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Market Commentary


 

 
Today's Coupons
 
  10-Year Notes   97-20 (+05.5)  
 
  FN 2.5% Coupon   103-19 (+07.5)  
 
  Support   2.148%  
 
  Resistance   0.599%  
 
 
 
 
  Monday, June 8, 2020
 
 

Treasury Yields Slightly Lower as Stocks Gain on Economic Recovery

 
 
Market opened today’s session with treasuries edging higher across all maturities. 10-year Treasury yield is at 0.8718, 2.33 bps decreased from prior closing of 0.8951.

US stocks rose this morning as easing lockdowns continued to boost optimism over the economic recovery. The gain in stocks were led by airlines, retailers, and cruise lines. Tech companies that benefited from the quarantine such as Netflix and Zoom Video, however, lagged this morning. Treasuries rebounded while the dollar headed for its longest losing streak in almost a decade. The dollar retreated to the level before the rush to safe haven from the pandemic. Elsewhere, WTI crude slumped even after OPEC+ agreed to extend the production cuts by another month to counter the oil price crash caused by the pandemic. In corporate news, it was reported that AstraZeneca Plc and Gilead Sciences Inc., the two most prominent drugmakers in the coronavirus outbreak, are looking into the possibility of pursuing a merger. With no economic event scheduled for today, investors will turn their focus to the Fed’s policy decision on Wednesday where maintaining the current rates is widely expected and the press conference with Fed Chair Powell.

The curve has bull-flattened with UST 10-Year yield down 2.33 bps.

 
 
   
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  06/08 No Data - - - - - -  
                   
  06/09 NFIB Small Business Optimism 03:00 May 92.50 - 90.90 -  
                   
  06/09 JOLTS Job Openings 07:00 Apr 5750 - 6191 -  
                   
  06/10 MBA Mortgage Applications 04:00 5 Jun - - -3.90% -  
                   
  06/10 CPI MoM 05:30 May 0.00% - -0.80% -  
                   
  06/10 CPI YoY 05:30 May 0.30% - 0.30% -  
                   
  06/10 CPI Index NSA 05:30 May 256.740 - 256.389 -  
                   
  06/10 CPI Core Index SA 05:30 May 265.601 - 265.601 -  
                   
  06/10 Real Avg Weekly Earnings YoY 05:30 May - - 6.90% 7.00%  
                   
  06/10 Monthly Budget Statement 11:00 May -$585.0b - -$737.9b -  
                   
  06/11 PPI Final Demand MoM 05:30 Apr 0.10% - -1.30% -  
                   
  06/11 PPI Final Demand YoY 05:30 Apr -1.20% - -1.20% -  
                   
  06/11 Initial Jobless Claims 05:30 6 Jun 1550k - 1877k -  
                   
  06/11 Continuing Claims 05:30 30 May 20000k - 21487k -  
                   
  06/11 Bloomberg Consumer Comfort 06:45 7 Jun - - 37.00 -  
                   
  06/12 Import Price Index MoM 05:30 May -0.30% - -0.50% -  
                   
  06/12 Import Price Index YoY 05:30 May -6.30% - -6.80% -  
                   
  06/12 Export Price Index MoM 05:30 May 0.70% - -3.30% -  
                   
  06/12 Export Price Index YoY 05:30 May - - -7.00% -  
                   
  06/12 U. of Mich. Sentiment 07:00 Jun P 75.00 - 72.30 -
                   
 
 
 
 
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