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Market Commentary


 
Today's Coupons
 
  10-Year Notes   103-01.5 (+05)  
 
  FN 3.5% Coupon   99-14.5 (+03.5)  
 
  Support   3.237%  
 
  Resistance   2.748%  
 
 
 
 
Monday, December 24, 2018
 
 
Market opened today’s session with treasuries rallying across all maturities10-Year treasury yield is at 2.7596, 3.06 bps decreased from prior closing of 2.7902.

President Trump and Congress failed to break an impasse over the funding for border wall last Friday and many presume that it is very possible for this shutdown to go into the new Congress which starts on January 3rd 2019. The S&P is down 17.00% from its record and it may reach the steepest quarterly drop in a decade if the turmoil continues. Treasury Secretary Mnuchin held calls on Sunday with the heads of the six largest US banks to placate markets. On the other hand, China announced another round of tariff cuts on more than 700 goods in efforts to stimulate its economy. Treasuries edged higher this morning with its market closing early at 11:00 AM (PT) today ahead of Christmas.

We only have one economic data released today; Chicago Fed National Activity Index. It topped estimate of 0.20 at 0.22 in November with prior revised to 0.00 from 0.24. 48 of the 85 monthly individual indicators made positive contributions while 37 were negative. The US Treasury is scheduled to auction off $40 Billion of 2-Year notes at 8:30 AM (PT).

The curve has bull-steepened with UST 10-Year yield down 3.06 bps.
 
 
   
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  12/24 Chicago Fed Nat Activity Index 05:30 Nov 0.20 0.22 0.24 0.00  
                   
  12/25 No Data - - - - - -  
                   
  12/26 S&P CoreLogic CS 20-City MoM SA 06:00 Oct 0.30% - 0.33% -  
                   
  12/26 S&P CoreLogic CS 20-City YoY NSA 06:00 Oct 4.75% - 5.15% -  
                   
  12/26 Richmond Fed Manufact. Index 07:00 Dec 15.00 - 14.00 -  
                   
  12/27 Initial Jobless Claims 05:30 22 Dec 216k - 214k -  
                   
  12/27 Continuing Claims 05:30 15 Dec 1673k - 1688k -  
                   
  12/27 FHFA House Price Index MoM 06:00 Oct 0.20% - 0.20% -  
                   
  12/27 Bloomberg Consumer Comfort 06:45 23 Dec - - 58.80 -  
                   
  12/27 New Home Sales 07:00 Nov 567k - 544k -  
                   
  12/27 New Home Sales MoM 07:00 Nov 4.20% - -8.90% -  
                   
  12/28 Wholesale Inventories MoM 05:30 Nov P 0.50% - 0.80% -  
                   
  12/28 Pending Home Sales MoM 07:00 Nov 1.00% - -2.60% -  
                   
  12/28 Pending Home Sales NSA YoY 07:00 Nov - - -4.60% -  
                   
 
 
 
 
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