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Market Commentary


 
 
Today's Coupons
 
  10-Year Notes   99-11 (+06)  
 
  FN 3.5% Coupon   102-21 (+00.5)  
 
  Support   2.913%  
 
  Resistance   1.697%  
 
 
 
 
  Monday, December 9, 2019
 
 

Treasury Yields Decline on Trade Jitters

 
 
Market opened today’s session with treasuries edging higher across all maturities. 10-year Treasury yield is at 1.8208, 1.55 bps decreased from prior closing of 1.8363.

US stocks slightly retreated after three consecutive days of rally in equity market as investors anxiously awaited further developments on whether Washington will follow through with a planned December 15th tariff hike. Treasuries and other government bonds advanced this morning. China Assistant Commerce Minister said today that they hope to make a deal with the US as soon as possible. Unexpected drop in China’s export by 1.1% in November with those to the US sliding 23% underscored why they need a resolution to the trade dispute. White House economic adviser Larry Kudlow also said Friday that both sides were close to a deal and they were haggling over the amount of American farm products that China would purchase. Also in focus this week will be policy meetings with Fed’s decision on Wednesday and ECB’s decision on Thursday. There is no economic data scheduled to be released today but the US Treasury is scheduled to auction off $42 billion of 13-week bills and $36 billion of 26-week bills at 8:30 AM (PT), and $38 billion of 3-year notes at 10:00 AM (PT).

The curve has bull-flattened with the UST 10-Year yield down 1.55 bps.

 
 
   
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  12/09 No Data - - - - - -  
                   
  12/10 NFIB Small Business Optimism 03:00 Nov 103.00 - 102.40 -  
                   
  12/10 Nonfarm Productivity 05:30 3Q F -0.10% - -0.30% -  
                   
  12/11 MBA Mortgage Applications 04:00 6 Dec - - -9.20% -  
                   
  12/11 Real Avg Weekly Earnings YoY 05:30 Nov - - 0.90% 1.10%  
                   
  12/11 CPI MoM 05:30 Nov 0.20% - 0.40% -  
                   
  12/11 CPI YoY 05:30 Nov 2.00% - 1.80% -  
                   
  12/11 CPI Index NSA 05:30 Nov 257.215 - 257.346 -  
                   
  12/11 CPI Core Index SA 05:30 Nov 265.460 - 265.011 -  
                   
  12/11 FOMC Rate Decision (Upper Bound) 11:00 11 Dec 1.75% - 1.75% -  
                   
  12/11 FOMC Rate Decision (Lower Bound) 11:00 11 Dec 1.50% - 1.50% -  
                   
  12/11 Monthly Budget Statement 11:00 Nov -$205.6b - -$134.5b -  
                   
  12/12 PPI Final Demand MoM 05:30 Nov 0.20% - 0.40% -  
                   
  12/12 PPI Final Demand YoY 05:30 Nov 1.20% - 1.10% -  
                   
  12/12 Initial Jobless Claims 05:30 7 Dec 215k - 203k -  
                   
  12/12 Continuing Claims 05:30 30 Nov 1678k - 1693k -  
                   
  12/12 Bloomberg Consumer Comfort 06:45 8 Dec - - 61.70 -  
                   
  12/13 Import Price Index MoM 05:30 Nov 0.20% - -0.50% -  
                   
  12/13 Import Price Index YoY 05:30 Nov -1.20% - -3.00% -  
                   
  12/13 Export Price Index MoM 05:30 Nov 0.10% - -0.10% -  
                   
  12/13 Export Price Index YoY 05:30 Nov - - -2.20% -  
                   
  12/13 Retail Sales Advance MoM 05:30 Nov 0.50% - 0.30% -
                   
 
 
 
 
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