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Market Commentary

Market Commentary

Today's Coupons
  10-Year Notes   1.346%  
  Support   1.597%  
  Resistance   1.387%  
  FN 2.5% Coupon   103.594 (00)  
  Thursday, July 15, 2021

Treasury Yields & Futures Slip, Unemployment Insurance Applications Fell

The Market opened today's session with treasuries higher across all maturities. The 10-year Treasury yield is currently at 1.3223, 2.36 bps lower than prior closing of 1.3459.

U.S. futures fell as the investors are concerned about decline in growth in China and Federal Reserve Chair Jerome Powell’s diplomatic stand despite having a positive stand by global central banks. Contracts on the S&P 500 Index slipped, while Nasdaq 100 Index futures were little changed. Energy shares dragged Europe's Stoxx 600 for a second day. The Federal Reserve Bank of New York’s general business conditions index increased to 43 from 17.4 a month earlier. U.S. state unemployment insurance applications fell to pandemic low as business conditions are improving. As per the data received from the Labor Department, Initial claims in regular state programs decreased by 26,000 to 360,000 in the week ended July 10. U.S. June Import Prices Rose 1.00% MoM and 11.20% YoY whereas Export prices rose 1.20% MoM and 16.80% from previous year. The Langer Weekly Consumer Comfort index fell to 52.20 in the week ending July 11 from 53.30 a week earlier along with the Personal Finance index fell to 63.40 from 65.20.

The curve has bull-flattened with the UST 10-Year yield down 2.36 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 - 16.00% -1.80% -  
  07/14 PPI Final Demand MoM 05:30 Jun 0.60% 1.00% 0.80% -  
  07/14 PPI Final Demand YoY 05:30 Jun 6.70% 7.30% 6.60%    
  07/15 Initial Jobless Claims 05:30 10 Jul 350k 360k 373k 386k  
  07/15 Continuing Claims 05:30 3 Jul 3300k 3241k 3339k 3367k  
  07/16 U. of Mich. Sentiment 07:00 Jul P 86.50 - 85.50 -
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