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Market Commentary

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Market Commentary


 
Today's Coupons
 
  10-Year Notes   103-09 (-02)  
 
  FN 3.5% Coupon   99-16.5 (+01)  
 
  Support   3.237%  
 
  Resistance   2.721%  
 
 
 
 
Wednesday, December 26, 2018
 
 
Market opened today’s session with treasuries slightly lower10-Year treasury yield is at 2.7417, 0.34 bp decreased from prior closing of 2.7383.

US stocks futures advanced in volatile trading and the dollar also climbed as investors tried to bounce back from the turmoil in American markets following the Christmas break. Treasuries, however, inched lower this morning. On the other hand, the dispute over funding for border wall is showing no sign of reaching an agreement from both sides, and many believe that it is likely to stretch into 2019. The US Treasury is scheduled to auction off $41 Billion of 5-Year notes at 10:00 AM (PT).

In the economic calendar today, S&P Corelogic Case Shiller 20 City Home Composite Price Index rose 0.41% in October vs. 0.30% estimate and 0.73% revised prior. YoY change also came in higher than expected of 4.86% at 5.03% vs. 5.21% revised prior. The post crisis rate of increases in home prices decelerated into fourth quarter of 2014 and started stabilizing after its peak in late 2013. The October’s YoY measure marked the lowest since October 2016. Richmond Fed Manufacturing Index came in much lower than consensus of 15.00 at -8.00 vs. prior 14.00.

The curve has bear-flattened with UST 10-Year yield up 0.34 bp.
 
 
   
 
   
 
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% 0.41% 0.33% 0.73%  
                   
  12/26 S&P CoreLogic CS 20-City YoY NSA 06:00 Oct 4.86% 5.03% 5.15% 5.21%  
                   
  12/26 Richmond Fed Manufact. Index 07:00 Dec 15.00 -8.00 14.00 -  
                   
  12/27 Initial Jobless Claims 05:30 22 Dec 216k - 214k -  
                   
  12/27 Continuing Claims 05:30 15 Dec 1675k - 1688k -  
                   
  12/27 FHFA House Price Index MoM 06:00 Oct 0.30% - 0.20% -  
                   
  12/27 Bloomberg Consumer Comfort 06:45 23 Dec - - 58.80 -  
                   
  12/27 New Home Sales 07:00 Nov 566k - 544k -  
                   
  12/27 New Home Sales MoM 07:00 Nov 4.00% - -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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