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Market Commentary


 
Today's Coupons
 
  10-Year Notes   98-06.5 (+01.5)  
 
  FN 3.5% Coupon   102-20.5 (+02.5)  
 
  Support   2.497%  
 
  Resistance   2.310%  
 
 
 
 
Wednesday, January 03, 2018
 
 
Today’s session opened with Treasuries higher than yesterday. The yield on the UST 10-Year is currently at 2.453% after closing at 2.464% during the prior session.

This week’s economic calendar continued today with the MBA Mortgage Applications index rising 0.70% for the week ended December 29, after falling 3.50% the week prior. Also in today, month-over-month Construction Spending for November registered a 0.80% rise; exceeding market expectations of 0.50% but slightly below its 0.90%% revised prior mark. Further, ISM Manufacturing PMI for December came in at 59.70, exceeding both survey and prior mark of 58.20; while ISM New Orders for December rose to 69.40 from 64.00 prior.    

The FOMC is scheduled to release the minutes from its December meeting at 11:00 AM (PT) today, signaling their perspective on the current state of the economy and the potential path for monetary policy during 2018. The economic calendar continues tomorrow with employment reports; and unemployment rate and labor force participation on Friday. 

The curve has bull-flattened with the UST 10-Year yield down 1.1 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 - 0.70% -3.50% -  
                   
  01/03 Construction Spending MoM 07:00 Nov 0.50% 0.80% 1.40% 0.90%  
                   
  01/03 ISM Manufacturing 07:00 Dec 58.20 59.70 58.20 -  
                   
  01/03 ISM Prices Paid 07:00 Dec 64.50 69.00 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 1925k - 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 -$50.00b - -$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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