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Market Commentary


 
Today's Coupons
 
  10-Year Notes   95-13.5 (-04)  
 
  FN 3.5% Coupon   101-20 (-07)  
 
  Support   2.549%  
 
  Resistance   2.329%  
 
 
 
 
Thursday, January 26, 2017
 
 
Treasuries extended losses yesterday as a result of another sell-off session. This morning the market opened with treasuries again moderately lower across the curve as the downward trend continues. The UST 10-Year yield is currently at 2.532% after closing at 2.512% prior.

In economic news, Initial Jobless Claims for the week of January 21st climbed 22k to 259k from 237k in the previous week (revised), and Continuing Claims rose 41k to 2100k from 2059k prior (revised). Wholesale Inventories jumped 1.0% in December which points to a larger inventory boost to Q4 GDP growth. The trade gap in goods fell 0.50% to $65.00 Billion from $65.30 Billion prior.

The first FOMC decision of 2017 is scheduled next week, which concludes its 2-day meeting on Wednesday, February 1st. Investors do not expect a rate hike from the Feds, but the tone of the FOMC Statement following the decision could push probabilities of a March rate hike higher.

The curve has bear-steepened with the UST 10-Year up 2.0 bps from prior closing.

 
 
   
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  01/23 No Data - - - - - -  
                   
  01/24 Markit US Manufacturing PMI 06:45 Jan P 54.50 55.10 54.30 -  
                   
  01/24 Existing Home Sales 07:00 Dec 5.52 M 5.49 M 5.61 M 5.65 M  
                   
  01/24 Existing Home Sales MoM 07:00 Dec -1.60% -2.80% 0.70% 1.40%  
                   
  01/24 Richmond Fed Manufact. Index 07:00 Jan 7.00 12.00 8.00 -  
                   
  01/25 MBA Mortgage Applications 04:00 20 Jan - 4.00% 0.80% -  
                   
  01/25 FHFA House Price Index MoM 06:00 Nov 0.40% 0.50% 0.40% 0.30%  
                   
  01/26 Wholesale Inventories MoM 05:30 Dec P 0.10% 1.00% 1.00% -  
                   
  01/26 Chicago Fed Nat Activity Index 05:30 Dec -0.05 0.14 -0.27 -0.33  
                   
  01/26 Initial Jobless Claims 05:30 21 Jan 247K 259K 234K 237K  
                   
  01/26 Continuing Claims 05:30 14 Jan 2040K 2100K 2046K 2059K  
                   
  01/26 Markit US Services PMI 06:45 Jan P 54.40 55.10 53.90 -  
                   
  01/26 Markit US Composite PMI 06:45 Jan P - 55.40 54.10 -  
                   
  01/26 Bloomberg Consumer Comfort 06:45 22 Jan - 45.20 45.20 -  
                   
  01/26 New Home Sales 07:00 Dec 588K 536K 592K 598K  
                   
  01/26 New Home Sales MoM 07:00 Dec -0.70% -10.40% 5.20% 4.70%  
                   
  01/26 Leading Index 07:00 Dec 0.50% 0.50% 0.00% 0.10%  
                   
  01/26 Kansas City Fed Manf. Activity 08:00 Jan 8.00 - 11.00 -  
                   
  01/27 GDP Annualized QoQ 05:30 4Q A 2.20% - 3.50% -  
                   
  01/27 Personal Consumption 05:30 4Q A 2.50% - 3.00% -  
                   
  01/27 GDP Price Index 05:30 4Q A 2.10% - 1.40% -  
                   
  01/27 Core PCE QoQ 05:30 4Q A 1.40% - 1.70% -  
                   
  01/27 Durable Goods Orders 05:30 Dec P 2.60% - -4.50% -  
                   
  01/27 Durables Ex Transportation 05:30 Dec P 0.50% - 0.60% -  
                   
  01/27 U. of Mich. Sentiment 07:00 Jan F 98.10 - 98.10 -  
                   
 
 
 
 
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