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Market Commentary


 
Today's Coupons
 
  10-Year Notes   99-29 (+03)  
 
  FN 3.5% Coupon   102-21 (+00.5)  
 
  Support   3.069%  
 
  Resistance   1.668%  
 
 
 
 
Monday, November 25, 2019
 
 
Treasury Yields Edge Lower on Economic data
 
 
Market opened today’s session with treasuries rallying across all maturities. 10-Year Treasury yield is at 1.7568, 1.38 bps decreased from prior closing of 1.7706.

US stocks rose this morning along with global equities after China confirmed that they will raise penalties for violating intellectual property rules, another optimistic signal that a phase-one deal is imminent between the two largest economies. Treasuries dipped on the news early in the morning but rebounded after economic data releases. Equities rallied across Asia after pro-democracy candidates brought a landslide victory in Hong Kong. In corporate news, Charles Schwab Corp announced that it will acquire rival TD Ameritrade Holding Corp for $26 billion in an all-stock deal while Uber Technologies Inc was stripped of its license to operate in London due to passenger safety and security being at risk. WTI crude drifted this morning, trading below $58 a barrel. In the economic calendar today, Chicago Fed National Activity Index in October declined to -0.71 from -0.45 prior vs. -0.20. Later today, the US Treasury is scheduled to auction off $45 billion of 13-week bills and $39 billion of 26-week bills at 8:30 AM (PT), and 3-year notes at 10 AM (PT).

The curve has bull-flattened with UST 10-Year yield down 1.38 bps.
 
 
   
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  11/25 Chicago Fed Nat Activity Index 05:30 Oct -0.20 -0.71 -0.45 -  
                   
  11/25 Dallas Fed ManfActivity 07:30 Nov -3.80 - -5.10 -  
                   
  11/26 Wholesale Inventories MoM 05:30 Oct P 0.10% - -0.40% -  
                   
  11/26 FHFA House Price Index MoM 06:00 Sep 0.30% - 0.20% -  
                   
  11/26 S&P CoreLogic CS 20-City MoM SA 06:00 Sep 0.30% - -0.16% -  
                   
  11/26 S&P CoreLogic CS 20-City YoY NSA 06:00 Sep 2.01% - 2.03% -  
                   
  11/26 Richmond Fed Manufact. Index 07:00 Nov 5.00 - 8.00 -  
                   
  11/27 MBA Mortgage Applications 04:00 22 Nov - - -2.20% -  
                   
  11/27 GDP Annualized QoQ 05:30 3Q S 1.90% - 1.90% -  
                   
  11/27 Personal Consumption 05:30 3Q S 2.80% - 2.90% -  
                   
  11/27 GDP Price Index 05:30 3Q S 1.70% - 1.70% -  
                   
  11/27 Core PCE QoQ 05:30 3Q S 2.20% - 2.20% -  
                   
  11/27 Durable Goods Orders 05:30 Oct P -0.90% - -1.20% -  
                   
  11/27 Durables Ex Transportation 05:30 Oct P 0.10% - -0.40% -  
                   
  11/27 Initial Jobless Claims 05:30 23 Nov 221k - 227k -  
                   
  11/27 Continuing Claims 05:30 16 Nov 1691k - 1695k -  
                   
  11/27 Bloomberg Consumer Comfort 06:45 24 Nov - - 59.10 -  
                   
  11/27 Personal Income 07:00 Oct 0.30% - 0.30% -  
                   
  11/27 Personal Spending 07:00 Oct 0.30% - 0.20% -  
                   
  11/27 PCE Deflator MoM 07:00 Oct 0.30% - 0.00% -  
                   
  11/27 PCE Deflator YoY 07:00 Oct 1.40% - 1.30% -  
                   
  11/27 U.S. Federal Reserve Releases Beige Book 11:00 - - - - -  
                   
  11/28 No Data - - - - - -  
                   
  11/29 No Data - - - - - -
                   
 
 
 
 
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