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Market Commentary


 
Today's Coupons
 
  10-Year Notes   98-24.5 (+07)  
 
  FN 3.5% Coupon   102-12.5 (+05.5)  
 
  Support   2.520%  
 
  Resistance   2.384%  
 
 
 
 
Thursday, February 23, 2017
 
 
The UST 10-Year yield is at 2.396% this morning after closing at 2.414% yesterday.

Yesterday investors focused on the released FOMC minutes and the possibility of a March rate hike. The response received was vague, as the Fed simply stated that an upcoming rate hike would be appropriate “fairly soon”, leaving an unchanged probability of a rate hike in March, and opening up the possibility of postponement until its next meeting in June.

In economic releases, the Chicago Fed Nat Activity Index dropped -0.05 in January from a revised 0.18 growth in December. The deceleration in growth was primarily due to lower production activity and a decline in personal consumption. Initial Jobless Claims rose 6K to 244K for the week ended Feb 18th, while the 4-week moving average decreased 4K to 241K; the lowest since July 1973. Continuing Claims dropped 17K to 2060K, holding the unemployment rate amongst those eligible for benefits at 1.50%. FHFA House Price Index MoM slowed to 0.40% in December vs. 0.70% the previous month. Lastly, Consumer Comfort dropped slightly to 48.00 as views on economy continue to strengthen, however, buying climate and personal finances gauges dropped 0.80 and 0.70 respectively.

The curve has bull-steepened with the UST 10-Year 1.8 bps down 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 - -2.00% -3.70% -  
                   
  02/22 Existing Home Sales 07:00 Jan 5.55 M 5.69 M 5.49 M 5.51 M  
                   
  02/22 Existing Home Sales MoM 07:00 Jan 1.10% 3.30% -2.80% -1.60%  
                   
  02/22 FOMC Meeting Minutes 11:00 1 Feb - - - -  
                   
  02/23 Chicago Fed Nat Activity Index 05:30 Jan 0.00 -0.05 0.14 0.18  
                   
  02/23 Initial Jobless Claims 05:30 18 Feb 240K 244K 239K 238K  
                   
  02/23 Continuing Claims 05:30 11 Feb 2068K 2060K 2076K 2077K  
                   
  02/23 FHFA House Price Index MoM 06:00 Dec 0.50% 0.40% 0.50% 0.70%  
                   
  02/23 Bloomberg Consumer Comfort 06:45 19 Feb - 48.00 48.10 -  
                   
  02/23 Kansas City Fed Manf. Activity 08:00 Feb 9.00 - 9.00 -  
                   
  02/24 New Home Sales 07:00 Jan 570K - 536K -  
                   
  02/24 New Home Sales MoM 07:00 Jan 6.30% - -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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