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Market Commentary


 
Today's Coupons
 
  10-Year Notes   98-12 (+01)  
 
  FN 3.5% Coupon   102-14.5 (+01.5)  
 
  Support   3.140%  
 
  Resistance   1.691%  
 
 
 
 
Tuesday, November 12, 2019
 
 
Treasury Yields Decline - Public Impeachment Inquiry Scheduled to Begin Tomorrow
 
 
Market opened today’s session with treasuries rallying across all maturities. The 10-Year Treasury yield is currently at 1.9347, 0.7 bps decreased from prior closing of 1.9417.

The Dow Jones, Nasdaq Composite, and the S&P 500 all climbed approximately 0.10% at the open. Trump is scheduled to speak at 9:00 AM PST at the Economic Club of New York to provide a status update on the trade negotiations with China. The US and China have supposedly reached an agreement on the first part of the trade deal. However, China has requested that the US remove sanctions on approximately $125 billion worth of Chinese goods, Trump has stated that the US will not be removing tariffs. The certainty surrounding a signed trade deal is unknown. The yield on 10-Year Treasuries fell one basis point to 1.93%. Germanys 10-Year yield advanced less than one basis point to -0.24%. Britains 10-Year yield showed little change at 0.811%. Today the US Treasury will auction $45 billion in 3-month bills, and $42 billion in 6-month bills. Gold showed little change at $1,455.49 an ounce. Meanwhile, West Texas Intermediate crude oil gained 0.70% to $57.26 a barrel.

The public phase of the Trump impeachment inquiry is scheduled to begin this week. In a recent poll released on November 3rd, 49.00% of Americans believe Trump should be removed from office, while 46.00% of Americans do not think that Trump should be impeached. A house resolution passed last month stating that only House Intelligence Committee Chairman, Adam Schiff, and Devin Nunes will be the only members allowed to question witnesses during the public hearings. Schiff and Dunes will be allowed to question witnesses in 45 minute increments. After Chairman Schiff decides to end the questioning in 45 minute blocks, other members will be allowed 5 minutes each to question witnesses. Questioning will begin Wednesday November 13th.

The curve has bull-steepened with the UST 10-Year yield down 0.7 bps from prior closing.
 
 
   
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  11/11 No Data - - - - - -  
                   
  11/12 NFIB Small Business Optimism 03:00 Oct 102.00 102.40 101.80 -  
                   
  11/13 MBA Mortgage Applications 04:00 8 Nov - - -0.10% -  
                   
  11/13 Real Avg Weekly Earnings YoY 05:30 Oct - - 0.90% 1.00%  
                   
  11/13 CPI MoM 05:30 Oct 0.30% - 0.00% -  
                   
  11/13 CPI YoY 05:30 Oct 1.70% - 1.70% -  
                   
  11/13 CPI Index NSA 05:30 Oct 257.200 - 256.759 -  
                   
  11/13 CPI Core Index SA 05:30 Oct 265.074 - 264.595 -  
                   
  11/13 Monthly Budget Statement 11:00 Oct -$129.1b - $82.8b    
                   
  11/14 PPI Final Demand MoM 05:30 Oct 0.30% - -0.30%    
                   
  11/14 PPI Final Demand YoY 05:30 Oct 0.90% - 1.40% -  
                   
  11/14 Initial Jobless Claims 05:30 9 Nov 215k - 211k -  
                   
  11/14 Continuing Claims 05:30 2 Nov 1685k - 1689k -  
                   
  11/14 Bloomberg Consumer Comfort 06:45 10 Nov - - 59.10 -  
                   
  11/15 Empire Manufacturing 05:30 Nov 6.00 - 4.00 -  
                   
  11/15 Import Price Index MoM 05:30 Oct -0.20% - 0.20% -  
                   
  11/15 Import Price Index YoY 05:30 Oct -2.30% - -1.60% -  
                   
  11/15 Export Price Index MoM 05:30 Oct -0.10% - -0.20% -  
                   
  11/15 Export Price Index YoY 05:30 Oct - - -1.60% -  
                   
  11/15 Retail Sales Advance MoM 05:30 Oct 0.20% - -0.30% -  
                   
  11/15 Industrial Production MoM 06:15 Oct -0.40% - -0.40%    
                   
  11/15 Capacity Utilization 06:15 Oct 77.00% - 77.50% -
                   
 
 
 
 
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