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Market Commentary


 
Today's Coupons
 
  10-Year Notes   101-31.5 (+05.5)  
 
  FN 3.5% Coupon   98-25 (+02)  
 
  Support   3.237%  
 
  Resistance   2.829%  
 
 
 
 
Friday, December 14, 2018
 
 
Market opened today’s session with treasuries rallying across all maturities. 10-Year treasury yield is at 2.8949, 1.82 bps decreased from prior closing of 2.9131.

Treasuries and US dollar gained overnight and extended its rally this morning whereas US equity futures dropped as Asian stocks retreated overnight after Chinese economic data reinforced concerns about their economic slump. Elsewhere, WTI crude edged lower again this morning. Next week will be an eventful week; the final FOMC meeting of 2018 will be held from Tuesday to Wednesday. The rate decision on Wednesday will be followed by a press conference with Fed Chair Powell. Also, if lawmakers fail to agree on funds for the border wall by December 21st, a partial government shutdown could take place.

According to the data released today, consumer spending to date has been fairly robust. November Retail Sales headline showed 0.20% increase and Retail Sales Excluding Autos printed 0.20% increase as well, compared to estimates of 0.10% and 0.20%, respectively. US Industrial Production increased 0.60% in November, following a downward revision to -0.20% in October. The November Capacity Utilization came in at 78.50% vs. 78.60% consensus call and 78.10% revised prior. Both Markit Composite PMI and Manufacturing PMI came in lower at 53.60 and 53.90 than prior numbers of 54.70 and 55.30, respectively.

The curve has bull-steepened with UST 10-Year yield down 1.82 bps.

Have A Nice Weekend!
 
 
   
 
   
 
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 -$204.90b -$100.50b -  
                   
  12/14 Retail Sales Advance MoM 05:30 Nov 0.10% 0.20% 0.80% 1.10%  
                   
  12/14 Industrial Production MoM 06:15 Nov 0.30% 0.60% 0.10% -0.20%  
                   
  12/14 Capacity Utilization 06:15 Nov 78.60% 78.50% 78.40% 78.10%  
                   
  12/14 Markit US Services PMI 06:45 Dec P 54.60 53.40 54.70 -  
                   
  12/14 Business Inventories 07:00 Oct 0.60% - 0.30% -  
                   
 
 
 
 
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