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Market Commentary


 
Today's Coupons
 
  10-Year Notes   97-02.5 (-10)  
 
  FN 3.5% Coupon   101-21.5 (-07)  
 
  Support   2.626%  
 
  Resistance   2.344%  
 
 
 
 
Wednesday, January 10, 2018
 
 
Today’s session opened with Treasuries lower than yesterday. The yield on the UST 10-Year is currently at 2.589% after closing at 2.554% during the prior session.

Treasury yields reached their highest levels since March 2017 and rose above 2.50% yesterday amid reports from China government officials recommending a slower pace of treasury purchases. The news coupled with forecast monetary policy tightening over the next year caused a sell-off during the past couple of sessions and ahead of today’s 10-Year and tomorrow’s 30-Year auctions.

On the economic calendar today, Mortgage Applications for the week ended January 5 rose by 8.30% compared to a prior -1.60% revised. Month-over-month Import Prices for December reflected a 0.10% change, below estimate of 0.40% and prior mark of 0.80% revised; while year-over-year Import Prices for December reflected a 3.00% change, below estimate of 3.10% and prior mark of 3.30% revised. On the other hand, month-over-month Export Prices for December declined by 0.10%, below estimate of 0.30% and prior mark of 0.50%; while year-over-year Export Prices for December reflected a 2.60% change, below prior mark of 3.10%. Finally, forecast month-over-month Wholesale Inventories for November rose by 0.80%, exceeding both survey and prior mark of 0.70%.

Also today, three Fed presidents take the stage including James Bullard from St. Louis, who is scheduled to speak on economic outlook.

The curve has bear-steepened with the UST 10-Year yield up 3.5 bps from prior closing.
 
 
   
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  01/08 Consumer Credit 12:00 Nov $18.000b $27.951b $20.519b $20.532b  
                   
  01/09 NFIB Small Business Optimism 03:00 Dec 107.80 104.90 107.50 -  
                   
  01/09 JOLTS Job Openings 07:00 Nov 6025 5879 5996 5925  
                   
  01/10 MBA Mortgage Applications 04:00 5 Jan - 8.30% 0.70% -1.60%  
                   
  01/10 Import Price Index MoM 05:30 Dec 0.40% 0.10% 0.70% 0.80%  
                   
  01/10 Import Price Index YoY 05:30 Dec 3.10% 3.00% 3.10% 3.30%  
                   
  01/10 Export Price Index MoM 05:30 Dec 0.30% -0.10% 0.50% -  
                   
  01/10 Export Price Index YoY 05:30 Dec - 2.60% 3.10% -  
                   
  01/10 Wholesale Trade Sales MoM 07:00 Nov 0.60% 1.50% 0.70% 0.80%  
                   
  01/10 Wholesale Inventories MoM 07:00 Nov F 0.70% 0.80% 0.70% -  
                   
  01/11 PPI Final Demand MoM 05:30 Dec 0.20% - 0.40% -  
                   
  01/11 PPI Final Demand YoY 05:30 Dec 3.00% - 3.10% -  
                   
  01/11 Initial Jobless Claims 05:30 6 Jan 245k - 250k -  
                   
  01/11 Continuing Claims 05:30 30 Dec 1920k - 1914k -  
                   
  01/11 Bloomberg Consumer Comfort 06:45 7 Jan - - 51.80 -  
                   
  01/11 Monthly Budget Statement 11:00 Dec -$26.50b - -$138.50b -  
                   
  01/12 CPI MoM 05:30 Dec 0.10% - 0.40% -  
                   
  01/12 CPI YoY 05:30 Dec 2.10% - 2.20% -  
                   
  01/12 Retail Sales Advance MoM 05:30 Dec 0.50% - 0.80% -  
                   
  01/12 Business Inventories 07:00 Nov 0.40% - -0.10% -  
                   
 
 
 
 
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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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