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Market Commentary


 
Today's Coupons
 
  10-Year Notes   99-07 (+14)  
 
  FN 3.5% Coupon   102-19 (+09)  
 
  Support   2.348%  
 
  Resistance   2.436%  
 
 
 
 
Monday, April 3, 2017
 
 
Treasuries are slightly higher across the curve from Friday’s close. The UST 10-Year yield is currently at 2.378% after closing at 2.386% prior.

A busy week of economic data began with this morning’s Markit US Manufacturing PMI, which came in slightly lower at 53.30 versus 53.40 prior. ISM Manufacturing survey came in as expected at 57.20, slipping from 57.70 in February. Construction Spending MoM rose 0.80% in February, erasing a 1.00% drop in January.

The remainder of this week’s economic calendar consists of Tuesday’s Factory and Durable Goods Orders, Wednesday’s ADP Employment Change and the release of the FOMC minutes, Thursday’s Initial and Continuing Claims, and lastly, the Nonfarm Payrolls for the month of March on Friday.

There are two scheduled Fed Speaks today, including NY Fed President Bill Dudley, who will discuss the U.S. household debt at 7:30 AM (PT), and Philly Fed President Harker, who will speak about Fintech at 12:00 PM (PT).

The curve has bull-flattened with the UST 10-Year down 0.8 bp from prior closing.
 
 
   
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  04/03 Markit US Manufacturing PMI 06:45 Mar F 53.50 53.30 53.40 -  
                   
  04/03 ISM Manufacturing 07:00 Mar 57.20 57.20 57.70 -  
                   
  04/03 ISM Prices Paid 07:00 Mar 66.00 70.50 68.00 -  
                   
  04/03 Construction Spending MoM 07:00 Feb 1.00% 0.80% -1.00% -0.40%  
                   
  04/04 Trade Balance 05:30 Feb -$44.50 B - -$48.50 B -  
                   
  04/04 Factory Orders 07:00 Feb 1.00% - 1.20% -  
                   
  04/04 Durable Goods Orders 07:00 Feb F 1.70% - 1.70% -  
                   
  04/04 Durables Ex Transportation 07:00 Feb F - - 0.40% -  
                   
  04/05 MBA Mortgage Applications 04:00 31 Mar - - -0.80% -  
                   
  04/05 ADP Employment Change 05:15 Mar 195 K - 298 K -  
                   
  04/05 Markit US Services PMI 06:45 Mar F 53.10 - 52.90 -  
                   
  04/05 Markit US Composite PMI 06:45 Mar F - - 53.20    
                   
  04/05 FOMC Meeting Minutes 11:00 15 Mar - - - -  
                   
  04/06 Challenger Job Cuts YoY 04:30 Mar - - -40.00% -  
                   
  04/06 Initial Jobless Claims 05:30 1 Apr - - 258 K -  
                   
  04/06 Continuing Claims 05:30 25 Mar - - 2052 K -  
                   
  04/06 Bloomberg Consumer Comfort 06:45 2 Apr - - 49.70 -  
                   
  04/07 Change in Nonfarm Payrolls 05:30 Mar 174 K - 235 K -  
                   
  04/07 Unemployment Rate 05:30 Mar 4.70% - 4.70% -  
                   
  04/07 Average Hourly Earnings MoM 05:30 Mar 0.30% - 0.20% -  
                   
  04/07 Average Hourly Earnings YoY 05:30 Mar 2.80% - 2.80% -  
                   
  04/07 Labor Force Participation Rate 05:30 Mar - - 63.00% -  
                   
  04/07 Underemployment Rate 05:30 Mar - - 9.20% -  
                   
  04/07 Wholesale Trade Sales MoM 07:00 Feb - - -0.10% -  
                   
  04/07 Wholesale Inventories MoM 07:00 Feb F - - 0.40% -  
                   
 
 
 
 
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