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Market Commentary


 
Today's Coupons
 
  10-Year Notes   99-06 (-07.5)  
 
  FN 3.5% Coupon   102-21 (-04)  
 
  Support   2.461%  
 
  Resistance   2.312%  
 
 
 
 
Monday, February 27, 2017
 
 
The UST 10-Year yield is at 2.337% this morning after closing at 2.313% Friday.

U.S. Treasury yields opened higher this morning following Treasury Secretary Mnuchin speech this weekend where he indicated that the earliest we will see a personal tax reform would be in 6 months, however, he failed to provide details on corporate taxes and monetary policy, which have become a focal point for investors.

In economic news, The Department of Commerce released Durable Goods Orders, which rose 1.80% in January partly due to a 69.90% increase in orders for commercial aircraft. Durable Goods Ex Transportation fell by 0.20% vs. a 0.90% increase the previous month. The National Association of Realtors released Pending Home Sales which declined 2.80% MoM to 106.40, the lowest level since January 2016. Overall, Pending Home Sales YoY have increased 2.70%.

The curve has bear-steepened with the UST 10-Year 2.4 bps up from prior closing.
 
 
   
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  02/27 Durable Goods Orders 05:30 Jan P 1.60% 1.80% -0.50% -0.80%  
                   
  02/27 Durables Ex Transportation 05:30 Jan P 0.50% -0.20% 0.50% 0.90%  
                   
  02/27 Pending Home Sales MoM 07:00 Jan 0.60% -2.80% 1.60% 0.80%  
                   
  02/27 Dallas Fed Manf. Activity 07:30 Feb 19.40 24.50 22.10 -  
                   
  02/28 GDP Annualized QoQ 05:30 4Q S 2.10% - 1.90% -  
                   
  02/28 Personal Consumption 05:30 4Q S 2.60% - 2.50% -  
                   
  02/28 GDP Price Index 05:30 4Q S 2.10% - 2.10% -  
                   
  02/28 Core PCE QoQ 05:30 4Q S 1.30% - 1.30% -  
                   
  02/28 Wholesale Inventories MoM 05:30 Jan P 0.50% - 1.00% -  
                   
  02/28 S&P CoreLogic CS 20-City MoM SA 06:00 Dec 0.70% - 0.88% -  
                   
  02/28 S&P CoreLogic CS 20-City YoY NSA 06:00 Dec 5.35% - 5.27% -  
                   
  02/28 Richmond Fed Manufact. Index 07:00 Feb - - 12.00 -  
                   
  03/01 MBA Mortgage Applications 04:00 24 Feb - - -2.00% -  
                   
  03/01 Personal Income 05:30 Jan 0.30% - 0.30% -  
                   
  03/01 Personal Spending 05:30 Jan 0.30% - 0.50% -  
                   
  03/01 PCE Deflator MoM 05:30 Jan 0.50% - 0.20% -  
                   
  03/01 PCE Deflator YoY 05:30 Jan 2.00% - 1.60% -  
                   
  03/01 PCE Core MoM 05:30 Jan 0.30% - 0.10% -  
                   
  03/01 PCE Core YoY 05:30 Jan 1.80% - 1.70% -  
                   
  03/01 Markit US Manufacturing PMI 06:45 Feb F - - 54.30 -  
                   
  03/01 ISM Manufacturing 07:00 Feb 55.80 - 56.00 -  
                   
  03/01 ISM Prices Paid 07:00 Feb 68.00 - 69.00 -  
                   
  03/01 Construction Spending MoM 07:00 Jan 0.70% - -0.20% -  
                   
  03/01 U.S. Federal Reserve Releases Beige Book 11:00 - - - - -  
                   
  03/02 Challenger Job Cuts YoY 04:30 Feb - - -38.80% -  
                   
  03/02 Initial Jobless Claims 05:30 25 Feb - - 244 K -  
                   
  03/02 Continuing Claims 05:30 18 Feb - - 2060 K -  
                   
  03/02 Bloomberg Consumer Comfort 06:45 26 Feb - - 48.00 -  
                   
  03/03 Markit US Services PMI 06:45 Feb F - - 53.90 -  
                   
  03/03 Markit US Composite PMI 06:45 Feb F - - 54.30 -  
                   
 
 
 
 
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