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Market Commentary


 
Today's Coupons
 
  10-Year Notes   96-15.5 (-11.5)  
 
  FN 3.5% Coupon   101-08.5 (-07.5)  
 
  Support   2.659%  
 
  Resistance   2.344%  
 
 
 
 
Wednesday, January 24, 2018
 
 
Treasuries are lower than yesterday at the opening of today’s session. The yield on the UST 10-Year is currently at 2.653% after closing at 2.614% during the prior session.

The economic calendar for today features the MBA Mortgage Applications’ print for the week ended January 19, which rose 4.50%, above the prior week’s mark of 4.10%. Also in today, the FHFA House Price Index for November rose 0.40%, below survey of 0.50% and dropping from its prior mark of 0.60% revised. Further, Existing Home Sales for December reached 5.57 Million, below survey of 5.70 Million and lower than its prior 5.78 Million revised; while month-over-month Existing Home Sales for December registered a change of -3.60%, below survey of -1.90% and lower than its previous mark of 5.10% revised. Finally, Markit US Manufacturing PMI preliminary for January reached 55.50, slightly above market expectations of 55.00 and above its prior mark of 55.10; while Markit US Services PMI preliminary for January reached 53.30, below market expectations of 54.30 and slightly below its prior mark of 53.70.

The Treasury Department will continue its auction schedule with $34 Billion in 5-Years notes today and $28 Billion in 7-Years notes tomorrow. St. Louis Fed President James Bullard is scheduled to speak on Friday in Oslo. 

The curve has bear-steepened with the UST 10-Year yield up 3.9 bps from prior closing.
 
 
   
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  01/22 Chicago Fed Nat Activity Index 05:30 Dec 0.22 0.27 0.15 0.11  
                   
  01/23 Richmond Fed Manufact. Index 07:00 Jan 19.00 14.00 20.00 -  
                   
  01/24 MBA Mortgage Applications 04:00 19 Jan - 4.50% 4.10% -  
                   
  01/24 FHFA House Price Index MoM 06:00 Nov 0.50% 0.40% 0.50% 0.60%  
                   
  01/24 Markit US Composite PMI 06:45 Jan P - 53.80 54.10 -  
                   
  01/24 Markit US Services PMI 06:45 Jan P 54.30 53.30 53.70 -  
                   
  01/24 Markit US Manufacturing PMI 06:45 Jan P 55.00 55.50 55.10 -  
                   
  01/24 Existing Home Sales  07:00 Dec 5.70m 5.57m 5.81m 5.78m  
                   
  01/24 Existing Home Sales MoM 07:00 Dec -1.90% -3.60% 5.60% 5.10%  
                   
  01/25 Initial Jobless Claims 05:30 20 Jan 235k - 220k -  
                   
  01/25 Continuing Claims 05:30 13 Jan 1925k - 1952k -  
                   
  01/25 Bloomberg Consumer Comfort 06:45 21 Jan - - 53.80 -  
                   
  01/25 New Home Sales 07:00 Dec 675k - 733k -  
                   
  01/25 New Home Sales MoM 07:00 Dec -7.90% - 17.50% -  
                   
  01/25 Leading Index 07:00 Dec 0.50% - 0.40% -  
                   
  01/25 Kansas City Fed Manf. Activity 08:00 Jan 14.00 - 14.00 -  
                   
  01/26 Wholesale Inventories MoM 05:30 Dec P 0.40% - 0.80% -  
                   
  01/26 Personal Consumption 05:30 4Q 3.70% - 2.20% -  
                   
  01/26 GDP Annualized QoQ 05:30 4Q A 3.00% - 3.20% -  
                   
  01/26 GDP Price Index 05:30 4Q A 2.30% - 2.10% -  
                   
  01/26 Core PCE QoQ 05:30 4Q A 1.90% - 1.30% -  
                   
  01/26 Durable Goods Orders 05:30 Dec P 0.80% - 1.30% -  
                   
  01/26 Durables Ex Transportation 05:30 Dec P 0.60% - -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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