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Market Commentary


 
Today's Coupons
 
  10-Year Notes   99-07 (0.00)  
 
  FN 3.5% Coupon   102-20 (-0.5)  
 
  Support   2.314%  
 
  Resistance   2.429%  
 
 
 
 
Thursday, April 6, 2017
 
 
Treasuries are very slightly higher across the curve this morning from yesterday’s close. The UST 10-Year yield is currently at 2.334% after closing at 2.335% prior.

Yesterday treasuries rallied midday as the March FOMC Minutes revealed that most participants believe a change in reinvestment policy will occur later this year. This morning we received the Initial Jobless Claims for the week of April 1st, falling 25k to 234k from an upwardly revised 259k last week; the lowest level since the week of February 25th, illustrating the strength of the U.S. labor market. Continuing Claims for the week of March 25th came in at 2028k versus 2030k consensus.

Tomorrow we will receive the employment report for the month of March. Investors believe that the jobs report could be pivotal in either confirming or denying NY Fed President Dudley’s “little pause” statement regarding rate hikes this year during his Fed Speak earlier this week.

The curve has bull-flattened with the UST 10-Year down 0.10 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 -$44.60 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 - -2.00% -40.00% -  
                   
  04/06 Initial Jobless Claims 05:30 1 Apr 250 K 234 K 258 K 259 K  
                   
  04/06 Continuing Claims 05:30 25 Mar 2030 K 2028 K 2052 K -  
                   
  04/06 Bloomberg Consumer Comfort 06:45 2 Apr - - 49.70 -  
                   
  04/07 Change in Nonfarm Payrolls 05:30 Mar 180 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% - 0.40% -  
                   
 
 
 
 
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