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Market Commentary

Market Commentary

Today's Coupons
  10-Year Notes   99-29 (+06)  
  FN 3.5% Coupon   100-11.5 (+03)  
  Support   3.237%  
  Resistance   2.622%  
Friday, February 08, 2019
Market opened today’s session with treasuries rallying across all maturities. 10-year treasury yield is at 2.6286, 2.86 bps decreased from prior closing of 2.6572.

Growing concerns over slowdown in the global economy and unlikeliness of reaching a deal with China before the truce expiration in March seemed to linger this morning and US stocks fell for a third day. Treasuries advanced and WTI crude held near $53 a barrel. Hasbro tumbled after posting fourth quarter earnings which missed estimates by a wide margin. Amazon also edged lower as the feud between its CEO Jeff Bezos and President Trump intensified from Bezo’s blackmail claim against National Enquirer. President Trump is facing cascading deadlines next couple weeks; February 15th to resolve the border wall dispute with lawmakers to keep the government funded and March 1st to reach a deal with China. The US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin will be in Beijing for a third round of negotiations next week but it was reported that a meeting between the two leaders won’t take place before the deadline.

There is no economic data scheduled for today. San Francisco Fed President Daly is scheduled to speak at Economic Forecast Conference at 10:15 AM (PT) today.

The curve has bull-flattened with UST 10-year yield down 2.86 bps.
This Week's Events
  02/04 Factory Orders 07:00 Nov 0.30% -0.60% -2.10% -  
  02/04 Durable Goods Orders 07:00 Nov F 1.50% 0.70% 0.80% -  
  02/04 Durables Ex Transportation 07:00 Nov F 0.00% -0.40% -0.30% -  
  02/05 Markit US Services PMI 06:45 Jan F 54.20 54.20 54.20 -  
  02/05 Markit US Composite PMI 06:45 Jan F - 54.40 54.50 -  
  02/06 MBA Mortgage Applications 04:00 1 Feb - -2.50% -3.00% -
  02/07 Initial Jobless Claims 05:30 2 Feb 221k 234k 253k -  
  02/07 Continuing Claims 05:30 26 Jan 1733k 1736k 1782k 1778k  
  02/07 Bloomberg Consumer Comfort 06:45 3 Feb - 58.20 57.40 -  
  02/08 No Data - - - - - -  
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