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Market Commentary


 
Today's Coupons
 
  10-Year Notes   96-09.5 (+04.5)  
 
  FN 3.5% Coupon   102-16 (+05)  
 
  Support   2.563%  
 
  Resistance   2.401%  
 
 
 
 
Thursday, January 5, 2017
 
 
The UST 10-Year yield is at 2.425% this morning after closing at 2.439% yesterday.

Yesterday the Minutes from the FOMC’s December meeting reflected that the committee was overall more satisfied with the strengthening of the labor market and the growth of inflation. However, the committee expressed fiscal policy uncertainty that triggered the yields to move lower before closing nearly unchanged from prior.

This morning reports showed that the December ADP Employment rose 153K, weaker than the expected 175k increase. Initial Claims for the week of December 31st came in at 235k versus 263k prior (revised), its lowest level since November 11th. Continuing Claims climbed by 16k to 2112k during the week that ended December 24th. Markit US Services PMI came in above consensus at 53.90, and Markit US Composite PMI came in at 54.10 versus 53.70 prior. Bloomberg Consumer Comfort came in at 45.50 after coming in at 46.00 prior.

The curve has bull-flattened with the UST 10-Year down 1.4 bps from prior closing.

 
 
   
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  01/02 No Data - - - - - -  
                   
  01/03 Markit US Manufacturing PMI 06:45 Dec F 54.20 54.30 54.20 -  
                   
  01/03 Construction Spending MoM 07:00 Nov 0.50% 0.90% 0.50% 0.60%  
                   
  01/04 MBA Mortgage Applications 04:00 30 Dec - 0.10% -12.10% -  
                   
  01/04 FOMC Meeting Minutes 11:00 14 Dec - - - -  
                   
  01/05 Challenger Job Cuts YoY 04:30 Dec - 42.40% -13.00% -  
                   
  01/05 ADP Employment Change 05:15 Dec 175 K 153 K 216 K 215 K  
                   
  01/05 Initial Jobless Claims 05:30 31 Dec 260 K 235 K 265 K 263 K  
                   
  01/05 Continuing Claims 05:30 24 Dec 2045 K 2112 K 2102 K 2096 K  
                   
  01/05 Markit US Services PMI 06:45 Dec F 53.40 53.90 53.40 -  
                   
  01/05 Markit US Composite PMI 06:45 Dec F - 54.10 53.70 -  
                   
  01/05 Bloomberg Consumer Comfort 06:45 1 Jan - 45.50 46.00 -  
                   
  01/06 Trade Balance 05:30 Nov -$45.50 B - -$42.60 B -  
                   
  01/06 Change in Nonfarm Payrolls 05:30 Dec 175 K - 178 K -  
                   
  01/06 Unemployment Rate 05:30 Dec 4.70% - 4.60% -  
                   
  01/06 Average Hourly Earnings MoM 05:30 Dec 0.30% - -0.10% -  
                   
  01/06 Average Hourly Earnings YoY 05:30 Dec 2.80% - 2.50% -  
                   
  01/06 Factory Orders 07:00 Nov -2.20% - 2.70% -  
                   
  01/06 Factory Orders Ex Trans 07:00 Nov - - 0.80% -  
                   
  01/06 Durable Goods Orders 07:00 Nov F - - -4.60% -  
                   
  01/06 Durables Ex Transportation 07:00 Nov F - - 0.50% -  
                   
 
 
 
 
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