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Market Commentary


 
Today's Coupons
 
  10-Year Notes   98-01.5 (-06)  
 
  FN 3.5% Coupon   102-16.5 (-03)  
 
  Support   2.497%  
 
  Resistance   2.310%  
 
 
 
 
Friday, January 05, 2018
 
 
Today’s session opened with Treasuries lower than yesterday. The yield on the UST 10-Year is currently at 2.472% after closing at 2.453% during the prior session.

This week’s economic calendar concludes with a wealth of employment data. The Unemployment Rate for December remained at 4.10%, in line with market survey and prior mark; while Labor Force Participation Rate for December remained at 62.70%, in line with prior mark. Month-over-month Nonfarm Payroll for December came in today at 148k, below estimates of 190k and well below its 252k prior revised. Month-over-month Average Hourly Earnings for December rose 0.30%, matching market survey and exceeding prior mark of 0.10% revised; while year-over-year Average Hourly Earnings for December rose 2.50%, also matching market survey and slightly exceeding prior mark of 2.40% revised. Average Weekly Hours for December came in at 34.50, in line with both survey and prior mark. Further, in non-job-related data, Factory Orders for November rose by 1.30%, above survey of 1.10% and well above its 0.40% prior revised; and the Trade Balance for November registered a $50.50 Billion deficit, above the expected -$49.90 Billion and also above the -$48.90 Billion prior revised.    

The curve has bear-steepened with the UST 10-Year yield up 1.9 bps from prior closing.

Have A Lovely Weekend!
 
 
   
 
   
 
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 - -3.60% 30.10% -  
                   
  01/04 ADP Employment Change 05:15 Dec 190k 250k 190k 185k  
                   
  01/04 Initial Jobless Claims 05:30 30 Dec 240k 250k 245k 247k  
                   
  01/04 Continuing Claims 05:30 23 Dec 1928k 1914k 1943k 1951k  
                   
  01/04 Markit US Services PMI 06:45 Dec F 52.50 53.70 52.40 -  
                   
  01/04 Markit US Composite PMI 06:45 Dec F - 54.10 53.00 -  
                   
  01/04 Bloomberg Consumer Comfort 06:45 31 Dec - 51.80 52.40 -  
                   
  01/05 Change in Nonfarm Payrolls 05:30 Dec 190k 148K 228k 252K  
                   
  01/05 Labor Force Participation Rate 05:30 Dec - 62.70% 62.70% -  
                   
  01/05 Unemployment Rate 05:30 Dec 4.10% 4.10% 4.10% -  
                   
  01/05 Underemployment Rate 05:30 Dec - 8.10% 8.00% -  
                   
  01/05 Average Hourly Earnings MoM 05:30 Dec 0.30% 0.30% 0.20% 0.10%  
                   
  01/05 Average Hourly Earnings YoY 05:30 Dec 2.50% 2.50% 2.50% 2.40%  
                   
  01/05 Trade Balance 05:30 Nov -$49.90b -$50.50b -$48.70b -$48.90b  
                   
  01/05 Factory Orders 07:00 Nov 1.10% 1.30% -0.10% 0.40%  
                   
  01/05 Durable Goods Orders 07:00 Nov F - 1.30% 1.30% -  
                   
  01/05 Durables Ex Transportation 07:00 Nov F - -0.10% -0.10% -  
                   
 
 
 
 
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