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Market Commentary

Market Commentary

Today's Coupons
  10-Year Notes   99-17.5 (00)  
  FN 3.5% Coupon   99-03 (-01.5)  
  Support   3.111%  
  Resistance   2.759%  
Friday, June 08, 2018
Treasuries are lower across the curve this morning from yesterday’s close. The UST 10-Year yield is currently at 2.934% after closing at 2.921% prior. 
Treasury yields inched higher this morning ahead of the scheduled G-7 summit where trade disputes are expected to display a divide between the U.S. and its longtime allies due to the issue on tariffs. French President Emmanuel Macron and Canadian Prime Minister Justin Trudeau are both expected to confront President Trump regarding his recent decision to impose tariffs on U.S. allies. The summit is scheduled to conclude towards the later part of Saturday, but President Trump announced that he will leave the summit early to prepare for his summit in Singapore with North Korean leader Kim Jong Un on Tuesday.
The April Wholesale Inventories rose 0.10% month-over-month as inventories increased to $630.20 Billion from $629.20 Billion in March. Wholesale Trade Sales rose 0.80% in April following an upwardly revised 0.40% increase prior. The two-day June FOMC meeting will begin on Tuesday with the announcement of its decision to raise or hold interest rates scheduled for Wednesday.
The curve has bear-flattened with the UST 10-Year yield up 1.3 bps from prior closing.
Have A Lovely Weekend!
This Week's Events
  06/04 Factory Orders 07:00 Apr -0.50% -0.80% 1.60% 1.70%  
  06/04 Durable Goods Orders 07:00 Apr F - -1.60% -1.70% -  
  06/04 Durables Ex Transportation 07:00 Apr F - 0.90% 0.90% -  
  06/05 Markit US Services PMI 06:45 May F 55.70 56.80 55.70 -  
  06/05 Markit US Composite PMI 06:45 May F - 56.60 55.70 -  
  06/05 JOLTS Job Openings 07:00 Apr 6350 6698 6550 6633  
  06/06 MBA Mortgage Applications 04:00 1 Jun - 4.10% -2.90% -  
  06/06 Nonfarm Productivity 05:30 1Q F 0.60% 0.40% 0.70% -  
  06/06 Unit Labor Costs 05:30 1Q F 2.80% 2.90% 2.70% -  
  06/06 Trade Balance 05:30 Apr -$49.00b -$46.20b -$49.00b -$47.20b  
  06/07 Initial Jobless Claims 05:30 2 Jun 220k 222k 221k 223k  
  06/07 Continuing Claims 05:30 26 May 1735k 1741k 1726k 1720k  
  06/07 Bloomberg Consumer Comfort 06:45 3 Jun - 54.80 55.20 -  
  06/08 Wholesale Trade Sales MoM 07:00 Apr - 0.80% 0.30% 0.40%  
  06/08  Wholesale Inventories MoM 07:00 Apr F 0.00% 0.10% 0.00% -  
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