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Market Commentary


 
Today's Coupons
 
  10-Year Notes   98-31.5 (-0.5)  
 
  FN 3.5% Coupon   102-16.5 (-0.5)  
 
  Support   2.314%  
 
  Resistance   2.429%  
 
 
 
 
Wednesday, April 5, 2017
 
 
Treasuries are slightly lower across the curve after the release of private sector data showed that businesses added 263k jobs in March. The UST 10-Year yield is currently at 2.375% after closing at 2.361% prior.

Yesterday treasuries modestly retraced Monday’s gains when data showed that the trade deficit decreased more than expected. This morning we received the March ADP private payrolls data, which reported a gain of 263k new jobs, 78k better than consensus. MBA mortgage applications showed a 1.60% decrease in the week ending on March 31st, as purchase applications increased by 1.00% while refinance activities dropped 4.00%. The final reading of the March Markit services PMI came in at 52.80 from 52.90 in the flash, and the composite PMI came in at 53.00 from 53.20 in the flash.

Richmond Fed President Lacker, a non-voting FOMC member, unexpectedly resigned yesterday afternoon ahead of the release of the FOMC Minutes this morning at 11:00 AM (PT). Lacker dominated the headlines after admitting that he violated confidentiality in an interview with Medley Advisors back in 2012.

The curve has bear-steepened with the UST 10-Year up 1.4 bps 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 -$44.60 B -$43.60 B -$48.50 B -$48.20 B  
                   
  04/04 Factory Orders 07:00 Feb 1.00% 1.00% 1.20% 1.50%  
                   
  04/04 Durable Goods Orders 07:00 Feb F 1.70% 1.80% 1.70% -  
                   
  04/04 Durables Ex Transportation 07:00 Feb F - 0.50% 0.40% -  
                   
  04/05 MBA Mortgage Applications 04:00 31 Mar - -1.60% -0.80% -  
                   
  04/05 ADP Employment Change 05:15 Mar 185 K 263 K 298 K 245 K  
                   
  04/05 Markit US Services PMI 06:45 Mar F 53.10 52.80 52.90 -  
                   
  04/05 Markit US Composite PMI 06:45 Mar F - 53.00 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 250 K - 258 K -  
                   
  04/06 Continuing Claims 05:30 25 Mar 2030 K - 2052 K -  
                   
  04/06 Bloomberg Consumer Comfort 06:45 2 Apr - - 49.70 -  
                   
  04/07 Change in Nonfarm Payrolls 05:30 Mar 175 K - 235 K -  
                   
  04/07 Unemployment Rate 05:30 Mar 4.70% - 4.70% -  
                   
  04/07 Average Hourly Earnings MoM 05:30 Mar 0.20% - 0.20% -  
                   
  04/07 Average Hourly Earnings YoY 05:30 Mar 2.70% - 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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  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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