Manf. Activity 08:00 Aug 23.00 - 23.00 -  
                   
  08/24 Durable Goods Orders 05:30 Jul P -0.70% - 0.80% -  
                   
  08/24 Durables Ex Transportation 05:30 Jul P 0.50% - 0.20% -  
                   
 
 
 
 
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