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Market Commentary


 
Today's Coupons
 
  10-Year Notes   97-22 (-05.5)  
 
  FN 3.5% Coupon   101-23 (-04.5)  
 
  Support   2.520%  
 
  Resistance   2.315%  
 
 
 
 
Tuesday, March 7, 2017
 
 
The UST 10-Year yield is at 2.506% this morning after closing at 2.501% yesterday.

This morning, U.S. Treasury yields opened higher for a 7th consecutive day as the dollar continued to strengthen with the Dollar Index up 0.13% to 101.83. In commodities, WTI Crude Oil prices were up 16 cents to $53.36 per barrel. Later today, there will be a GNMA II Fed operation worth $1.325 Billion.

The Department of Commerce in conjunction with the BEA and U.S. Census Bureau released the Trade Balance Deficit data indicating that the goods and services deficit had widen $4.20 Billion from December to $48.50 Billion for the month of January. The 9.60% deficit growth is the largest monthly jump since March 2012, and was attributed to an increased demand for imports of consumer goods, capital equipment and motor vehicles. Total imports for the month of January increased $5.30 Billion to $240.60 Billion, while exports only recorded a $1.10 Billion growth to $192.10 Billion. Later this morning, Consumer Credit is expected to be released showing an expansion from the last indication of $14.160 Billion.

Later this week, investors will focus on the upcoming 10-Year auction scheduled for March 8th as well as the Friday’s non-farm payroll data.

The curve has bear-flattened with the UST 10-Year 0.3 bp 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 -$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 4.40% - 3.70% -  
                   
  03/09 Initial Jobless Claims 05:30 4 Mar 238 K - 223 K -  
                   
  03/09 Continuing Claims 05:30 25 Feb 2062 K - 2066 K -  
                   
  03/09 Bloomberg Consumer Comfort 06:45 5 Mar - - 49.80 -  
                   
  03/10 Change in Nonfarm Payrolls 05:30 Feb 190 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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  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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