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Market Commentary


 
Today's Coupons
 
  10-Year Notes   98-07 (-13.5)  
 
  FN 3.5% Coupon   102-17.5 (-06)  
 
  Support   2.497%  
 
  Resistance   2.310%  
 
 
 
 
Tuesday, January 02, 2018
 
 
Today’s session opened with Treasuries lower than Friday. The yield on the UST 10-Year is currently at 2.453% after closing at 2.406% during the prior session.

The economic calendar for the first week of the New Year kicked off today with the Markit Manufacturing PMI. The index’s forecast December print came in today at 55.10, marginally above expectations of 55.00 and its 55.00 prior. The calendar continues tomorrow with MBA Mortgage Applications, Construction Spending and the minutes release of the FOMC’s December 13 meeting. On Thursday, January 4, St. Louis Fed President James Bullard is scheduled to deliver a keynote address at a conference in Philadelphia. 

Meanwhile, legislative leaders will resume negotiations this week to produce a bill that funds federal government spending before the current January 19 debt ceiling deadline.

The curve has bear-steepened with the UST 10-Year yield up 4.7 bps from prior closing.
 
 
   
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  01/01 No Data - - - - - -  
                   
  01/02 Markit US Manufacturing PMI 06:45 Dec F 55.00 55.10 55.00 -  
                   
  01/03 MBA Mortgage Applications 04:00 29 Dec - - -4.90% -  
                   
  01/03 Construction Spending MoM 07:00 Nov 0.50% - 1.40% -  
                   
  01/03 ISM Manufacturing 07:00 Dec 58.20 - 58.20 -  
                   
  01/03 ISM Prices Paid 07:00 Dec 64.50 - 65.50 -  
                   
  01/03 FOMC Meeting Minutes 11:00 13 Dec - - - -  
                   
  01/04 Challenger Job Cuts YoY 04:30 Dec - - 30.10% -  
                   
  01/04 ADP Employment Change 05:15 Dec 190k - 190k -  
                   
  01/04 Initial Jobless Claims 05:30 30 Dec 242k - 245k -  
                   
  01/04 Continuing Claims 05:30 23 Dec - - 1943k -  
                   
  01/04 Markit US Services PMI 06:45 Dec F 52.50 - 52.40 -  
                   
  01/04 Markit US Composite PMI 06:45 Dec F - - 53.00 -  
                   
  01/04 Bloomberg Consumer Comfort 06:45 31 Dec - - 52.40 -  
                   
  01/05 Change in Nonfarm Payrolls 05:30 Dec 190k - 228k -  
                   
  01/05 Labor Force Participation Rate 05:30 Dec - - 62.70% -  
                   
  01/05 Unemployment Rate 05:30 Dec 4.10% - 4.10% -  
                   
  01/05 Underemployment Rate 05:30 Dec - - 8.00% -  
                   
  01/05 Average Hourly Earnings MoM 05:30 Dec 0.30% - 0.20% -  
                   
  01/05 Average Hourly Earnings YoY 05:30 Dec 2.50% - 2.50% -  
                   
  01/05 Trade Balance 05:30 Nov -$49.80b - -$48.70b -  
                   
  01/05 Factory Orders 07:00 Nov 1.10% - -0.10% -  
                   
  01/05 Durable Goods Orders 07:00 Nov F - - 1.30% -  
                   
  01/05 Durables Ex Transportation 07:00 Nov F - - -0.10% -  
                   
 
 
 
 
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