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Market Commentary

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Market Commentary


 
Today's Coupons
 
  10-Year Notes   97-15.5 (+02.5)  
 
  FN 3.5% Coupon   102-0.5 (+02)  
 
  Support   2.626%  
 
  Resistance   2.314%  
 
 
 
 
Tuesday, January 16, 2018
 
 
Today’s session opened with Treasuries higher than Friday. The yield on the UST 10-Year is currently at 2.534% after closing at 2.548% during the prior session.

Treasuries inched higher at the open of today’s session as the NY Fed’s Empire Manufacturing Index for January fell to 17.70, as compared to market survey of 19.00 and prior mark of 19.60 revised.  The calendar for the week continues tomorrow with MBA Mortgage Applications for the second week of January, Industrial Production and Capacity Utilization for December, and the release of the Fed’s Beige Book. On Thursday the calendar will feature Housing Starts and Building Permits for December, and Job numbers for January; and will conclude on Friday with projected Inflation numbers for January. 

Tomorrow, Federal Reserve presidents Evans and Kaplan are scheduled to speak on the U.S. economy and monetary policy in Palm Beach, Florida; while president Mester is scheduled to speak on policy communication at Rutgers University. Further, a Treasury 10-Year TIPS auction is scheduled for Thursday 9:00 AM (PT).

The curve has bull-flattened with the UST 10-Year yield down 1.4 bps from prior closing.
 
 
   
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  01/15 No Data - - - - - -  
                   
  01/16 Empire Manufacturing 05:30 Jan 19.00 17.70 18.00 19.60  
                   
  01/17 MBA Mortgage Applications 04:00 12 Jan - - 8.30% -  
                   
  01/17 Industrial Production MoM 06:15 Dec 0.40% - 0.20% -  
                   
  01/17 Capacity Utilization 06:15 Dec 77.40% - 77.10% -  
                   
  01/17 NAHB Housing Market Index 07:00 Jan 72.00 - 74.00 -  
                   
  01/17 U.S. Federal Reserve Releases Beige Book 11:00 - - - - -  
                   
  01/17 Total Net TIC Flows 13:00 Nov - - $151.20b -  
                   
  01/17 Net Long-term TIC Flows 13:00 Nov - - $23.20b -  
                   
  01/18 Building Permits 05:30 Dec 1295K - 1298k 1303k  
                   
  01/18 Building Permits MoM 05:30 Dec -0.60% - -1.40% -1.00%  
                   
  01/18 Housing Starts 05:30 Dec 1275k - 1297k -  
                   
  01/18 Housing Starts MoM 05:30 Dec -1.70% - 3.30% -  
                   
  01/18 Philadelphia Fed Business Outlook 05:30 Jan 24.80 - 26.20 27.90  
                   
  01/18 Initial Jobless Claims 05:30 13 Jan 250k - 261K -  
                   
  01/18 Continuing Claims 05:30 6 Jan 1900k - 1867K -  
                   
  01/18 Bloomberg Consumer Comfort 06:45 14 Jan - - 53.50 -  
                   
  01/19 U. of Mich. Sentiment 07:00 Jan P 97.00 - 95.90 -  
                   
 
 
 
 
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