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Market Commentary


 
Today's Coupons
 
  10-Year Notes   96-21.5 (+11)  
 
  FN 3.5% Coupon   102-21 (+05)  
 
  Support   2.514%  
 
  Resistance   2.336%  
 
 
 
 
Monday, January 9, 2017
 
 
The UST 10-Year yield is at 2.376% this morning after closing at 2.419% on Friday.

Treasury yields rose substantially Friday after a mixed employment report resulted in a sell-off. Today the market opened with treasuries rallying across all maturities as investors bought back into long-term bonds.

Contrasting economic views were provided on Friday as Richmond Fed economist Kartik Athreya, who spoke on behalf of Richmond Fed President Lacker, warned that the Fed could potentially raise interest rates faster than anticipated; while Chicago’s Fed President Evans stated that the economic outlook remains “weak” and “uncertain”.

This morning, FHA announced a reduction on its annual mortgage insurance premium (MIP) by 25 basis points for most new mortgages with a closing/disbursement date on or after January 27, 2017, potentially saving new FHA-insured homeowners an average of $500 annually.

Today’s only economic report is the November Consumer Credit at 12:00 PM (PT), which is expected to rise by $18.350 Billion after a $16.018 Billion increase in October.

The remainder of this week’s light economic calendar consists of Tuesday’s NFIB Small Business Optimism and Wholesale Inventories, Wednesday’s MBA Mortgage Applications, Thursday’s Initial Jobless and Continuing Claims, and Friday’s PPI Ex Food and Energy MoM and PPI Final Demand MoM.

The curve has bull-flattened with the UST 10-Year down 4.3 bps from prior closing.

 
 
   
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  01/09 Consumer Credit 12:00 Nov $18.350 B - $16.018 B -  
                   
  01/10 Wholesale Inventories MoM 07:00 Nov F 0.90% - 0.90% -  
                   
  01/10 Wholesale Trade Sales MoM 07:00 Nov 0.50% - 1.40% -  
                   
  01/10 JOLTS Job Openings 07:00 Nov 5500 - 5534 -  
                   
  01/11 MBA Mortgage Applications 04:00 6 Jan - - 0.10% -  
                   
  01/12 Import Price Index MoM 05:30 Dec 0.70% - -0.30% -  
                   
  01/12 Initial Jobless Claims 05:30 7 Jan 255K - 235K -  
                   
  01/12 Continuing Claims 05:30 31 Dec 2084K - 2112K -  
                   
  01/12 Import Price Index YoY 05:30 Dec 1.80% - -0.10% -  
                   
  01/12 Bloomberg Consumer Comfort 06:45 8 Jan - - 45.50 -  
                   
  01/13 PPI Final Demand MoM 05:30 Dec 0.30% - 0.40% -  
                   
  01/13 PPI Final Demand YoY 05:30 Dec 1.60% - 1.30% -  
                   
  01/13 Retail Sales Advance MoM 05:30 Dec 0.40% - 0.10% -  
                   
  01/13 Business Inventories 07:00 Nov - - -0.20% -  
                   
  01/13 U. of Mich. Sentiment 07:00 Jan P - - 98.20 -  
                   
  01/13 Monthly Budget Statement 11:00 Dec - - -$136.70 B -  
                   
 
 
 
 
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  This information is provided solely for informational use and is not intended as trading or investment advice in any manner whatsoever. Sun West Mortgage Company, Inc. is not a licensed or registered broker or dealer and cannot provide investment strategies or recommendations. This information is provided to licensed brokers/lenders only and may not be copied or distributed to customers or potential customers. All loans are subject to approval. Certain restrictions may apply. Listed pricing is a morning indication only. Program rates, prices, guidelines, fees, costs, terms and conditions are subject to change without notice  
 
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