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Market Commentary


 
Today's Coupons
 
  10-Year Notes   98-26.5 (+04)  
 
  FN 3.5% Coupon   99-23 (+3.5)  
 
  Support   2.950%  
 
  Resistance   2.585%  
 
 
 
 
Wednesday, February 28, 2018
 
 
Treasuries are 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 2.894% during the prior session.

A second revision to the quarter-over-quarter GDP Growth for the 4Q was revised down to 2.50%, matching estimates but moving down from prior 2.60%. Also in today, MBA Mortgage Applications for the week ended February 23 rose 2.70% from prior -6.60%. A second revision for Personal Consumption during the 4Q reflected a 3.80%, matching prior result and above estimates of 3.60%. The Chicago Purchasing Manager Index for February reached 61.90, below estimates of 64.10 and down from prior 65.70. Finally, month-over-month Pending Home Sales for January reflected a -4.70% change, versus estimates of 0.50% and down from prior 0.00% revised; while year-over-year Pending Home Sales for January reflected a -1.70% change versus -1.80% prior.

The curve has bull-flattened with the UST 10-Year yield down 0.7 bp from prior closing.
 
 
   
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  02/26 Chicago Fed Nat Activity Index 05:30 Jan 0.25 0.12 0.27 0.14  
                   
  02/26 New Home Sales 07:00 Jan 647k 593k 625k 643k  
                   
  02/26 New Home Sales MoM 07:00 Jan 3.50% -7.80% -9.30% -7.60%  
                   
  02/26 Dallas Fed Manf. Activity 07:30 Feb 30.00 37.20 33.40 -  
                   
  02/27 Wholesale Inventories MoM 05:30 Jan P 0.40% 0.70% 0.40% 0.60%  
                   
  02/27 Durable Goods Orders 05:30 Jan P -2.00% -3.70% 2.80% 2.60%  
                   
  02/27 Durables Ex Transportation 05:30 Jan P 0.40% -0.30% 0.70% -  
                   
  02/27 FHFA House Price Index MoM 06:00 Dec 0.40% 0.30% 0.40% 0.50%  
                   
  02/27 S&P CoreLogic CS 20-City MoM SA 06:00 Dec 0.60% 0.64% 0.75% 0.74%  
                   
  02/27 S&P CoreLogic CS 20-City YoY NSA 06:00 Dec 6.35% 6.30% 6.41% 6.36%  
                   
  02/27 Richmond Fed Manufact. Index 07:00 Feb 15.00 28.00 14.00 -  
                   
  02/28 MBA Mortgage Applications 04:00 23 Feb - 2.70% -6.60% -  
                   
  02/28 Personal Consumption 05:30 4Q S 3.60% 3.80% 3.80% -  
                   
  02/28 GDP Annualized QoQ 05:30 4Q S 2.50% 2.50% 2.60% -  
                   
  02/28 GDP Price Index 05:30 4Q S 2.40% 2.30% 2.40% -  
                   
  02/28 Core PCE QoQ 05:30 4Q S 1.90% 1.90% 1.90% -  
                   
  02/28 Pending Home Sales MoM 07:00 Jan 0.50% -4.70% 0.50% 0.00%  
                   
  02/28 Pending Home Sales NSA YoY 07:00 Jan - -1.70% -1.80% -  
                   
  03/01 Personal Income 05:30 Jan 0.30% - 0.40% -  
                   
  03/01 Personal Spending 05:30 Jan 0.20% - 0.40% -  
                   
  03/01 PCE Deflator MoM 05:30 Jan 0.40% - 0.10% -  
                   
  03/01 PCE Deflator YoY 05:30 Jan 1.70% - 1.70% -  
                   
  03/01 PCE Core MoM 05:30 Jan 0.30% - 0.20% -  
                   
  03/01 PCE Core YoY 05:30 Jan 1.50% - 1.50% -  
                   
  03/01 Initial Jobless Claims 05:30 24 Feb 225k - 222k -  
                   
  03/01 Continuing Claims 05:30 17 Feb 1925k - 1875k -  
                   
  03/01 Bloomberg Consumer Comfort 06:45 25 Feb - - 56.60 56.60  
                   
  03/01 Markit US Manufacturing PMI 06:45 Feb F 55.90 - 55.90 -  
                   
  03/01 Construction Spending MoM 07:00 Jan 0.30% - 0.70% -  
                   
  03/01 ISM Manufacturing 07:00 Feb 58.60 - 59.10 -  
                   
  03/02 U. of Mich. Sentiment 07:00 Feb F 99.50 - 99.90 -  
                   
 
 
 
 
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