Back to top

Market Commentary

Home
Market Commentary



 

Today's Coupons
 
  10-Year Notes   99-22.5 (+12.5)  
 
  FN 2.5% Coupon   104-23 (+01)  
 
  Support   1.942%  
 
  Resistance   0.619%  
 
 
 
 
  Monday, September 21, 2020
 
 

Treasury Yields Fall as Banks Face Renewed Scrutiny

 
 

Market opened today's session with Treasuries higher across all maturities. 10-Year Treasury yield is at 0.656, 3.77 bps decreased from prior closing of 0.694.

US stocks opened lower this morning as a report detailing suspicious activity amongst global banks brought bank shares sharply lower. As stated in the report, JPMorgan Chase & Co., Deutsche Bank AG, and HSBC Holdings Plc are among the global banks noted as profiting from approximately $2 trillion in transactions with possible links to money laundering or criminal activity. Among notable losers this morning is Nikola Corp. following the resignation of Trevor Milton, a move that comes as allegations ramp up against the company. In other news, US President Donald Trump continued to push to have his Supreme Court Judge confirmed prior to the November election. The move comes following the death of Justice Ruth Bater Ginsburg who passed away on Friday from metastatic cancer of the pancreas. In regard to the coronavirus, US deaths are approaching 200,000 with former FDA Commissioner expecting another cycle as early as fall or winter. In Europe, German Health Minister warned cases in the UK could reach as high as 50,000 by mid-October with restrictions expected to be extended in London. Elsewhere WTI Crude and Gold both fell by 2.3% and 1.5% respectively. The Fed is expected to maintain a pro fiscal-aid stance as it holds rates low even if the jobless rate meaningfully improves. In economic news, Existing Home Sales are expected to post an increase tomorrow, while New Home Sales could possibly recede thanks to the lack of housing completions.

The curve has bull-flattened with UST 10-Year yield down 3.77 bps.

 
 
   
 
   
 
This Week's Events
 

 

  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  

 

09/21

Chicago Fed Nat Activity Index

05:30

Aug

1.19

0.79

1.18

2.54

 

 

 

 

 

 

 

 

 

 

 

 

09/22

Existing Home Sales

07:00

Aug

6.00m

-

5.86m

-

 

 

 

 

 

 

 

 

 

 

 

 

09/22

Existing Home Sales MoM

07:00

Aug

2.40%

-

24.70%

-

 

 

 

 

 

 

 

 

 

 

 

 

09/23

MBA Mortgage Applications

04:00

18 Sep

-

-

-2.50%

-

 

 

 

 

 

 

 

 

 

 

 

 

09/23

FHFA House Price Index MoM

06:00

Jul

0.40%

-

0.90%

-

 

 

 

 

 

 

 

 

 

 

 

 

09/23

Markit US Services PMI

06:45

Sep P

54.50

-

55.00

-

 

 

 

 

 

 

 

 

 

 

 

 

09/23

Markit US Composite PMI

06:45

Sep P

-

-

54.60

-

 

 

 

 

 

 

 

 

 

 

 

 

09/24

Initial Jobless Claims

05:30

19 Sep

840k

-

860k

-

 

 

 

 

 

 

 

 

 

 

 

 

09/24

Continuing Claims

05:30

12 Sep

12400k

-

12628k

-

 

 

 

 

 

 

 

 

 

 

 

 

09/24

Bloomberg Consumer Comfort

06:45

20 Sep

-

-

47.70

-

 

 

 

 

 

 

 

 

 

 

 

 

09/25

Durable Goods Orders

05:30

Aug P

1.20%

-

11.40%

-

 

 

 

 

 

 

 

 

 

 

 

 

09/25

Durables Ex Transportation

05:30

Aug P

1.10%

-

2.60%

-

 

 

 

 

 

 

 

 

 

 

 

 

 
Helpful Links
  Visit Us Online   Submit Loan  
  Get Approved   SeeMyLoanStatusTM  
  Download Rate Sheet   Conventional Program Guidelines  
  Price & Lock   Government Program Guidelines  

 

 

 

 

 

  This information is provided solely for informational use and is not intended as an advice for trading or investment purposes in any manner whatsoever. Sun West Mortgage Company, Inc. is not a licensed or registered broker or dealer and cannot provide investment strategies or recommendations. This information is provided to licensed brokers/lenders only and may not be copied or distributed to customers or potential customers. All loans are subject to approval. Certain restrictions may apply. Listed pricing is a morning indication only. Program rates, prices, guidelines, fees, costs, terms and conditions are subject to change without notice.  
 
 
© Sun West Mortgage Company, Inc. All Rights Reserved