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Market Commentary

Market Commentary

Today's Coupons
  10-Year Notes   99-21.5 (-04)  
  FN 3.5% Coupon   99-05.5 (-02)  
  Support   3.111%  
  Resistance   2.759%  
Friday, June 22, 2018
Treasuries are lower across the curve this morning from yesterday’s close. The UST 10-Year yield is currently at 2.910% after closing at 2.898% prior.

Yesterday Treasuries rallied as trade anxieties reemerged and U.S. equities slid which sent investors in search for safe-haven assets. Most of those gains were reversed overnight and into the open on news that OPEC has reached an agreement in principal to boost its oil production to overcome Iran’s threats to deny any supply hike. Trade tensions have also eased from reports that some White House officials were attempting to restart talks with China before U.S. tariffs on Chinese products take effect in July. Oil prices advanced, U.S. Stocks rose, while the dollar inched lower with Treasuries.

This week’s economic calendar concludes with the preliminary reporting of Markit US Manufacturing PMI for June, which came in lower than expected at 54.60 versus a reading level of 56.10 per consensus. Markit US Services PMI came in line with expectations which slightly dropped to 56.50 following an unrevised reading level of 56.80 prior. Lastly, the Markit US Composite PMI also cooled its reading level down to 56.00 from its prior level of 56.60.

The curve has bear-steepened with the UST 10-Year yield up 1.2 bps from prior closing.

Have A Beautiful Weekend!
This Week's Events
  06/18 NAHB Housing Market Index 07:00 Jun 70.00 68.00 70.00 -  
  06/19 Housing Starts 05:30 May 1311k 1350k 1287k 1286k  
  06/19 Housing Starts MoM 05:30 May 1.90% 5.00% -3.70% -3.10%  
  06/19 Building Permits 05:30 May 1350k 1301k 1352k 1364k  
  06/19 Building Permits MoM 05:30 May -1.00% -4.60% -1.80% -0.90%  
  06/20 MBA Mortgage Applications 04:00 15 Jun - 5.10% -1.50% -  
  06/20 Existing Home Sales 07:00 May 5.52m 5.43m 5.46m 5.45m  
  06/20 Existing Home Sales MoM 07:00 May 1.10% -0.40% -2.50% -2.70%  
  06/21 Initial Jobless Claims 05:30 16 Jun 220k 218k 218k 221k  
  06/21 Continuing Claims 05:30 9 Jun 1710k 1723k 1697k 1701k  
  06/21 Philadelphia Fed Business Outlook 05:30 Jun 29.00 19.90 34.40 -  
  06/21 FHFA House Price Index MoM 06:00 Apr 0.50% 0.10% 0.10% 0.20%  
  06/21 Bloomberg Consumer Comfort 06:45 17 Jun - 56.50 55.80 -  
  06/21 Leading Index 07:00 May 0.40% 0.20% 0.40% -  
  06/22 Markit US Manufacturing PMI 06:45 Jun P 56.10 54.60 56.40 -  
  06/22 Markit US Services PMI 06:45 Jun P 56.50 56.50 56.80 -  
  06/22 Markit US Composite PMI 06:45 Jun P - 56.00 56.60 -  
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