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Market Commentary


 
Today's Coupons
 
  10-Year Notes   99-16.5 (+02)  
 
  FN 3.5% Coupon   98-30.5 (00)  
 
  Support   3.111%  
 
  Resistance   2.810%  
 
 
 
 
Monday, September 10, 2018
 
 
Treasuries are slightly higher across the curve this morning from Friday's close. The UST 10-Year yield is currently at 2.938% after closing at 2.941% prior.

Treasuries held steady overnight while investors shifted the focus back on the trade rhetoric between the U.S. and China. President Trump stated that tariffs on $200 Billion more Chinese goods would take place soon, which could be followed by tariff imposition on another $267 Billion worth of Chinese imports. A busy economic calendar week includes several Fedspeak beginning with Atlanta Fed President Bostic who will discuss the economic outlook later this morning at 9:00 AM (PT). St. Louis Fed President Bullard, Fed Governor Brainard, Fed official Quarles, Chicago Fed President Evans, and Boston Fed President Rosengren are also scheduled to speak throughout the week. There are also three scheduled auctions this week starting with Tuesday's $35 Billion 3-Year Notes, followed by Wednesday's $23 Billion 10-Year Notes, and concluding with Thursday's $15 Billion 30-Year Notes.

On economic reports, the week kicks off with the July Consumer Credit which will be available later today at 12:00 PM (PT) and is expected to show a $14.000 Billion increase in credit following a $10.211 Billion increase prior. Tomorrow we will receive the August NFIB Small Business Optimism, July Wholesale Trade Sales, and the final print of the July Wholesale Inventories. On Wednesday, we will have the August PPI reports along with the release of the Fed's latest Beige Book. Then on Thursday, we will receive the August CPI prints, the August Real Average Weekly and Hourly Earnings YoY, and the Monthly Budget Statement for August. Lastly, the August Retail Sales and the August Import and Export Price Indexes will be available on Friday.

The curve has bull-flattened with the UST 10-Year yield down 0.3 bp from prior closing.
 
 
   
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  09/10 Consumer Credit 12:00 Jul $14.000b - $10.211b -  
                   
  09/11 NFIB Small Business Optimism 03:00 Aug 108.00 - 107.90 -  
                   
  09/11 JOLTS Job Openings 07:00 Jul 6675 - 6662 -  
                   
  09/11 Wholesale Trade Sales MoM 07:00 Jul 0.10% - -0.10% -  
                   
  09/11 Wholesale Inventories MoM 07:00 Jul F 0.70% - 0.70% -  
                   
  09/12 MBA Mortgage Applications 04:00 7 Sep - - -0.10% -  
                   
  09/12 PPI Final Demand MoM 05:30 Aug 0.20% - 0.00% -  
                   
  09/12 PPI Final Demand YoY 05:30 Aug 3.20% - 3.30% -  
                   
  09/12 U.S. Federal Reserve Releases Beige Book 11:00 - - - - -  
                   
  09/13 CPI MoM 05:30 Aug 0.30% - 0.20% -  
                   
  09/13 CPI YoY 05:30 Aug 2.80% - 2.90% -  
                   
  09/13 Initial Jobless Claims 05:30 8 Sep 210k - 203k -  
                   
  09/13 Continuing Claims 05:30 1 Sep 1710k - 1707k -  
                   
  09/13 Bloomberg Consumer Comfort 06:45 9 Sep - - 58.00 -  
                   
  09/13 Monthly Budget Statement 11:00 Aug -$183.00b - -$76.90b -  
                   
  09/14 Retail Sales Advance MoM 05:30 Aug 0.40% - 0.50% -  
                   
  09/14 Import Price Index MoM 05:30 Aug -0.20% - 0.00% -  
                   
  09/14 Import Price Index YoY 05:30 Aug 4.10% - 4.80% -  
                   
  09/14 Export Price Index MoM 05:30 Aug 0.00% - -0.50% -  
                   
  09/14 Export Price Index YoY 05:30 Aug - - 4.30% -  
                   
  09/14 Industrial Production MoM 06:15 Aug 0.30% - 0.10% -  
                   
  09/14 Capacity Utilization 06:15 Aug 78.20% - 78.10% -  
                   
  09/14 Business Inventories 07:00 Jul 0.60% - 0.10% -  
                   
  09/14 U. of Mich. Sentiment 07:00 Sep P 96.60 - 96.20 -  
                   
 
 
 
 
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