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Market Commentary

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Market Commentary


 
Today's Coupons
 
  10-Year Notes   98-23.5 (-01.5)  
 
  FN 3.5% Coupon   99-23 (-01.5)  
 
  Support   2.910%  
 
  Resistance   2.522%  
 
 
 
 
Wednesday, February 21, 2018
 
 
Treasuries are slightly higher than yesterday at the opening of today’s session. The yield on the UST 10-Year is currently at 2.887% after closing at 2.890% during the prior session.

The economic calendar for this week features today MBA Mortgage Applications for the week ended February 16 reflecting a -6.60% versus -4.10% during the prior week. Also in today, Existing Home Sales for January reached 5.38 million, falling below estimates of 5.60 million and dropping from its prior 5.56 million revised mark; while month-over-month Existing Home Sales for January reflected a -3.20% change, below estimates of 0.50% and lower than its previous -2.80% revised mark. Further, the preliminary Markit Manufacturing PMI for February reached 55.90, marginally above survey and prior mark of 55.50; while the preliminary Markit Services PMI for February reached 55.90, above survey of 53.70 and up from its previous 53.30 mark.

Also today, the U.S. Treasury continues its three-day treasuries auction with the issuance of $35 Billion in 5-Year notes at 10:00 AM (PT), while the Fed’s FOMC is scheduled to release its January 31 meeting minutes at 11:00 AM (PT). Finally, Philadelphia Fed President Harker discusses the economic outlook today in St. Louis, MO while Minneapolis Fed President Kashkari is scheduled to appear on Bloomberg television at 4:00 PM (PT)

The curve has bull-flattened with the UST 10-Year yield down 0.3 bp from prior closing.
 
 
   
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  02/19 No Data - - - - - -  
                   
  02/20 No Data - - - - - -  
                   
  02/21 MBA Mortgage Applications 04:00 16 Feb - -6.60% -4.10% -  
                   
  02/21 Markit US Manufacturing PMI 06:45 Feb P 55.50 55.90 55.50 -  
                   
  02/21 Markit US Services PMI 06:45 Feb P 53.70 55.90 53.30 -  
                   
  02/21 Markit US Composite PMI 06:45 Feb P - 55.90 53.80 -  
                   
  02/21 Existing Home Sales 07:00 Jan 5.60m 5.38m 5.57m 5.56m  
                   
  02/21 Existing Home Sales MoM 07:00 Jan 0.50% -3.20% -3.60% -2.80%  
                   
  02/21 FOMC Meeting Minutes 11:00 31 Jan - - - -  
                   
  02/22 Initial Jobless Claims 05:30 17 Feb 230k - 230k -  
                   
  02/22 Continuing Claims 05:30 10 Feb 1935k - 1942k -  
                   
  02/22 Bloomberg Consumer Comfort 06:45 18 Feb - - 57.00 -  
                   
  02/22 Leading Index 07:00 Jan 0.70% - 0.60% -  
                   
  02/22 Kansas City Fed Manf. Activity 08:00 Feb 18.00 - 16.00 -  
                   
  02/23 No Data - - - - - -  
                   
 
 
 
 
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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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