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Market Commentary


 
Today's Coupons
 
  10-Year Notes   101-27 (+0.5)  
 
  FN 3.5% Coupon   98-25 (+03)  
 
  Support   3.237%  
 
  Resistance   2.829%  
 
 
 
 
Thursday, December 13, 2018
 
 
Market opened today’s session with treasuries rallying across all maturities. 10-Year treasury yield is at 2.9041, 0.55 bp decreased from prior closing of 2.9096.

Both treasuries and US equity futures inched higher today as investors weighed the latest trade developments between the US and China. Stocks fluctuated early during the overnight session but gained traction following the news that Chinese importers resumed buying US soybeans. China also confirmed their willingness to negotiate details of the deal but Trump administration officials said yesterday that Beijing would have to do more to end the tariff war. Treasuries and the US dollar also gained this morning as US Jobless Claims came in lower than consensus. The US Treasury is scheduled to auction off $16 Billion of 30 Year bonds at 10:00 AM (PT) today. The WTI crude slipped below $51 a barrel.

In the economic calendar today, Import Price Index for November declined 1.60% vs. prior of 0.50% increase due to dollar strengthening. Initial Jobless Claims came in lower than expected at 206K vs. 226K consensus and vs. 233K prior revised although California, Pennsylvania, and New York saw some noticeable increases in their claims. On the contrary, Continuing Claims printed higher at 1661K than 1649k consensus and 1636K prior revised. Lastly, Bloomberg Consumer Comfort came in at 59.40 vs. 60.30 prior.

The curve has bull-steepened with UST 10-Year yield down 0.55 bp.
 
 
   
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  12/10 JOLTS Job Openings 07:00 Oct 7100 7079 7009 6960  
                   
  12/11 NFIB Small Business Optimism 03:00 Nov 107.00 104.80 107.40 -  
                   
  12/11 PPI Final Demand MoM 05:30 Nov 0.00% 0.10% 0.60% -  
                   
  12/11 PPI Final Demand YoY 05:30 Nov 2.50% 2.50% 2.90% -  
                   
  12/12 MBA Mortgage Applications 04:00 7 Dec - 1.60% 2.00% -  
                   
  12/12 CPI MoM 05:30 Nov 0.00% 0.00% 0.30% -  
                   
  12/12 CPI YoY 05:30 Nov 2.20% 2.20% 2.50% -  
                   
  12/13 Import Price Index MoM 05:30 Nov -1.00% -1.60% 0.50% -  
                   
  12/13 Import Price Index YoY 05:30 Nov 1.30% 0.70% 3.50% 3.30%  
                   
  12/13 Export Price Index MoM 05:30 Nov -0.30% -0.90% 0.40% 0.50%  
                   
  12/13 Export Price Index YoY 05:30 Nov - 1.80% 3.10% -  
                   
  12/13 Initial Jobless Claims 05:30 8 Dec 226k 206k 231k 233k  
                   
  12/13 Continuing Claims 05:30 1 Dec 1649k 1661k 1631k 1636k  
                   
  12/13 Bloomberg Consumer Comfort 06:45 9 Dec - 59.40 60.30 -  
                   
  12/13 Monthly Budget Statement 11:00 Nov -$199.00b - -$100.50b -  
                   
  12/14 Retail Sales Advance MoM 05:30 Nov 0.10% - 0.80% -  
                   
  12/14 Industrial Production MoM 06:15 Nov 0.30% - 0.10% -  
                   
  12/14 Capacity Utilization 06:15 Nov 78.60% - 78.40% -  
                   
  12/14 Markit US Services PMI 06:45 Dec P 54.60 - 54.70 -  
                   
  12/14 Business Inventories 07:00 Oct 0.60% - 0.30% -  
                   
 
 
 
 
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