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Market Commentary

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Market Commentary


 
Today's Coupons
 
  10-Year Notes   98-11 (-05)  
 
  FN 3.5% Coupon   102-06 (-02)  
 
  Support   2.520%  
 
  Resistance   2.400%  
 
 
 
 
Tuesday, February 21, 2017
 
 
The UST 10-Year yield is at 2.437% this morning after closing at 2.416% Friday.

This morning, U.S. Treasuries yields inched higher following Philadelphia Fed president Pat Harker's hawkish comments this past Friday, where he expressed his support for rate hike in the upcoming March FOMC meeting should signs of inflationary pressure be sustained, along with continued strengthening of the labor market.

Later today, several members of the Federal Reserve will be speaking, starting with Minneapolis Fed President Neel Kashkari, who will discuss the Fed's role in the economy, followed by Fed President Patrick Harker, who will touch on the economic outlook, and San Francisco Fed President John Williams, who will address students of Boise State University on “Getting to know the Fed”.

In economic releases, Manufacturing PMI came in lower than expected, at 54.30, the lowest reading in 5 months. Services PMI fell to 53.90 vs. 55.60 previously and Composite PMI dropped 1.50 to 54.30.

The curve has bear-steepened with the UST 10-Year 2.1 bps up from prior closing.

 
 
   
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  02/20 No Data - - - - - -  
                   
  02/21 Markit US Manufacturing PMI 06:45 Feb P 55.40 54.30 55.00 -  
                   
  02/21 Markit US Services PMI 06:45 Feb P 55.80 53.90 55.60 -  
                   
  02/21 Markit US Composite PMI 06:45 Feb P - 54.30 55.80 -  
                   
  02/22 MBA Mortgage Applications 04:00 17 Feb - - -3.70% -  
                   
  02/22 Existing Home Sales 07:00 Jan 5.55 M - 5.49 M -  
                   
  02/22 Existing Home Sales MoM 07:00 Jan 1.10% - -2.80% -  
                   
  02/22 FOMC Meeting Minutes 11:00 1 Feb - - - -  
                   
  02/23 Chicago Fed Nat Activity Index 05:30 Jan 0.00 - 0.14 -  
                   
  02/23 Initial Jobless Claims 05:30 18 Feb 240K - 239K -  
                   
  02/23 Continuing Claims 05:30 11 Feb 2065K - 2076K -  
                   
  02/23 FHFA House Price Index MoM 06:00 Dec 0.50% - 0.50% -  
                   
  02/23 Bloomberg Consumer Comfort 06:45 19 Feb - - 48.10 -  
                   
  02/23 Kansas City Fed Manf. Activity 08:00 Feb 9.00 - 9.00 -  
                   
  02/24 New Home Sales 07:00 Jan 574K - 536K -  
                   
  02/24 New Home Sales MoM 07:00 Jan 7.00% - -10.40% -  
                   
  02/24 U. of Mich. Sentiment 07:00 Feb F 96.00 - 95.70 -  
                   
 
 
 
 
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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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