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Market Commentary

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Market Commentary


 
Today's Coupons
 
  10-Year Notes   97-03 (+10.5)  
 
  FN 3.5% Coupon   103-02 (+07.5)  
 
  Support   2.474%  
 
  Resistance   2.305%  
 
 
 
 
Thursday, January 12, 2017
 
 
The UST 10-Year yield is at 2.332% this morning after closing at 2.372% prior.

Market opened with treasuries higher across the curve this morning. Trump avoided elaborating on his economic policies during his press conference yesterday, which supported a midday rally along with a strong 10-Year auction.

December import prices rose 0.40%, following a downwardly revised -0.20% decrease in November. Import price index YoY was in line with consensus, rising 1.80% YoY in December. Initial jobless claims jumped from 237k (revised) to 247k for the week ending January 7, and Continuing Claims dropped from 2116k (revised) to 2087k in the final week of 2016.

Later today treasury will auction $12 Billion in re-opened 30-Year bonds. Also scheduled today are several Fed speeches, including Philly Fed President Harker, Chicago Fed President Evans, Atlanta Fed President Lockhart, and St. Louis Fed President Bullard; all are expected to speak on their views on the economic outlook.

The curve has bull-flattened with the UST 10-Year down 4.0 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% 1.00% 0.90% -  
                   
  01/10 Wholesale Trade Sales MoM 07:00 Nov 0.50% 0.40% 1.40% 1.10%  
                   
  01/10 JOLTS Job Openings 07:00 Nov 5500 5522 5534 5451  
                   
  01/11 MBA Mortgage Applications 04:00 6 Jan - 5.80% 0.10% -  
                   
  01/12 Import Price Index MoM 05:30 Dec 0.70% 0.40% -0.30% -0.20%  
                   
  01/12 Initial Jobless Claims 05:30 7 Jan 255K 247K 235K 237K  
                   
  01/12 Continuing Claims 05:30 31 Dec 2087K 2087K 2112K 2116K  
                   
  01/12 Import Price Index YoY 05:30 Dec 1.80% 1.80% -0.10% 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 0.70% - 0.10% -  
                   
  01/13 Business Inventories 07:00 Nov 0.60% - -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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