US Treasuries
- 1st daily support is 4.31/4.315 56% to hold
- 2nd daily support is 4.33/4.34
- 1st weekly support at 4.31/4.34 50% to hold
- 1st monthly support at 4.465/4.495 50% to hold
- 1st daily resistance is 4.245/4.25 80% to hold
- 2nd daily resistance is 4.22/4.225
- 1st weekly resistance at 4.17/4.19
- 1st monthly resistance at 4.095/4.125 50% to hold
On Deck Tomorrow: Wednesday, 4/22/26, $13 billion UST 20y Bond (Reopening)
Bloomberg: Here Are the Key Takeaways From Kevin Warsh’s Fed Confirmation Hearing
Bloomberg: Fed’s Waller Calls for Shakeup of Central Bank’s Operations
Join Us For Our Next Conference Call on Thursday, April 23rd, Featuring Jim Bianco
Intraday Commentary From Jim Bianco
Decent Beat: *US MARCH RETAIL SALES RISE 1.7% M/M; EST. +1.4%
The control group comprises the components of retail sales that go into GDP (the remaining components are accounted for in GDP via other reports).
Big beat!: *US MARCH RETAIL ‘CONTROL GROUP’ SALES RISE 0.7% M/M; EST. +0.2%
How lethal are drones?
13 US solders have been killed. 6 via drones; 1 via missile; 6 via refueling plane crash (accident)
Drones blew up planes on the tarmac in Saudi Arabia. They destroyed US airbases in Iraq and Kuwait and the US says they are “uninhabitable.”
Drones are 90% of the Ariel weapons fired at the US and the other gulf states.
But read the press and they talk about sea mines and ballistic missiles. This disconnect is staggering.
Headline ping pong continues: Vance will depart for Islamabad on Wednesday morning – CNN
This was good for a quick 40-handle rally in the S&P. The market is desperate for a deal. They priced in the end of the war and they do not want to price it out.
In the News
Upcoming US Treasury Supply
Upcoming Economic Releases & Fed Speak
- 4/18/2026 – 4/30/2026: Fed’s External Communications Blackout
- 4/22/2026 at 07:00am EST: MBA Mortgage Applications
- 4/23/2026 at 08:30am EST: Chicago Fed Nat Activity Index / Initial Jobless Claims
- 4/23/2026 at 08:30am EST: Initial Jobless Claims 4-Wk Moving Avg / Continuing Claims
- 4/23/2026 at 09:45am EST: S&P Global U.S. Manufacturing PMI / S&P Global U.S. Services PMI / S&P Global U.S. Composite PMI
- 4/23/2026 at 11:00am EST: Kanas City Fed Manf. Activity
- 4/24/2026 at 06:00am EST: Bloomberg April United States Economic Survey
- 4/24/2026 at 10:00am EST: U. of Mich. Sentiment / U. of Mich. Current Conditions / U. of Mich. Expectations
- 4/24/2026 at 10:00am EST: U. of Mich. 1 Yr Inflation / U. of Mich. 5-10 Yr Inflation
- 4/24/2026 at 11:00am EST: Kansas City Fed Services Activity
- 4/27/2026 at 10:30am EST: Dallas Fed Manf. Activity
- 4/28/2026 at 08:15am EST: ADP Weekly Employment Change
- 4/28/2026 at 09:00am EST: FHFA House Price Index MoM
- 4/28/2026 at 09:00am EST: S&P Cotality CS 20-City MoM and YoY NSA / US HPI YoY NSA
- 4/28/2026 at 10:00am EST: Richmond Fed Manufact. Index and Business Conditions
- 4/28/2026 at 10:00am EST: Conf. Board Consumer Confidence / Present Situation / Expectations
- 4/28/2026 at 10:00am EST: Dallas Fed Services Activity
Upcoming Earnings Releases for Wednesday April 22, 2026
Noteworthy Before-the-Open Earnings Releases
Noteworthy After-the-Close Earnings Releases
