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Market Commentary


 
Today's Coupons
 
  10-Year Notes   97-24 (+08)  
 
  FN 3.5% Coupon   101-19.5 (+04.5)  
 
  Support   2.628%  
 
  Resistance   2.484%  
 
 
 
 
Friday, March 17, 2017
 
 
The UST 10-Year yield is at 2.500% this morning after closing at 2.541% yesterday.

U.S. Treasury yields opened lower this morning, recovering some of the losses from yesterday's trading session. Yesterday, the Fed's overnight bank funding rate (OBFR) jumped to 0.91% from 0.66% previously. Overall trading volume slowed, government funds saw net outflows of $10.90 Billion for the week ended March 15th vs. $8.18 Billion inflows the week prior.

In economic releases, Industrial Production remained unchanged in February largely due to unseasonably warm weather causing demand for utilities to drop 5.70% and leading to an overall drop in capacity utilization by 0.10% to 75.40% for the month. Excluding utilities, production was stronger in the manufacturing and mining sectors as the readings indicated a gain of 0.50% and 2.70% respectively.

The leading economic index, a key gauge for future economic activity, rose for the 6th consecutive time in February, increasing by 0.60% to 126.20, its highest level in over a decade. The University of Michigan Index, a gauge for consumer confidence, improved to 97.60 as more Americans are optimistic about the prospect of their personal finances and the economy.

The curve has bull-flattened with the UST 10-Year 4.1 bps down from prior closing.

Have A Fantastic Weekend!
 
 
   
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  03/13 Labor Market Conditions Index Change 07:00 Feb 2.50 - 1.30 -  
                   
  03/14 NFIB Small Business Optimism 03:00 Feb 105.60 105.30 105.90 -  
                   
  03/14 PPI Final Demand MoM 05:30 Feb 0.10% 0.30% 0.60% -  
                   
  03/14 PPI Final Demand YoY 05:30 Feb 1.90% 2.20% 1.60% -  
                   
  03/15 MBA Mortgage Applications 04:00 10 Mar - 3.10% 3.30% -  
                   
  03/15 Empire Manufacturing 05:30 Mar 15.00 16.40 18.70 -  
                   
  03/15 CPI MoM 05:30 Feb 0.00% 0.10% 0.60% -  
                   
  03/15 CPI YoY 05:30 Feb 2.70% 2.70% 2.50% -  
                   
  03/15 Retail Sales Advance MoM 05:30 Feb 0.10% 0.10% 0.40% 0.60%  
                   
  03/15 NAHB Housing Market Index 07:00 Mar 65.00 71.00 65.00 -  
                   
  03/15 Business Inventories 07:00 Jan 0.30% 0.30% 0.40% -  
                   
  03/15 FOMC Rate Decision (Upper Bound) 11:00 15 Mar 1.00% 1.00% 0.75% -  
                   
  03/15 FOMC Rate Decision (Lower Bound) 11:00 15 Mar 0.75% 0.75% 0.50% -  
                   
  03/16 Housing Starts 05:30 Feb 1264 K 1288 K 1246 K 1251 K  
                   
  03/16 Housing Starts MoM 05:30 Feb 1.40% 3.00% -2.60% -1.90%  
                   
  03/16 Building Permits 05:30 Feb 1268 K 1213 K 1285 K 1293 K  
                   
  03/16 Building Permits MoM 05:30 Feb -1.90% -6.20% 4.60% 5.30%  
                   
  03/16 Initial Jobless Claims 05:30 11 Mar 240 K 241 K 243 K -  
                   
  03/16 Continuing Claims 05:30 4 Mar 2050 K 2030 K 2058 K 2060 K  
                   
  03/16 Philadelphia Fed Business Outlook 05:30 Mar 30.00 32.80 43.30 -  
                   
  03/16 Bloomberg Consumer Comfort 06:45 12 Mar - 51.00 50.60 -  
                   
  03/16 JOLTS Job Openings 07:00 Jan 5556 5626 5501 5539  
                   
  03/17 Industrial Production MoM 06:15 Feb 0.20% 0.00% -0.30% -0.10%  
                   
  03/17 Capacity Utilization 06:15 Feb 75.50% 75.40% 75.30% 75.50%  
                   
  03/17 U. of Mich. Sentiment 07:00 Mar P 97.00 97.60 96.30 -  
                   
  03/17 Leading Index 07:00 Feb 0.50% 0.60% 0.60% -  
                   
 
 
 
 
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