Back to top

Market Commentary

Home
Market Commentary


 
Today's Coupons
 
  10-Year Notes   99-04.5 (+05.5)  
 
  FN 3.5% Coupon   102-18 (+02.5)  
 
  Support   2.458%  
 
  Resistance   2.312%  
 
 
 
 
Tuesday, February 28, 2017
 
 
The UST 10-Year yield is at 2.350% this morning after closing at 2.366% yesterday.

U.S. Treasury yields opened nearly unchanged this morning as investors await President Trump speech where he will address the State of the Union tonight to discuss tax cuts, ObamaCare and other economic plans.

In economic releases, GDP grew at an unchanged rate of 1.90% for the fourth quarter of 2016, compared to 3.50% for the third quarter, according to the 2nd estimate from the Bureau of Economic Analysis (BEA). Personal Consumption Expenditures (PCE) gained 3.00%, which help to offset some of the losses from exports and federal government spending. Overall, Core PCE QoQ was nearly unchanged at 1.20%.

Wholesale Inventories shrank 0.10% in January after a previously revised 0.90% growth in December. The Chicago Purchasing Manager Index rose 7.10 to 57.40, largest single jump in 13 months. The Richmond Fed Manufacturing Index rose to 17.00 in February as shipments, new orders and capacity utilization increased for the month. Expansion in the manufacturing sector has continued to grow steadily for the past 12 months. Given the positive labor conditions, the Consumer Confidence gauge soared to 114.80, the highest reading since July 2001.

The curve has bull-flattened 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  
  02/27 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% 1.90% -  
                   
  02/28 Personal Consumption 05:30 4Q S 2.60% 3.00% 2.50% -  
                   
  02/28 GDP Price Index 05:30 4Q S 2.10% 2.00% 2.10% -  
                   
  02/28 Core PCE QoQ 05:30 4Q S 1.30% 1.20% 1.30% -  
                   
  02/28 Wholesale Inventories MoM 05:30 Jan P 0.40% -0.10% 1.00% 0.90%  
                   
  02/28 S&P CoreLogic CS 20-City MoM SA 06:00 Dec 0.70% 0.93% 0.88% 0.89%  
                   
  02/28 S&P CoreLogic CS 20-City YoY NSA 06:00 Dec 5.40% 5.58% 5.27% 5.20%  
                   
  02/28 Richmond Fed Manufact. Index 07:00 Feb 10.00 17.00 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 -  
                   
 
 
 
 
Helpful Links
  Visit Us Online   Submit Loan  
  Get Approved   Resolve Loan Conditions  
  Download Rate Sheet   Conventional Program Guidelines  
  Price & Lock   Government Program Guidelines  
 
 
   
 
  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  
 
©2017 Sun West Mortgage Company, Inc. All Rights Reserved