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Market Commentary


 
Today's Coupons
 
  10-Year Notes   97-02.5 (+02.5)  
 
  FN 3.5% Coupon   97-12.5 (+04)  
 
  Support   3.233%  
 
  Resistance   2.833%  
 
 
 
 
Tuesday, October 09, 2018
 
 
Treasuries are slightly higher across the curve this morning from Friday’s close. The UST 10-Year yield is currently at 3.221% after closing at 3.234% prior.

Treasuries initially lowered overnight before steadying at the start of today’s session while U.S. stocks declined and oil prices advanced. This morning we had a quiet start to our shortened economic calendar week with just the NFIB Small Business Optimism which pulled back to 107.90 in September after hitting an all-time high at 108.80 in August. The NFIB reported slightly lower than expected as consensus called for the small business optimism to drop to 108.30. Despite the decline, small business optimism matched its second strongest level as the NFIB continues to release positive reports. Elsewhere, there are several Fed speakers available today including Dallas Fed President Kaplan, Philadelphia Fed President Harker, and New York Fed President Williams.

The remainder of this week’s calendar includes Wednesday’s September PPI Demand reports, the August Wholesale Inventories and Trade Sales, and the MBA Mortgage Applications data for last week. On Thursday we will receive the September CPI reports, Weekly and Hourly Earnings data, and the Monthly Budget Statement for September. Then on Friday, the calendar concludes with the Import and Export Price Indices for September and the preliminary October reading of the University of Michigan Sentiment. There are a couple of U.S. auctions this week including Wednesday’s $23 Billion 10-Year Notes Reopening and Thursday’s $15 Billion 30-Year Bonds Reopening.

The curve has bull-flattened with the UST 10-Year yield down 1.3 bps from prior closing.
 
 
   
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  10/08 No Data - - - - - -  
                   
  10/09 NFIB Small Business Optimism 03:00 Sep 108.30 107.90 108.80 -  
                   
  10/10 MBA Mortgage Applications 04:00 5 Oct - - 0.00% -  
                   
  10/10 PPI Final Demand MoM 05:30 Sep 0.20% - -0.10% -  
                   
  10/10 PPI Final Demand YoY 05:30 Sep 2.70% - 2.80% -  
                   
  10/10 Wholesale Inventories MoM 07:00 Aug F 0.80% - 0.80% -  
                   
  10/10 Wholesale Trade Sales MoM 07:00 Aug 0.50% - 0.00% -  
                   
  10/11 CPI MoM 05:30 Sep 0.20% - 0.20% -  
                   
  10/11 CPI YoY 05:30 Sep 2.40% - 2.70% -  
                   
  10/11 Initial Jobless Claims 05:30 6 Oct 209k - 207k -  
                   
  10/11 Continuing Claims 05:30 29 Sep 1660k - 1650k -  
                   
  10/11 Bloomberg Consumer Comfort 06:45 7 Oct - - 61.60 -  
                   
  10/11 Monthly Budget Statement - Sep $81.50b - $7.90b -  
                   
  10/12 Import Price Index MoM 05:30 Sep 0.20% - -0.60% -  
                   
  10/12 Import Price Index YoY 05:30 Sep 3.10% - 3.70% -  
                   
  10/12 Export Price Index MoM 05:30 Sep 0.20% - -0.10% -  
                   
  10/12 Export Price Index YoY 05:30 Sep - - 3.60% -  
                   
  10/12 U. of Mich. Sentiment 07:00 Oct P 100.50 - 100.10 -  
                   
 
 
 
 
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  This information is provided solely for informational use and is not intended as trading or investment advice 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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