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Market Commentary

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Market Commentary


 
Today's Coupons
 
  10-Year Notes   98-19 (+02)  
 
  FN 3.5% Coupon   102-02 (+0.5)  
 
  Support   2.542%  
 
  Resistance   2.373%  
 
 
 
 
Friday, March 24, 2017
 
 
The UST 10-Year yield is at 2.415% this morning after closing at 2.420% yesterday.

U.S. Treasuries sold-off in the overnight session only to rally once again shortly after the market opened this morning ahead of vote on the amended GOP health care reform which is scheduled to go to the House for approval today.

In economic releases, orders for durable goods rose for the second consecutive month in February, increasing by 1.70% to $235.40 Billion followed by a 2.30% rise the previous month. The spike in January was led by a 48.00% increase in demand for commercial aircraft. Excluding transportation, orders for durable goods rose 0.40%, as shipments increased 0.30% and inventories rose 0.20%. Shipments of nondefense capital goods rose by 1.00% in February, however, new orders for these goods, a key indicator for business equipment investment, dropped by 0.10% indicating a slowdown in momentum for the near future.

In March, the U.S. Manufacturing Purchasing Managers Index (PMI) fell to a 5-month low of 53.40 vs. 54.20 the previous month. U.S. Services PMI, a gauge for business activity, indicated a slowing for the month as it fell from its 14-month high of 53.80 to 52.90. Composite PMI, which measures output, fell to 53.20, its lowest level since September 2016, in part due to the slowing in the service economy.

The curve has bull-flattened with the UST 10-Year 0.5 bp down from prior closing.

Have A Lovely Weekend!
 
 
   
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  03/20 Chicago Fed Nat Activity Index 05:30 Feb 0.03 0.34 -0.05 -0.02  
                   
  03/21 Current Account Balance 05:30 4Q -$129.00 B -$112.40 B -$113.00 B -$116.00 B  
                   
  03/22 MBA Mortgage Applications 04:00 17 Mar - -2.70% 3.10% -  
                   
  03/22 FHFA House Price Index MoM 06:00 Jan 0.40% 0.00% 0.40% -  
                   
  03/22 Existing Home Sales 07:00 Feb 5.55 M 5.48 M 5.69 M -  
                   
  03/22 Existing Home Sales MoM 07:00 Feb -2.50% -3.70% 3.30% -  
                   
  03/23 Initial Jobless Claims 05:30 18 Mar 240 K 258 K 241 K 243 K  
                   
  03/23 Continuing Claims 05:30 11 Mar 2040 K 2000 K 2030 K 2039 K  
                   
  03/23 Bloomberg Consumer Comfort 06:45 19 Mar - 51.30 51.00 -  
                   
  03/23 New Home Sales 07:00 Feb 564 K 592 K 555 K 558 K  
                   
  03/23 New Home Sales MoM 07:00 Feb 1.60% 6.10% 3.70% 5.30%  
                   
  03/23 Kansas City Fed Manf. Activity 08:00 Mar 14.00 20.00 14.00 -  
                   
  03/24 Durable Goods Orders 05:30 Feb P 1.40% 1.70% 2.00% 2.30%  
                   
  03/24 Durables Ex Transportation 05:30 Feb P 0.60% 0.40% 0.00% 0.20%  
                   
  03/24 Markit US Manufacturing PMI 06:45 Mar P 54.80 53.40 54.20 -  
                   
  03/24 Markit US Services PMI 06:45 Mar P 54.00 52.90 53.80 -  
                   
  03/24 Markit US Composite PMI 06:45 Mar P - 53.20 54.10 -  
                   
 
 
 
 
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