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Market Commentary


 
Today's Coupons
 
  10-Year Notes   99-05.5 (-05.5)  
 
  FN 3.5% Coupon   99-24.5 (-02.5)  
 
  Support   2.950%  
 
  Resistance   2.652%  
 
 
 
 
Friday, March 16, 2018
 
 
Treasuries are lower than yesterday at the opening of today’s session. The yield on the UST 10-Year is currently at 2.847% after closing at 2.829% during the prior session.

This week’s calendar concludes today with Jobs results for January, Housing and Industrial results for February; and preliminary Inflation readings for March.

JOLTS Job Openings’ reading for January came in today at 6312, versus estimates of 5917 and prior mark of 5667 revised. Month-over-month Housing Starts for February changed by -7.00%, versus estimated change of -2.70% and down from previous 10.10% revised; while Housing Starts for February reached 1236k, below estimates of 1290k and down from prior 1329k revised. Month-over-month Building Permits for February changed by -5.70%, versus estimated change of -4.10% and down from prior 5.90% revised; while Building Permits for February reached 1298k, below estimates of 1320k and down from 1377k. Further, month-over-month Industrial Production for February reflected a 1.10% change, above survey of 0.40% and up from prior -0.30% revised; while Manufacturing Production for February reflected a 1.20% change, above estimates of 0.50% and up from -0.20% revised. 

Finally, the preliminary March reading for the University of Michigan 1 YR Inflation came in at 2.90% versus 2.70% prior; while the preliminary March reading for the 5-10 YR Inflation came in at 2.50%, in line with prior reading. Preliminary March reading for Current Conditions came in at 122.80 versus prior 114.90; while the preliminary March reading for Consumer Sentiment registered 102.00, versus estimates of 99.30 and prior mark of 99.70.

The curve has bear-steepened with the UST 10-Year yield up 1.8 bps from prior closing.

Have A Nice Weekend!
 
 
   
 
   
 
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 22.50 13.10 -  
                   
  03/15 Import Price Index MoM 05:30 Feb 0.20% 0.40% 1.00% 0.80%  
                   
  03/15 Import Price Index YoY 05:30 Feb 3.50% 3.50% 3.60% 3.40%  
                   
  03/15 Export Price Index MoM 05:30 Feb 0.30% 0.20% 0.80% -  
                   
  03/15 Export Price Index YoY 05:30 Feb - 3.30% 3.40% -  
                   
  03/15 Initial Jobless Claims 05:30 10 Mar  228k 226k 231k 230k  
                   
  03/15 Continuing Claims 05:30 3 Mar  1903k 1879k 1870k 1875k  
                   
  03/15 Philadelphia Fed Business Outlook 05:30 Mar 23.00 22.30 25.80 -  
                   
  03/15 Bloomberg Consumer Comfort 06:45 11 Mar - 56.20 56.80 -  
                   
  03/15 NAHB Housing Market Index 07:00 Mar 72.00 70.00 72.00 71.00  
                   
  03/16 Housing Starts 05:30 Feb 1290k 1236k 1326k 1329k  
                   
  03/16 Housing Starts MoM 05:30 Feb -2.70% -7.00% 9.70% 10.10%  
                   
  03/16 Building Permits 05:30 Feb 1320k 1298k 1396k 1377k  
                   
  03/16 Building Permits MoM 05:30 Feb -4.10% -5.70% 7.40% 5.90%  
                   
  03/16 Industrial Production MoM 06:15 Feb 0.40% 1.10% -0.10% -0.30%  
                   
  03/16 Capacity Utilization 06:15 Feb 77.70% 78.10% 77.50% 77.40%  
                   
  03/16 JOLTS Job Openings 07:00 Jan 5917 6312 5811 5667  
                   
  03/16 U. of Mich. Sentiment 07:00 Mar P 99.30 102.00 99.70 -  
                   
 
 
 
 
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