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Market Commentary


 
Today's Coupons
 
  10-Year Notes   100-16.5 (-01.5)  
 
  FN 3.5% Coupon   97-20.5 (-01)  
 
  Support   3.237%  
 
  Resistance   3.034%  
 
 
 
 
Tuesday, November 27, 2018
 
 
Market opened today’s session with treasuries slightly declining across all maturities.  10-Year treasury yield is at 3.059, 0.55 bp increased from prior closing of 3.0535.

Both US stock futures and treasuries struggled a bit this morning as trade tension between the US and China got elevated again. Just days before the meeting with Chinese President Xi, President Trump threatened China with $267 Billion more tariffs which have had ripple effects throughout all markets this morning. Fed Vice Chairman Clarida spoke at The Clearings House 2018 annual conference in New York this morning, backing gradual rate hikes which drove the 10-Year treasury further down. Fed Chairman Powell’s speech tomorrow is now more anticipated for any hints on direction of Fed’s monetary policy as many traders now expect slower pace of tightening. Both WTI and Brent crude oil continued its rally this morning and the US dollar remained flat.

Monthly FHFA House Price Index came in at 0.20% vs. 0.40% consensus after an upwardly revision of prior data to 0.40%. US Home Price Index rose 1.30% QoQ and 6.30% YoY in third quarter. New loans accounted for 61.50% of total loans whereas cash-out refinance were 27.70%. Conference Board Consumer Confidence index fell to 135.70 from 137.90 but was still in line with survey of 135.70. We will have a busier economic calendar tomorrow as we expect Mortgage Applications, Wholesale Inventories, Annualized GDP, Personal Consumption, and New Home Sales.

The curve has bear-steepened with UST 10-Year yield up 0.55 bp.
 
 
   
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  11/26 Chicago Fed Nat Activity Index 05:30 Oct 0.18 0.24 0.17 0.14  
                   
  11/26 Dallas Fed Manf. Activity 07:30 Nov 24.50 17.60 29.40 -  
                   
  11/27 FHFA House Price Index MoM 06:00 Sep 0.40% 0.20% 0.30% 0.40%  
                   
  11/27 S&P CoreLogic CS 20-City MoM SA 06:00 Sep 0.20% 0.33% 0.09% -  
                   
  11/27 S&P CoreLogic CS 20-City YoY NSA 06:00 Sep 5.20% 5.15% 5.49% 5.53%  
                   
  11/28 MBA Mortgage Applications 04:00 23 Nov - - -0.10% -  
                   
  11/28 Wholesale Inventories MoM 05:30 Oct P 0.40% - 0.40% -  
                   
  11/28 GDP Annualized QoQ 05:30 3Q S 3.50% - 3.50% -  
                   
  11/28 Personal Consumption 05:30 3Q S 3.90% - 4.00% -  
                   
  11/28 GDP Price Index 05:30 3Q S 1.70% - 1.70% -  
                   
  11/28 Core PCE QoQ 05:30 3Q S 1.60% - 1.60% -  
                   
  11/28 New Home Sales 07:00 Oct 575k - 553k -  
                   
  11/28 New Home Sales MoM 07:00 Oct - - -5.50% -  
                   
  11/28 Richmond Fed Manufact. Index 07:00 Nov - - 15.00 -  
                   
  11/29 Personal Income 05:30 Oct - - - -  
                   
  11/29 Personal Spending 05:30 Oct - - - -  
                   
  11/29 PCE Deflator MoM 05:30 Oct - - - -  
                   
  11/29 PCE Deflator YoY 05:30 Oct - - - -  
                   
  11/29 PCE Core MoM 05:30 Oct - - - -  
                   
  11/29 PCE Core YoY 05:30 Oct - - - -  
                   
  11/29 Initial Jobless Claims 05:30 24 Nov - - - -  
                   
  11/29 Continuing Claims 05:30 17 Nov - - - -  
                   
  11/29 Bloomberg Consumer Comfort 06:45 25 Nov - - - -  
                   
  11/29 Pending Home Sales MoM 07:00 Oct - - 0.50% -  
                   
  11/29 Pending Home Sales NSA YoY 07:00 Oct - - -3.40% -  
                   
  11/29 FOMC Meeting Minutes 11:00 8 Nov - - - -  
                   
  11/30 Chicago Purchasing Manager 06:45 Nov - - - -  
                   
 
 
 
 
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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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