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Market Commentary



 
Today's Coupons
 
  10-Year Notes   99-26.5 (+04.5)  
 
  FN 2.5% Coupon   104-28 (+01)  
 
  Support   0.747%  
 
  Resistance   0.599%  
 
 
 
 
  Tuesday, September 29, 2020
 
 

Treasury Yields Fall Ahead of the First US Presidential Debate of 2020

 
 
Market opened today's session with treasuries slightly higher across all maturities. 10-Year Treasury yield is at 0.6446, 0.82 bp decreased from prior closing of 0.6528.

US markets opened lower this morning as the steady rise in COVID cases takes its toll on investor sentiment. Energy producers and lenders led losses as tech companies continued their rise in equity markets. With the pandemic on the rise in the US, Democrats have released a scaled back $2.2 trillion stimulus plan to soften the blow from the continued impact left by the pandemic. In global news, European banks led declines in the Stoxx Europe Index 600 index. Additionally, NTT Docomo surged in Tokyo following news Nippon Telegraph & Telephone Corp. will turn NTT into a wholly owned subsidiary via a $40 billion buyout. Gold rose by 0.1% while WTI Crude dropped 1.5% to $40 a barrel. On the economic front, Wholesale Inventories beat expectations after rising 0.50% for the month of August. August advanced the trade goods deficit to $82.90 billion with imports rising at 3.1% and exports closely following at 2.8%. The Conference Board of Consumer Confidence exceeded expectations today after reporting at 101.80 for the month of September, in comparison to an expected value of 90.00. While this marks the biggest gain in 17 years, Americans continue to face headwinds from the current state of the job market in addition to rising infection cases. Reporting tomorrow are MBA Mortgage Applications for week end September 25, and Annualized GDP QoQ, with the latter expected at -31.70%.

The curve has bull-flattened with UST 10-Year yield down 0.82 bp.
 
 
   
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  09/28 Dallas Fed Manf. Activity 07:30 Sep 9.50 13.60 8.00 -  
                   
  09/29 S&P CoreLogic CS 20-City MoM SA 06:00 Jul 0.10% 0.55% 0.00% -  
                   
  09/29 S&P CoreLogic CS 20-City YoY NSA 06:00 Jul 3.60% 3.95% 3.46% -  
                   
  09/29 Conf. Board Consumer Confidence 07:00 Sep 90.00 101.80 84.80 86.30  
                   
  09/30 MBA Mortgage Applications  04:00 25 Sep - - 6.80%  -  
                   
  09/30 GDP Annualized QoQ 05:30 2Q T -31.70% - -31.70% -  
                   
  09/30 Personal Consumption 05:30 2Q T -34.10% - -34.10% -  
                   
  09/30 GDP Price Index 05:30 2Q T -2.00% - -2.00% -  
                   
  09/30 Core PCE QoQ 05:30 2Q T -1.00% - -1.00% -  
                   
  10/01 Initial Jobless Claims 05:30 26 Sep 850k - 870k -  
                   
  10/01 Continuing Claims 05:30 19 Sep 12200k - 12580k -  
                   
  10/01 Personal Income 05:30 Aug -2.50% - 0.40% -  
                   
  10/01 Personal Spending 05:30 Aug 0.80% - 1.90% -  
                   
  10/01 PCE Deflator MoM 05:30 Aug 0.30% - 0.30% -  
                   
  10/01 PCE Deflator YoY 05:30 Aug 1.20% - 1.90% -  
                   
  10/01 Bloomberg Consumer Comfort 06:45 27 Sep - - 49.80 -  
                   
  10/02 Durable Goods Orders 07:00 Aug F 0.40% - 0.30% -  
                   
  10/02 Durables Ex Transportation 07:00 Aug F 0.40% - 0.40% -  
                   
  10/02 U. of Mich. Sentiment 07:00 Sep F 79.00 - 78.90 -
                   
 
 
 
 
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  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.  
 
 
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