Daily Market Commentary

January 7, 2019

Bonds
Treasuries are near session highs as U.S. session gets underway, following soft European equity open in which the Asia-session stock surge was erased; long end outperforms, flattening 5s30s by over 2bp and extending the trend since Friday's open.

Economy
Labor Department figures on Friday showed the participation rate, or share of working-age people in the labor force, rose in December to 63.1 percent, matching the highest level since 2013.

Global
German factory orders fell more than expected in November, though the numbers were distorted by airplane orders that masked signs of underlying momentum. Orders slid 1 percent from October, and posted a year-on-year decline of 4.3 percent.

The information represented herein was obtained from various sources, which we believe to be reliable. Neither the information presented nor opinions expressed constitutes an offer to buy or sell any security. And it is not intended to guide the investor on which securities to buy or sell.

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