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Market Commentary


 
 
Today's Coupons
 
  10-Year Notes   99-03 (+14)  
 
  FN 3.5% Coupon   102-23.5 (+05.5)  
 
  Support   2.913%  
 
  Resistance   1.697%  
 
 
 
 
  Friday, December 13, 2019
 
 

Treasury Yields Lower on Renewed Trade Jitters

 
 
Market opened today’s session with treasuries advancing across all maturities. 10-year Treasury yield is at 1.8591, 3.31 bps decreased from prior closing of 1.8922.

This morning was filled with mixed messages on trade. It was earlier reported that President Trump signed off on a phase-one trade deal with China, nullifying the introduction of further tariffs scheduled for Sunday, and cutting existing tariffs up to 50%. China remained silent on the news and President Trump disputed the reports, calling it fake news. US stocks tumbled and Treasuries edged higher as trade jitters rattled the market. With details of the deal still remaining up in the air, investors are anxiously awaiting further updates. In the UK, British Prime Minister Boris Johnson won a big majority in Parliament, putting the country on track to move forward with his Brexit plan next month. Elsewhere, WTI crude slightly advanced, trading above $59 a barrel this morning. In the economic calendar, the headline Import Price Index in November came in line with expectation of 0.20% vs. -0.50% prior. However, Retail Sales Advance dipped in November to 0.20% from revised prior of 0.40% vs. 0.50% consensus. Later today, New York Fed President Williams is scheduled to discuss monetary policy in New York.

The curve has bull-steepened with UST 10-Year yield down 3.31 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 103.00 104.70 102.40 -  
                   
  12/10 Nonfarm Productivity 05:30 3Q F -0.10% -0.20% -0.30% -  
                   
  12/11 MBA Mortgage Applications 04:00 6 Dec - 3.80% -9.20% -  
                   
  12/11 Real Avg Weekly Earnings YoY 05:30 Nov - 1.10% 0.90% 1.10%  
                   
  12/11 CPI MoM 05:30 Nov 0.20% 0.30% 0.40% -  
                   
  12/11 CPI YoY 05:30 Nov 2.00% 2.10% 1.80% -  
                   
  12/11 CPI Index NSA 05:30 Nov 257.213 257.208 257.346 -  
                   
  12/11 CPI Core Index SA 05:30 Nov 265.476 265.620 265.011 -  
                   
  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 -$206.2b - -$100.5b -  
                   
  12/12 PPI Final Demand MoM 05:30 Nov 0.20% 0.00% 0.40% -  
                   
  12/12 PPI Final Demand YoY 05:30 Nov 1.30% 1.10% 1.10% -  
                   
  12/12 Initial Jobless Claims 05:30 7 Dec 214k 252k 203k -  
                   
  12/12 Continuing Claims 05:30 30 Nov 1678k 1667k 1693k 1698k  
                   
  12/12 Bloomberg Consumer Comfort 06:45 8 Dec - 62.10 61.70 -  
                   
  12/13 Import Price Index MoM 05:30 Nov 0.20% 0.20% -0.50% -  
                   
  12/13 Import Price Index YoY 05:30 Nov -1.20% -1.30% -3.00% -  
                   
  12/13 Export Price Index MoM 05:30 Nov 0.10% 0.20% -0.10% -  
                   
  12/13 Export Price Index YoY 05:30 Nov - -1.30% -2.20% -2.30%  
                   
  12/13 Retail Sales Advance MoM 05:30 Nov 0.50% 0.20% 0.30% 0.40%
                   
 
 
 
 
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