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Market Commentary

Market Commentary

Today's Coupons
  10-Year Notes   1.356%  
  Support   1.597%  
  Resistance   1.387%  
  FN 2.5% Coupon   103.500 (-0.016)  
  Tuesday, July 13, 2021

U.S. Futures fall, Dollar Gains

The Market opened today's session with treasuries lower across all maturities. The 10-year Treasury yield is currently at 1.3695, 0.5 bps higher than prior closing of 1.3645.

U.S futures show a decline after a significant rise in consumer inflation. The consumer price index jumped 0.90% in June, the most since 2008, surpassing all forecasts and showing higher costs associated with the reopening of the economy. Inflation-adjusted average hourly earnings fell 1.70% in June as the wage growth is steady whereas consumer prices are rising rapidly. Oil remains unchanged. PepsiCo Inc. jumped after having the fastest sales growth in at least a decade. Energy and financial heavy S&P 500 lower after two consecutive all time high trading sessions. JPMorgan Chase & Co. and Goldman Sachs Group Inc. showed mixed results due to significant decline in trading revenue. The dollar gained, while yields on shorter-maturity Treasury rose. U.S. Small-Business Optimism Index increased to an Eight-Month High on the expectation of opening of economy, expansion plans and increase in hiring. U.S. PPI index numbers are expected to be released tomorrow.

The curve has bear-flattened with the UST 10-Year yield up 0.5 bps.

This Week's Events
  07/13 NFIB Small Business Optimism 03:00 Jun 99.50 102.50 99.60 -  
  07/13 CPI MoM 05:30 Jun 0.50% 0.90% 0.60% -  
  07/13 CPI YoY 05:30 Jun 4.90% 5.40% 5.00% -  
  07/13 CPI Index NSA 05:30 Jun 270.713 271.696 269.195 -  
  07/13 CPI Core Index SA 05:30 Jun 277.034 278.140 275.718 -  
  07/14 MBA Mortgage Applications 04:00 9 Jul - - -1.80% -  
  07/14 PPI Final Demand MoM 05:30 Jun 0.60% - 0.80% -  
  07/14 PPI Final Demand YoY 05:30 Jun 6.70%   6.60%    
  07/15 Initial Jobless Claims 05:30 10 Jul 350k - 373k -  
  07/15 Continuing Claims 05:30 3 Jul 3300k - 3339k -  
  07/16 U. of Mich. Sentiment 07:00 Jul P 86.50 - 85.50 -
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