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Market Commentary


 
Today's Coupons
 
  10-Year Notes   98-02.5 (+08)  
 
  FN 3.5% Coupon   102-01 (+06)  
 
  Support   2.522%  
 
  Resistance   2.324%  
 
 
 
 
Thursday, February 16, 2017
 
 
The UST 10-Year yield is at 2.478% this morning after closing at 2.494% yesterday.

This morning, U.S. Treasury yields edged lower after 5 consecutive days of gains, which brought yields to their highest levels since mid-December.

In economic releases, the Department of Commerce released Housing Starts data, which is seasonally adjusted, showing a drop in residential starts of 33K to 1246K in January. Building Permits however, increased to 1285K from 1228K previously, the largest jump since November 2015; indicating that construction demand has rapidly increased.

Initial Jobless Claims increased to 239K for the week ended Feb 11th. States with the largest increases were NY and New Jersey with 909 and 809 new claims respectively, while CA experience the largest decrease of 8,361 new claims. The 4-week average rose slightly to 245K after recording its lowest level in 44 years last week. Continuing Claims dropped to 2076K from the previously revised 2079K. The Philadelphia Business Outlook Index soared in Feb to 43.30 from 23.60, recording a 33-year high! In line with the optimism in U.S. economy, the Consumer Comfort gauge rose to 48.10, levels not seen since 2007.

The curve has bull-steepened with the UST 10-Year 1.6 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 - -$42.80 B $23.70 B $30.20 B  
                   
  02/16 Housing Starts 05:30 Jan 1226K 1246K 1226K 1279K  
                   
  02/16 Housing Starts MoM 05:30 Jan 0.00% -2.60% 11.30% -  
                   
  02/16 Building Permits 05:30 Jan 1230K 1285K 1210K 1228K  
                   
  02/16 Building Permits MoM 05:30 Jan 0.20% 4.60% -0.20% 1.30%  
                   
  02/16 Initial Jobless Claims 05:30 11 Feb 245K 239K 234K -  
                   
  02/16 Continuing Claims 05:30 4 Feb 2050K 2076K 2078K 2079K  
                   
  02/16 Philadelphia Fed Business Outlook 05:30 Feb 18.00 43.30 23.60 -  
                   
  02/16 Bloomberg Consumer Comfort 06:45 12 Feb - 48.10 47.20 -  
                   
  02/17 Leading Index 07:00 Jan 0.50% - 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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