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Market Commentary


 
Today's Coupons
 
  10-Year Notes   99-03 (+08.5)  
 
  FN 3.5% Coupon   99-22.5 (+04)  
 
  Support   2.950%  
 
  Resistance   2.615%  
 
 
 
 
Wednesday, March 07, 2018
 
 
Treasuries are higher across the curve this morning from yesterday’s close. The UST 10-Year yield is currently at 2.862% after closing at 2.887% prior.

This morning we received the MBA Mortgage Applications for the week ended on March 2 which rose 0.30% after increasing 2.70% the week prior. Purchase applications fell 0.50% after rising 6.20% prior, while refinancing activities rose 1.50% after falling 1.20% prior. We also received the ADP Employment Change for February, which came in above expectations at 235k versus 200k per consensus; ADP Employment Change for January was upwardly revised from 234k to 244k.

We also received the 4Q final print of the Nonfarm Productivity which came in at 0.00% versus -0.10% prior. The Unit Labor Costs 4Q final print came in above expectations at 2.50% versus 2.10% per consensus. Lastly, we received the Trade Balance for January showing that the trade deficit widened to -$56.60b from -$53.90b revised prior. Later today at 11:00 AM (PT), we will receive the Fed’s latest release of its Beige Book.

The curve has bull-flattened with the UST 10-Year yield down 2.5 bps from prior closing.
 
 
   
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  03/05 Markit US Services PMI 06:45 Feb F 55.90 55.90 55.90 -  
                   
  03/05 Markit US Composite PMI 06:45 Feb F - 55.80 55.90 -  
                   
  03/06 Factory Orders 07:00 Jan -1.40% -1.40% 1.70% 1.80%  
                   
  03/06 Durable Goods Orders 07:00 Jan F -3.60% -3.60% -3.70% -  
                   
  03/06 Durables Ex Transportation 07:00 Jan F - -0.30% -0.30% -  
                   
  03/07 MBA Mortgage Applications 04:00 2 Mar - 0.30% 2.70% -  
                   
  03/07 ADP Employment Change 05:15 Feb 200k 235k 234k 244k  
                   
  03/07 Nonfarm Productivity 05:30 4Q F -0.10% 0.00% -0.10% -  
                   
  03/07 Trade Balance 05:30 Jan -$55.00b -$56.60b -$53.10b -$53.90b  
                   
  03/07 Consumer Credit 12:00 Jan $17.650b - $18.447b -  
                   
  03/08 Challenger Job Cuts YoY 04:30 Feb - - -2.80% -  
                   
  03/08 Initial Jobless Claims 05:30 3 Mar  220k - 210k -  
                   
  03/08 Continuing Claims 05:30 24 Feb 1919k - 1931k -  
                   
  03/08 Bloomberg Consumer Comfort 06:45 4 Mar - - 56.20 -  
                   
  03/09 Change in Nonfarm Payrolls 05:30 Feb 200k - 200k -  
                   
  03/09 Unemployment Rate 05:30 Feb 4.00% - 4.10% -  
                   
  03/09 Underemployment Rate 05:30 Feb - - 8.20% -  
                   
  03/09 Average Hourly Earning MoM 05:30 Feb 0.20% - 0.30% -  
                   
  03/09 Average Hourly Earning YoY 05:30 Feb 2.80% - 2.90% -  
                   
  03/09 Labor Force Participation Rate 05:30 Feb 62.70% - 62.70% -  
                   
  03/09 Wholesale Inventories MoM 07:00 Jan F 0.70% - 0.70% -  
                   
  03/09 Wholesale Trade Sales MoM 07:00 Jan - - 1.20% -  
                   
 
 
 
 
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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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