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Market Commentary


 
Today's Coupons
 
  10-Year Notes   96-14 (-16.5)  
 
  FN 3.5% Coupon   102-18.5 (-08.5)  
 
  Support   2.514%  
 
  Resistance   2.336%  
 
 
 
 
Friday, January 6, 2017
 
 
The UST 10-Year yield is at 2.408% this morning after closing at 2.344% yesterday.

Yesterday treasuries rallied after a weaker than expected ADP employment print. This morning, treasuries unexpectedly dropped with jobs numbers coming in below consensus for the month of December.

The December Nonfarm Payrolls reported that the U.S. added 156k new jobs in the last month of 2016, which was well below the 175k expectation. The December jobs data also came in 48k below November’s Nonfarm Payrolls data (revised), however, economists still believe that this report is enough to keep the Fed on track to raise interest rates this year. The unemployment rate came in at 4.70% versus 4.60% prior, which was in line with expectations. The November Trade Balance was also announced this morning, showing that the goods and services deficit went up $2.80 Billion from October (revised) to $45.20 Billion.

Today we have a few scheduled Fed speeches. Chicago Fed President Evans and Richmond Fed President Lacker will both speak on their current economic views at 9:15 AM (PT) and 10:00 AM (PT) respectively, and Dallas Fed President Rob Kaplan is scheduled to speak on U.S. and global economic outlook at 12:30 PM (PT).

The curve has bear-steepened with the UST 10-Year up 6.4 bps from prior closing.

Have A Fantastic Weekend!

 
 
   
 
   
 
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 -$45.40 B -$45.20 B -$42.60 B -$42.40 B  
                   
  01/06 Change in Nonfarm Payrolls 05:30 Dec 175 K 156 K 178 K 204 K  
                   
  01/06 Unemployment Rate 05:30 Dec 4.70% 4.70% 4.60% -  
                   
  01/06 Average Hourly Earnings MoM 05:30 Dec 0.30% 0.40% -0.10% -  
                   
  01/06 Average Hourly Earnings YoY 05:30 Dec 2.80% 2.90% 2.50% -  
                   
  01/06 Factory Orders 07:00 Nov -2.30% -2.40% 2.70% 2.80%  
                   
  01/06 Factory Orders Ex Trans 07:00 Nov - 0.10% 0.80% 0.80%  
                   
  01/06 Durable Goods Orders 07:00 Nov F -4.60% -4.50% -4.60% -  
                   
  01/06 Durables Ex Transportation 07:00 Nov F 0.20% 0.60% 0.50% -  
                   
 
 
 
 
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