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Market Commentary


 
Today's Coupons
 
  10-Year Notes   99-22.5 (+13.5)  
 
  FN 3.5% Coupon   100-05.5 (+06.5)  
 
  Support   2.950%  
 
  Resistance   2.719%  
 
 
 
 
Friday, April 06, 2018
 
 
Treasuries are higher than yesterday at the opening of today’s session. The yield on the UST 10-Year is currently at 2.785% after closing at 2.833% during the prior session.

Released today, the Unemployment Rate for March remained unchanged from its previous read at 4.10%, though market estimated a small decrease to 4.00%; while the Labor Force Participation Rate for March dropped slightly to 62.90% from previous 63.00%.  

Further, Nonfarm Payroll for March came in at 103k, which was well below the estimated 185k and dramatically below the 326k revised from the last reading; while Change in Private Payroll for March came in at 102k, below survey of 188k and down from prior 320k revised. Also in today, Change in Manufacturing Payroll for March came in at 22k, matching estimates but down from prior mark of 32k revised. Finally, month-over-month Average Hourly Earnings for March reflected a 0.30% change, versus estimates of 0.30% and prior mark of 0.10%; while year-over-year Average Hourly Earnings for March reflected a 2.70% change, versus estimates of 2.70% and prior mark of 2.60%.

Fed Chair Jerome Powell will be speaking on the economic outlook today at a speech in Chicago; while San Francisco Fed President John Williams will also be discussing the economic outlook at an event in California.

The curve has bull-flattened with the UST 10-Year yield down 4.8 bps from prior closing.

Have A Lovely Weekend!
 
 
   
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  04/02 Markit US Manufacturing PMI 06:45 Mar F 55.70 55.60 55.70 -  
                   
  04/02 Construction Spending MoM 07:00 Feb 0.40% 0.10% 0.00% -  
                   
  04/02 ISM Manufacturing 07:00 Mar 59.60 59.30 60.80 -  
                   
  04/02 ISM Prices Paid 07:00 Mar 72.50 78.10 74.20 -  
                   
  04/03 No Data - - - - - -  
                   
  04/04 MBA Mortgage Applications 04:00 30 Mar - -3.30% 4.80% -  
                   
  04/04 ADP Employment Change 05:15 Mar 210k 241k 235k 246k  
                   
  04/04 Markit US Services PMI 06:45 Mar F 54.20 54.00 54.10 -  
                   
  04/04 Markit US Composite PMI 06:45 Mar F - 54.20 54.30 -  
                   
  04/04 Factory Orders 07:00 Feb 1.70% 1.20% -1.40% -1.30%  
                   
  04/04 Durable Goods Orders 07:00 Feb F - 3.00% 3.10% -  
                   
  04/04 Durables Ex Transportation 07:00 Feb F - 1.00% 1.20% -  
                   
  04/05 Challenger Job Cuts YoY 04:30 Mar - 39.40% -4.30% -  
                   
  04/05 Initial Jobless Claims 05:30 31 Mar 225k 242k 215k 218k  
                   
  04/05 Continuing Claims 05:30 24 Mar 1843k 1808k 1871k 1872k  
                   
  04/05 Trade Balance 05:30 Feb -$56.80b -$57.60b -$56.60b -$56.70b  
                   
  04/05 Bloomberg Consumer Comfort 06:45 1 Apr - 57.20 56.80 -  
                   
  04/06 Change in Nonfarm Payrolls 05:30 Mar 185k 103k 313k 326k  
                   
  04/06 Unemployment Rate 05:30 Mar 4.00% 4.10% 4.10% -  
                   
  04/06 Average Hourly Earnings MoM 05:30 Mar 0.30% 0.30% 0.10% -  
                   
  04/06 Average Hourly Earnings YoY 05:30 Mar 2.70% 2.70% 2.60% -  
                   
  04/06 Labor Force Participation Rate 05:30 Mar - 62.90% 63.00% -  
                   
 
 
 
 
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