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Market Commentary


 
Today's Coupons
 
  10-Year Notes   98-19 (-15.5)  
 
  FN 3.5% Coupon   99-18 (-08.5)  
 
  Support   2.950%  
 
  Resistance   2.652%  
 
 
 
 
Friday, March 09, 2018
 
 
Treasuries are lower than yesterday at the opening of today’s session. The yield on the UST 10-Year is currently at 2.900% after closing at 2.858% during the prior session.

The Unemployment Rate for February remained unchanged today at 4.10% from prior reading but missed market estimates of dropping to 4.00%; while the Underemployment Rate for February also remained unchanged at 8.20% from prior period. Labor Force Participation Rate jumped to 63.00% in February, exceeding market estimates of 62.70% and rising from prior period of the same level.

Further, Nonfarm Payroll for February rose by 313k, well above estimates of 205k and prior 239k revised; while Private Payroll for February rose by 287k, also above estimates of 205k and prior 238k revised. Moreover, month-over-month Average Hourly Earnings for February reflected a 0.10% change, below survey of 0.20% and down from prior 0.30%; while year-over-year Average Hourly Earnings for February reflected a 2.60% change, below survey of 2.80% and down from prior 2.80% revised.

Finally, forecast month-over-month Wholesale Inventories for January came in at 0.80%, above estimates and prior mark of 0.70%; while month-over-month Wholesale Trade Sales for January came in at -1.10% versus prior 0.80% revised.  

Today, Chicago Fed President Charles Evans speaks on monetary policy in New York and Boston Fed President Eric Rosengren speaks on economic outlook in Springfield, Massachusetts.  On Monday, the U.S. Treasury is scheduled to auction $28 Billion of 3-Year Notes, $21 Billion of 10-Year Notes and $13 Billion of 30-Year Bonds.

The curve has bear-steepened with the UST 10-Year yield up 4.2 bps from prior closing.

Have A Lovely Weekend!
 
 
   
 
   
 
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 $13.906b $18.447b $19.209b  
                   
  03/08 Challenger Job Cuts YoY 04:30 Feb - -4.30% -2.80% -  
                   
  03/08 Initial Jobless Claims 05:30 3 Mar  220k 231k 210k -  
                   
  03/08 Continuing Claims 05:30 24 Feb 1920k 1870k 1931k 1934k  
                   
  03/08 Bloomberg Consumer Comfort 06:45 4 Mar - 56.80 56.20 -  
                   
  03/09 Change in Nonfarm Payrolls 05:30 Feb 205k 313k 200k 239k  
                   
  03/09 Unemployment Rate 05:30 Feb 4.00% 4.10% 4.10% -  
                   
  03/09 Underemployment Rate 05:30 Feb - 8.20% 8.20% -  
                   
  03/09 Average Hourly Earning MoM 05:30 Feb 0.20% 0.10% 0.30% -  
                   
  03/09 Average Hourly Earning YoY 05:30 Feb 2.80% 2.60% 2.90% 2.80%  
                   
  03/09 Labor Force Participation Rate 05:30 Feb 62.70% 63.00% 62.70% -  
                   
  03/09 Wholesale Inventories MoM 07:00 Jan F 0.70% 0.80% 0.70% -  
                   
  03/09 Wholesale Trade Sales MoM 07:00 Jan - -1.10% 1.20% 0.80%  
                   
 
 
 
 
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