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Market Commentary


 
Today's Coupons
 
  10-Year Notes   99-08.5 (+05.5)  
 
  FN 3.5% Coupon   98-25 (+03.5)  
 
  Support   3.111%  
 
  Resistance   2.810%  
 
 
 
 
Wednesday, September 12, 2018
 
 
Treasuries are moderately higher across the curve this morning from yesterday's close. The UST 10-Year yield is currently at 2.958% after closing at 2.976% prior.

Treasuries slightly gained overnight while investors shifted their focus back to central banks amid looming global trade concerns. The European Central Bank is reportedly expected to lower its forecasts for economic growth at the commencement of its policy meeting on Thursday, while the Bank of England is also scheduled to announce its latest monetary policy decision this week. Moreover, the Fed's latest rendition of its Beige Book will be released later today at 11:00 AM (PT). There are also two Fedspeak scheduled today featuring St. Louis Fed President Bullard and Fed Governor Brainard who will speak on the economy and monetary policy.

On the economic calendar, we received the August PPI Final Demand which fell 0.10% MoM while consensus called for a 0.20% gain. PPI Final Demand YoY is up to 2.80% versus a gain of 3.30% prior. PPI excluding Food and Energy also fell 0.10% MoM following a 0.10% increase in July; its YoY level is up 2.30% versus an expected 2.70% gain per consensus. We also received the MBA Mortgage Applications for the week ended September 7 which dropped 1.80% in activities following a slight 0.10% decrease the week prior. Purchase applications increased by 0.90% following a 0.60% increase prior, while refinancing activities fell 5.90% after decreasing 1.40% prior. Later today at 10:00 AM (PT), U.S. will auction $23 Billion 10-Year Notes.

The curve has bull-flattened with the UST 10-Year yield down 1.8 bps 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 $16.640b $10.211b $8.463b  
                   
  09/11 NFIB Small Business Optimism 03:00 Aug 108.00 108.80 107.90 -  
                   
  09/11 JOLTS Job Openings 07:00 Jul 6675 6939 6662 6822  
                   
  09/11 Wholesale Trade Sales MoM 07:00 Jul 0.10% 0.00% -0.10% -0.20%  
                   
  09/11 Wholesale Inventories MoM 07:00 Jul F 0.70% 0.60% 0.70% -  
                   
  09/12 MBA Mortgage Applications 04:00 7 Sep - -1.80% -0.10% -  
                   
  09/12 PPI Final Demand MoM 05:30 Aug 0.20% -0.10% 0.00% -  
                   
  09/12 PPI Final Demand YoY 05:30 Aug 3.20% 2.80% 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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