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Market Commentary


 
Today's Coupons
 
  10-Year Notes   97-27.5 (-03.5)  
 
  FN 3.5% Coupon   101-26.5 (-01)  
 
  Support   2.514%  
 
  Resistance   2.312%  
 
 
 
 
Monday, March 6, 2017
 
 
The UST 10-Year yield is at 2.492% this morning after closing at 2.479% Friday.

This morning, U.S. Treasury yields opened lower as a result of geopolitical concerns after North Korea fired four ballistic missiles into the waters off its east coast, with 3 missiles landing in Japan’s exclusive economic zone. Tension in the upcoming French Presidential election and lower than expected growth outlook for China have helped push demand for U.S. safe-haven investments and drove bond prices higher in the opening session for the first time in 6 days.

In economic releases, new factory orders increased 1.20% ($5.50 Billion) in January to $470.20 Billion vs. 1.30% growth the month prior. Orders for durable goods, items forecasted to last a minimum of 3 years, increased for the first time in 2 months by 2.00% to $230.70 Billion vs. a 1.80% growth previously. Durable goods, ex transportation remained unchanged for the month of January. Lastly, orders for non-defense capital goods excluding aircraft dropped by 0.10% vs. a 0.40% drop the previous month and shipments dropped 0.40% vs. 0.60% previously.

The curve has bear-steepened with the UST 10-Year 1.3 bps up from prior closing.

 
 
   
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  03/06 Factory Orders 07:00 Jan 1.00% 1.20% 1.30% -  
                   
  03/06 Durable Goods Orders 07:00 Jan F 1.00% 2.00% 1.80% -  
                   
  03/06 Durables Ex Transportation 07:00 Jan F 0.10% 0.00% -0.20% -  
                   
  03/07 Trade Balance 05:30 Jan -$48.50 B - -$44.30 B -  
                   
  03/08 MBA Mortgage Applications 04:00 3 Mar - - 5.80% -  
                   
  03/08 ADP Employment Change 05:15 Feb 189 K - 246 K -  
                   
  03/08 Nonfarm Productivity 05:30 4Q F 1.50% - 1.30% -  
                   
  03/08 Wholesale Inventories MoM 07:00 Jan F -0.10% - -0.10% -  
                   
  03/08 Wholesale Trade Sales MoM 07:00 Jan 0.50% - 2.60% -  
                   
  03/09 Challenger Job Cuts YoY 04:30 Feb - - -38.80% -  
                   
  03/09 Import Price Index MoM 05:30 Feb 0.10% - 0.40% -  
                   
  03/09 Import Price Index YoY 05:30 Feb 4.30% - 3.70% -  
                   
  03/09 Initial Jobless Claims 05:30 4 Mar - - - -  
                   
  03/09 Continuing Claims 05:30 25 Feb - - - -  
                   
  03/09 Bloomberg Consumer Comfort 06:45 5 Mar - - - -  
                   
  03/10 Change in Nonfarm Payrolls 05:30 Feb 175 K - 227 K -  
                   
  03/10 Unemployment Rate 05:30 Feb 4.70% - 4.80% -  
                   
  03/10 Average Hourly Earnings MoM 05:30 Feb 0.20% - 0.10% -  
                   
  03/10 Average Hourly Earnings YoY 05:30 Feb - - 2.50% -  
                   
  03/10 Labor Force Participation Rate 05:30 Feb - - 62.90% -  
                   
  03/10 Underemployment Rate 05:30 Feb - - 9.40% -  
                   
 
 
 
 
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