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Market Commentary


 
Today's Coupons
 
  10-Year Notes   99-16.5 (+10.5)  
 
  FN 3.5% Coupon   99-31 (+07.5)  
 
  Support   2.950%  
 
  Resistance   2.652%  
 
 
 
 
Wednesday, March 14, 2018
 
 
Treasuries are higher across the curve this morning from yesterday’s close. The UST 10-Year yield is currently at 2.820% after closing at 2.843% prior.

This morning we received the MBA Mortgage Applications for the week ended on March 9 which rose 0.90% after increasing 0.30% the week prior. Purchase applications increased 3.40% after dropping 0.50% prior, while refinancing activities fell 2.20% after rising 1.50% prior. We also received the Retail Sales Advance print for February, which came in below expectations at -0.10% versus a 0.30% increase per consensus. February Retail Sales excluding Auto rose 0.20% following an upwardly revised 0.10% increase prior, and Retail Sales excluding Auto and Gas rose 0.30% following a revised drop of -0.10% prior.

The February PPI Final Demand came in above expectations at 0.20% versus a 0.10% increase per consensus; YoY PPI Final Demand is now at 2.80% versus 2.70% prior. PPI excluding Food and Energy rose 0.20% following a 0.40% increase prior; PPI excluding Food and Energy is now up 2.50% from 2.20% prior. Lastly, we received the Business Inventories for the month of January, which came in line with expectations at 0.60%.

The curve has bull-flattened with the UST 10-Year yield down 2.3 bps from prior closing.
 
 
   
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  03/12 Monthly Budget Statement 11:00 Feb -$216.00b -$215.20b -$192.00b -  
                   
  03/13 NFIB Small Business Optimism 03:00 Feb 107.10 107.60 106.90 -  
                   
  03/13 CPI MoM 05:30 Feb 0.20% 0.20% 0.50% -  
                   
  03/13 CPI YoY 05:30 Feb 2.20% 2.20% 2.10% -  
                   
  03/14 MBA Mortgage Applications 04:00 9 Mar - 0.90% 0.30% -  
                   
  03/14 Retail Sales Advance MoM 05:30 Feb 0.30% -0.10% -0.30% -0.10%  
                   
  03/14 PPI Final Demand MoM 05:30 Feb 0.10% 0.20% 0.40% -  
                   
  03/14 PPI Final Demand YoY 05:30 Feb 2.80% 2.80% 2.70% -  
                   
  03/14 Business Inventories 07:00 Jan 0.60% 0.60% 0.40% 0.60%  
                   
  03/15 Empire Manufacturing 05:30 Mar 15.00 - 13.10 -  
                   
  03/15 Import Price Index MoM 05:30 Feb 0.20% - 1.00% -  
                   
  03/15 Import Price Index YoY 05:30 Feb 3.50% - 3.60% -  
                   
  03/15 Export Price Index MoM 05:30 Feb 0.30% - 0.80% -  
                   
  03/15 Export Price Index YoY 05:30 Feb - - 3.40% -  
                   
  03/15 Initial Jobless Claims 05:30 10 Mar  228k - 231k -  
                   
  03/15 Continuing Claims 05:30 3 Mar  1903k - 1870k -  
                   
  03/15 Philadelphia Fed Business Outlook 05:30 Mar 23.00 - 25.80 -  
                   
  03/15 Bloomberg Consumer Comfort 06:45 11 Mar - - 56.80 -  
                   
  03/15 NAHB Housing Market Index 07:00 Mar 72.00 - 72.00 -  
                   
  03/16 Housing Starts 05:30 Feb 1290k - 1326k -  
                   
  03/16 Housing Starts MoM 05:30 Feb -2.70% - 9.70% -  
                   
  03/16 Building Permits 05:30 Feb 1320k - 1396k 1377k  
                   
  03/16 Building Permits MoM 05:30 Feb -4.10% - 7.40% 5.90%  
                   
  03/16 Industrial Production MoM 06:15 Feb 0.40% - -0.10% -  
                   
  03/16 Capacity Utilization 06:15 Feb 77.70% - 77.50% -  
                   
  03/16 JOLTS Job Openings 07:00 Jan 5900 - 5811 -  
                   
  03/16 U. of Mich. Sentiment 07:00 Mar P 99.20 - 99.70 -  
                   
 
 
 
 
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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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