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Market Commentary


 
Today's Coupons
 
  10-Year Notes   98-29 (+12)  
 
  FN 3.5% Coupon   102-08 (+08)  
 
  Support   2.542%  
 
  Resistance   2.346%  
 
 
 
 
Monday, March 27, 2017
 
 
The UST 10-Year yield is at 2.374% this morning after closing at 2.413% on Friday.

This morning, U.S. Treasuries continued to rally pushing yields down to levels last seen in late February, prior to the Fed rate hike. The drop in yields comes as political uncertainty around fiscal and monetary policies grow under the Trump presidency, highlighted by the failure to execute the health care reform (AHCA) last week. U.S. Equity Index fell for the seventh time in 8 days as stocks saw the biggest drop since November 2016. The dollar continues to extend losses, with the index down 0.43% to 98.95. In commodities, WTI crude oil is down 85 cents to 47.12 per barrel.

The only economic print today was the Dallas Fed Manufacturing Activity Index which dropped to 16.90 in March from 24.50 the previous month; the drop was driven by a decline in capacity utilization and shipments. In upcoming auctions, Department of U.S. Treasury is scheduled to sell $24 Billion in 2-Year notes today followed by $34 Billion in 5-Year notes tomorrow.

In FedSpeak, Chicago Fed President Evans, one of the most dovish members of the FOMC, is scheduled to speak on current economic conditions and monetary policy. Later, Dallas Fed President Kaplan, who supports 3 rate hikes in 2017, will discuss economic conditions and the role of monetary policy.

The curve has bull-flattened with the UST 10-Year 3.9 bps down from prior closing.
 
 
   
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  03/27 Dallas Fed Manf. Activity 07:30 Mar 22.00 16.90 24.50 -  
                   
  03/28 Wholesale Inventories MoM 05:30 Feb P 0.20% - -0.20% -  
                   
  03/28 S&P CoreLogic CS 20-City MoM SA 06:00 Jan 0.70% - 0.93% -  
                   
  03/28 S&P CoreLogic CS 20-City YoY NSA 06:00 Jan 5.60% - 5.58% -  
                   
  03/28 Richmond Fed Manufact. Index 07:00 Mar 15.00 - 17.00 -  
                   
  03/29 MBA Mortgage Applications 04:00 24 Mar - - -2.70% -  
                   
  03/29 Pending Home Sales MoM 07:00 Feb 2.50% - -2.80% -  
                   
  03/29 Pending Home Sales NSA YoY 07:00 Feb - - 2.70% -  
                   
  03/30 GDP Annualized QoQ 05:30 4Q T 2.00% - 1.90% -  
                   
  03/30 Personal Consumption 05:30 4Q T 3.00% - 3.00% -  
                   
  03/30 GDP Price Index 05:30 4Q T 2.00% - 2.00% -  
                   
  03/30 Core PCE QoQ 05:30 4Q T 1.20% - 1.20% -  
                   
  03/30 Initial Jobless Claims 05:30 25 Mar 245 K - 261 K -  
                   
  03/30 Continuing Claims 05:30 18 Mar 2033 K - 1990 K -  
                   
  03/30 Bloomberg Consumer Comfort 06:45 26 Mar - - 51.30 -  
                   
  03/31 Personal Income 05:30 Feb 0.40% - 0.40% -  
                   
  03/31 Personal Spending 05:30 Feb 0.20% - 0.20% -  
                   
  03/31 PCE Deflator MoM 05:30 Feb 0.10% - 0.40% -  
                   
  03/31 PCE Deflator YoY 05:30 Feb 2.10% - 1.90% -  
                   
  03/31 PCE Core MoM 05:30 Feb 0.20% - 0.30% -  
                   
  03/31 PCE Core YoY 05:30 Feb 1.70% - 1.70% -  
                   
  03/31 U. of Mich. Sentiment 07:00 Mar F 97.60 - 97.60 -  
                   
 
 
 
 
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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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