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Market Commentary


 
Today's Coupons
 
  10-Year Notes   97-08 (-13)  
 
  FN 3.5% Coupon   101-14 (-09)  
 
  Support   2.582%  
 
  Resistance   2.335%  
 
 
 
 
Wednesday, March 8, 2017
 
 
The UST 10-Year yield is at 2.562% this morning after closing at 2.519% yesterday.

U.S. Treasury yields climbed again this morning for the 8th consecutive day, making headway for the longest losing streak in 5 years ahead of today’s 10-Year auction.

Today’s economic releases consist of MBA Mortgage Applications, which rose 3.30% for the week ended March 3rd after a 5.80% rise the week prior. Overall, applications for mortgages are down 18.00% from this time last year, with the average 30-Year fixed rate at 4.360% vs. 4.300% the week prior. ADP Employment recorded a 298K increase in new jobs for the month of February, its 3rd largest advance in job creation since 2014. The construction industry added 66K jobs, factories increased head-counts by 32K, large companies hired 72K additional workers and the largest came from medium size companies which added 122K jobs last month. Wholesale Inventories fell 0.20% to $600 Billion in January according to the Census Bureau.

The curve has bear-steepened with the UST 10-Year 4.3 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 -$48.50 B -$44.30 B -  
                   
  03/08 MBA Mortgage Applications 04:00 3 Mar - 3.30% 5.80% -  
                   
  03/08 ADP Employment Change 05:15 Feb 187 K 298 K 246 K 261 K  
                   
  03/08 Nonfarm Productivity 05:30 4Q F 1.50% 1.30% 1.30% -  
                   
  03/08 Wholesale Inventories MoM 07:00 Jan F -0.10% -0.20% -0.10% -  
                   
  03/08 Wholesale Trade Sales MoM 07:00 Jan 0.50% -0.10% 2.60% 2.40%  
                   
  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 197 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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