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Market Commentary

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Market Commentary


 
Today's Coupons
 
  10-Year Notes   100-13.5 (+0.5)  
 
  FN 3.5% Coupon   99-18 (+0.5)  
 
  Support   3.111%  
 
  Resistance   2.810%  
 
 
 
 
Friday, August 24, 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 2.827% prior.

Treasuries lowered overnight while U.S. Stocks rallied after the trade negotiations between U.S. and China concluded without any major progress. Yesterday saw a fury of comments from Fed members, including St. Louis Fed President Bullard who does not support further rate increases, while Dallas Fed President Kaplan and Kansas City Fed President George both agree that two more rate hikes would be appropriate in 2018. The focus of markets will remain on central banks this morning with Fed Chairman Powell speaking on the economy and monetary policy at Jackson Hole. Investors await the tone of the Fed Chairman's comments given the recent criticism received from President Trump earlier this week.

On the economic calendar, we received the July Durable Goods Orders which dropped 1.70% following a revised 0.70% gain prior; consensus called for a 1.00% drop MoM. Durables excluding transportation rose 0.20% following a revised 0.10% increase prior, while consensus expected a 0.50% increase. The July Capital Goods Orders nondefense excluding aircraft and parts rose 1.40% versus an expected 0.50% increase per survey. Its prior mark was also revised higher from a 0.20% increase to 0.60%. Capital Goods Ship nondefense excluding aircraft also rose above expectations at 0.90% versus 0.30% per consensus. Its prior mark was upwardly revised to show a 0.90% increase from 0.70% as initially released.

The curve has bear-steepened with the UST 10-Year yield up 1.8 bps from prior closing.

Have A Lovely Weekend!
 
 
   
 
   
 
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 - 4.20% -2.00% -  
                   
  08/22 Existing Home Sales 07:00 Jul 5.40m 5.34m 5.38m -  
                   
  08/22 Existing Home Sales MoM 07:00 Jul 0.40% -0.70% -0.60% -  
                   
  08/22 FOMC Meeting Minutes 11:00 1 Aug - - - -  
                   
  08/23 Initial Jobless Claims 05:30 18 Aug 215k 210k 212k -  
                   
  08/23 Continuing Claims 05:30 11 Aug 1730k 1727k 1721k 1729k  
                   
  08/23 FHFA House Price Index MoM 06:00 Jun 0.30% 0.20% 0.20% 0.40%  
                   
  08/23 Bloomberg Consumer Comfort 06:45 19 Aug - 58.60 58.90 -  
                   
  08/23 Markit US Manufacturing PMI 06:45 Aug P 55.00 54.50 55.30 -  
                   
  08/23 Markit US Services PMI 06:45 Aug P 55.80 55.20 56.00 -  
                   
  08/23 Markit US Composite PMI 06:45 Aug P - 55.00 55.70 -  
                   
  08/23 New Home Sales 07:00 Jul 645k 627k 631k 638k  
                   
  08/23 New Home Sales MoM 07:00 Jul 2.20% -1.70% -5.30% -2.40%  
                   
  08/23 Kansas City Fed Manf. Activity 08:00 Aug 23.00 14.00 23.00 -  
                   
  08/24 Durable Goods Orders 05:30 Jul P -1.00% -1.70% 0.80% 0.70%  
                   
  08/24 Durables Ex Transportation 05:30 Jul P 0.50% 0.20% 0.20% 0.10%  
                   
 
 
 
 
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