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Market Commentary


 
 
Today's Coupons
 
  10-Year Notes   99-11 (+07)  
 
  FN 3.5% Coupon   103-00.5 (00)  
 
  Support   2.784%  
 
  Resistance   1.721%  
 
 
 
 
  Tuesday, January 14, 2020
 
 

Treasury Yields Lower as Earnings Season Kicks Off

 
 
Market opened today’s session with treasuries edging higher across all maturities. 10-year Treasury yield is at 1.8231, 2.28 bps decreased from prior closing of 1.8459.

US stock index futures fluctuated this morning as investors awaited signing of the phase one deal tomorrow. Corporate earnings season also officially kicked off with JP Morgan Chase posting stronger-than-expected quarterly earnings and revenue as well as annual profits that reached a record level. Delta Air Line also posted results topping estimates, resulting gains for both companies in the premarket. Despite of their strong results, expectations among investors for the corporate earnings stayed dimmed. On the trade front, with signing of the phase one deal scheduled to take place tomorrow, Washington lifted China off its watch list of currency manipulators, pushing the yuan to its strongest level in almost six months. Elsewhere, WTI slightly advanced this morning after days of losing streak, trading above $58 a barrel.

NFIB Small Business Optimism in December slid to 102.70 from 104.70 prior vs. 104.60 consensus. Economic growth appears to have slowed at year end last year and economists now project it to be weaker in 2020. Both the headline and the core CPI readings slightly edged lower in December to 0.20% and 0.10% from 0.30% and 0.20% prior, respectively. Later today, Kansas City Fed President George is scheduled to discuss her economic and monetary policy outlook at her bank at 10:00 AM (PT).

The curve has bull-flattened with UST 10-Year yield down 2.28 bps.

 
 
   
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  01/13 Monthly Budget Statement 11:00 Dec -$15.00b -13.30b -$13.50b -  
                   
  01/14 NFIB Small Business Optimism 03:00 Dec 104.60 102.70 104.70 -  
                   
  01/14 Real Avg Weekly Earnings YoY 05:30 Dec - 0.00% 1.10% 0.80%  
                   
  01/14 CPI MoM 05:30 Dec 0.30% 0.20% 0.30% -  
                   
  01/14 CPI YoY 05:30 Dec 2.40% 2.30% 2.10% -  
                   
  01/14 CPI Index NSA 05:30 Dec 257.169 256.974 257.208 -  
                   
  01/14 CPI Core Index SA 05:30 Dec 266.111 265.921 265.620 -  
                   
  01/15 MBA Mortgage Applications 04:00 10 Jan - - 13.50% -  
                   
  01/15 PPI Final Demand MoM 05:30 Dec 0.20% - 0.00% -  
                   
  01/15 PPI Final Demand YoY 05:30 Dec 1.30% - 1.10% -  
                   
  01/15 Empire Manufacturing 05:30 Jan 3.60 - 3.50 -  
                   
  01/16 Initial Jobless Claims 05:30 11 Jan 218k - 214k -  
                   
  01/16 Continuing Claims 05:30 4 Jan 1740k - 1803k -  
                   
  01/16 Retail Sales Advance MoM 05:30 Dec 0.30% - 0.20% -  
                   
  01/16 Import Price Index MoM 05:30 Dec 0.30% - 0.20% -  
                   
  01/16 Import Price Index YoY 05:30 Dec 0.50% - -1.30% -  
                   
  01/16 Export Price Index MoM 05:30 Dec 0.20% - 0.20% -  
                   
  01/16 Export Price Index YoY 05:30 Dec - - -1.30% -  
                   
  01/17 Building Permits 05:30 Dec 1460k - 1482k 1482k  
                   
  01/17 Building Permits MoM 05:30 Dec -1.50% - 1.40% 1.40%  
                   
  01/17 Housing Starts 05:30 Dec 1380k - 1365k -  
                   
  01/17 Housing Starts MoM 05:30 Dec 1.10% - 3.20% -  
                   
  01/17 Capacity Utilization 06:15 Dec 77.10% - 77.30% -  
                   
  01/17 U. of Mich. Sentiment 07:00 Jan P 99.30 - 99.30 -  
                   
  01/17 JOLTS Job Openings 07:00 Nov 7255 - 7267 -
                   
 
 
 
 
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