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Market Commentary


 
Today's Coupons
 
  10-Year Notes   95-22.5 (+04)  
 
  FN 3.5% Coupon   101-30.5 (+04.5)  
 
  Support   2.551%  
 
  Resistance   2.382%  
 
 
 
 
Friday, January 27, 2017
 
 
Yesterday treasuries posted modest gains after the substantial sell-off with the support of a strong 7-Year note auction. This morning the market opened with treasuries slightly lower across the curve, but has since rallied after a weaker-than-expected Q4 GDP data was released. The UST 10-Year yield is currently at 2.494% after closing at 2.504% prior.

In the first estimate of Q4 2016 GDP, growth reportedly increased by 1.90% versus a 3.50% expansion in the third quarter; economists expected a 2.20% fourth quarter growth. Personal Consumption was the biggest contributor to growth, which rose 2.50% following a 3.00% rise in Q3. GDP Price Index and Core PCE QoQ were in line with expectations, coming in at 2.10% and 1.30% respectively. Durable Goods Orders fell for a second month in a row, dropping 0.40% in December versus an expected 2.50% increase.

At 7:00 AM (PT), the final print for January University of Michigan Consumer Sentiment is expected to hold at the 98.10 level seen in the preliminary reading.

The curve has bull-flattened with the UST 10-Year down 1.0 bp from prior closing.

Have A Nice Weekend!
 
 
   
 
   
 
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 9.00 11.00 9.00  
                   
  01/27 GDP Annualized QoQ 05:30 4Q A 2.20% 1.90% 3.50% -  
                   
  01/27 Personal Consumption 05:30 4Q A 2.50% 2.50% 3.00% -  
                   
  01/27 GDP Price Index 05:30 4Q A 2.10% 2.10% 1.40% -  
                   
  01/27 Core PCE QoQ 05:30 4Q A 1.30% 1.30% 1.70% -  
                   
  01/27 Durable Goods Orders 05:30 Dec P 2.50% -0.40% -4.50% -4.80%  
                   
  01/27 Durables Ex Transportation 05:30 Dec P 0.50% 0.50% 0.60% 1.00%  
                   
  01/27 U. of Mich. Sentiment 07:00 Jan F 98.10 98.50 98.10 -  
 
 
 
 
 
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