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Market Commentary


 
Today's Coupons
 
  10-Year Notes   97-26.5 (-7)  
 
  FN 3.5% Coupon   101-29 (-3.5)  
 
  Support   2.522%  
 
  Resistance   2.324%  
 
 
 
 
Wednesday, February 15, 2017
 
 
The UST 10-Year yield is at 2.500% this morning after closing at 2.471% yesterday.

This morning, U.S. Treasuries yields have risen to the highest levels in more than 2 weeks following strong readings on consumer price inflation data. Empire State Manufacturing Survey is up 18.70 in February, general business conditions are at their highest levels since September 2014. January CPI MoM climbed to 0.60%, CPI Excluding Food and Energy was up 0.30%, Retail Sales rose 0.40%, Ex-auto and Gas Retail Sales rose 0.70% for the month of January. Such strong performance in the consumer sector is an indication that inflation has continued accelerating at a faster pace in the first quarter of 2017.

MBA Mortgage Applications dropped -3.70% in the week ended February 10th. FHA Purchases declined 6.80% and VA Refinances fell 17.20%. The average 30-Year fixed rate is currently at 4.320% vs. 4.350% the week prior. Overall, the Industrial Production Index declined -0.30%, primarily due to a decline in demand for heating as utility production fell the most in 11 years. U.S. Factory production, which makes up about 80% of all output however, was up 0.20% in January. Capacity utilization declined to 75.30% from the previously revised 75.60%.

The curve has bear-steepening with the UST 10-Year 2.9 bps down from prior closing.

 
 
   
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  02/13 No Data - - - - - -  
                   
  02/14 NFIB Small Business Optimism 03:00 Jan 105.00 105.90 105.80 -  
                   
  02/14 PPI Final Demand MoM 05:30 Jan 0.30% 0.60% 0.30% 0.20%  
                   
  02/14 PPI Final Demand YoY 05:30 Jan 1.50% 1.60% 1.60% -  
                   
  02/15 MBA Mortgage Applications 04:00 10 Feb - -3.70% 2.30% -  
                   
  02/15 Empire Manufacturing 05:30 Feb 7.00 18.70 6.50 -  
                   
  02/15 CPI MoM 05:30 Jan 0.30% 0.60% 0.30% -  
                   
  02/15 CPI YoY 05:30 Jan 2.40% 2.50% 2.10% -  
                   
  02/15 Retail Sales Advance MoM 05:30 Jan 0.10% 0.40% 0.60% 1.00%  
                   
  02/15 Industrial Production MoM 06:15 Jan 0.00% -0.30% 0.80% 0.60%  
                   
  02/15 Capacity Utilization 06:15 Jan 75.40% 75.30% 75.50% 75.60%  
                   
  02/15 NAHB Housing Market Index 07:00 Feb 67.00 65.00 67.00 -  
                   
  02/15 Business Inventories 07:00 Dec 0.40% 0.40% 0.70% 0.80%  
                   
  02/15 Total Net TIC Flows 13:00 Dec - - $23.70 B -  
                   
  02/16 Housing Starts 05:30 Jan 1226K - 1226K -  
                   
  02/16 Housing Starts MoM 05:30 Jan - - 11.30% -  
                   
  02/16 Building Permits 05:30 Jan - - 1210K 1228K  
                   
  02/16 Building Permits MoM 05:30 Jan - - -0.20% 1.30%  
                   
  02/16 Initial Jobless Claims 05:30 11 Feb - - - -  
                   
  02/16 Continuing Claims 05:30 4 Feb - - - -  
                   
  02/16 Philadelphia Fed Business Outlook 05:30 Feb - - 23.60 -  
                   
  02/16 Bloomberg Consumer Comfort 06:45 12 Feb - - - -  
                   
  02/17 Leading Index 07:00 Jan - - 0.50% -  
                   
 
 
 
 
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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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