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Market Commentary


 
Today's Coupons
 
  10-Year Notes   97-30 (-07.5)  
 
  FN 3.5% Coupon   101-25 (-05.5)  
 
  Support   2.492%  
 
  Resistance   2.337%  
 
 
 
 
Thursday, March 2, 2017
 
 
The UST 10-Year yield is at 2.486% this morning after closing at 2.454% yesterday.

This morning, U.S. Treasury yields inched higher for a third consecutive day as the likelihood of an upcoming rate hike in March grew even higher after the Federal Reserve released the Beige Book yesterday which indicated that the economy was growing at a modest to moderate pace. Fed Governor Lael Brainard followed the release by stating that “it will likely be appropriate soon to remove additional accommodation”.

In economic releases, U.S. Department of Labor released Initial Jobless Claims data for the week ended Feb 25th indicating a 19K drop in new claims to 223K; marking the 104th consecutive week of claims below 300K. The 4-week moving average also dropped to 234,250 from 240,500, the lowest level in nearly 44 years. Claims for those continuing to receive benefits increased slightly to 2066K for the week ended Feb 18th from 2063K the week prior. Consumer Comfort jumped 1.80 to 49.80, the highest reading since March 2007. The growth comes as more Americans are optimistic about their personal finances, with the gauge rising from 56.40 to 59.00.

The curve has bear-steepened with the UST 10-Year 3.2 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% 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 - 5.80% -2.00% -  
                   
  03/01 Personal Income 05:30 Jan 0.30% 0.40% 0.30% -  
                   
  03/01 Personal Spending 05:30 Jan 0.30% 0.20% 0.50% -  
                   
  03/01 PCE Deflator MoM 05:30 Jan 0.50% 0.40% 0.20% -  
                   
  03/01 PCE Deflator YoY 05:30 Jan 2.00% 1.90% 1.60% -  
                   
  03/01 PCE Core MoM 05:30 Jan 0.30% 0.30% 0.10% -  
                   
  03/01 PCE Core YoY 05:30 Jan 1.70% 1.70% 1.70% -  
                   
  03/01 Markit US Manufacturing PMI 06:45 Feb F 54.50 54.20 54.30 -  
                   
  03/01 ISM Manufacturing 07:00 Feb 56.20 57.70 56.00 -  
                   
  03/01 ISM Prices Paid 07:00 Feb 68.00 68.00 69.00 -  
                   
  03/01 Construction Spending MoM 07:00 Jan 0.60% -1.00% -0.20% 0.10%  
                   
  03/01 U.S. Federal Reserve Releases Beige Book 11:00 - - - - -  
                   
  03/02 Initial Jobless Claims 05:30 25 Feb 245 K 223 K 244 K 242 K  
                   
  03/02 Continuing Claims 05:30 18 Feb 2060 K 2066 K 2060 K 2063 K  
                   
  03/02 Bloomberg Consumer Comfort 06:45 26 Feb - 49.80 48.00 -  
                   
  03/03 Markit US Services PMI 06:45 Feb F 54.00 - 53.90 -  
                   
  03/03 Markit US Composite PMI 06:45 Feb F - - 54.30 -  
                   
 
 
 
 
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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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