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Market Commentary

Market Commentary

Today's Coupons
  10-Year Notes   103-04 (+04.5)  
  FN 3.5% Coupon   102-11 (+02.5)  
  Support   3.237%  
  Resistance   1.939%  
Monday, July 08, 2019
Treasury Yields Lower as Tech Shares Slide
Market opened today’s session with treasuries advancing across all maturities. 10-Year Treasury yield is at 2.0147, 1.91 bps decreased from prior closing of 2.0338.

US stock futures fell and Treasuries rallied this morning as Apple led the sell-off in the broader tech sector while investors braced themselves for the testimony from Fed Chair Powell on Wednesday. Powell’s testimony before the House Financial Services Committee will be particularly crucial as the jobs report last week came in stronger than expected which may have affected the prospect of lowering interest rate this month. The Fed said last month that it would act as appropriate to maintain the current economic expansion which has been the longest ever in history on record. The Fed minutes from the last meeting will also be released on Wednesday. In the UK, the Conservative Party members will start voting today to choose Theresa May’s successor. Elsewhere, WTI crude fluctuated amid heightened geopolitical risks in the Middle East, trading slightly below $58 a barrel this morning. Later today, the US Treasury is scheduled to auction off $36 billion of 3-month bills and $36 billion of 6-month bills at 8:30 AM (PT), and Consumer Credit data will be released at 12:00 PM (PT).

The curve has bull-flattened with UST 10-Year yield down 1.91 bps.
This Week's Events
  07/08 Consumer Credit 12:00 May $17.000b - $17.497b -  
  07/09 NFIB Small Business Optimism 03:00 Jun 103.10 - 105.00 -  
  07/09 JOLTS Job Openings 07:00 May 7473 - 7449 -  
  07/10 MBA Mortgage Applications 04:00 5 Jul - - -0.10% -  
  07/10 Wholesale Trade Sales MoM 07:00 May 0.30% - -0.40% -  
  07/10 Wholesale Inventories MoM 04:00 May F 0.40% - 0.40% -  
  07/10 FOMC Meeting Minutes 11:00 19 Jun - - - -  
  07/11 CPI MoM 05:30 Jun 0.00% - 0.10% -  
  07/11 CPI YoY 05:30 Jun 1.60% - 1.80% -  
  07/11 Initial Jobless Claims 05:30 6 Jul 221k - 221k -  
  07/11 Continuing Claims 05:30 29 Jun 1683k - 1686k -  
  07/11 Bloomberg Consumer Comfort 06:45 7 Jul - - 62.60 -  
  07/11 Monthly Budget Statement 11:00 Jun -$12.50b - -$207.80b -  
  07/12 PPI Final Demand MoM 05:30 Jun 0.00% - 0.10% -  
  07/12 PPI Final Demand YoY 05:30 Jun 1.60% - 1.80% -
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