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Market Commentary


 
Today's Coupons
 
  10-Year Notes   97-25 (-06)  
 
  FN 3.5% Coupon   101-23 (-02.5)  
 
  Support   2.503%  
 
  Resistance   2.312%  
 
 
 
 
Friday, March 3, 2017
 
 
The UST 10-Year yield is at 2.493% this morning after closing at 2.479% yesterday.

U.S. Treasury yields opened up higher this morning in anticipation of today’s Fedspeak ahead of the FOMC meeting. At 9:30 AM (PT), Vice-Chair Fischer will talk about monetary policy at the Chicago School of Business. At 10:00 AM (PT) Fed Reserve Chairwoman Yellen will speak to the Executives’ Club of Chicago regarding the U.S. economic outlook. Investors will harken on their final words before the blackout period for further indication of a March rate hike.

In economic releases, Markit U.S. Services PMI slightly declined in February to 53.80 from 53.90 the previous month. Composite Purchasing Manager’s Index (PMI) fell to 54.10, the lowest reading since September 2016, as new orders declined in February. ISM Non-Manufacturing Composite Index rose to 57.60 primarily due to an increase of business activity and orders for exports.

Later today, the Fed is scheduled to purchase $1.325 Billion of Ginnie Mae 30-Year product.

The curve has bear-steepened with the UST 10-Year 1.4 bps up from prior closing.

Have A Lovely Weekend!

 
 
   
 
   
 
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 53.80 53.90 -  
                   
  03/03 Markit US Composite PMI 06:45 Feb F - 54.10 54.30 -  
                   
 
 
 
 
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