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Market Commentary


 
Today's Coupons
 
  10-Year Notes   99-04 (-07.5)  
 
  FN 3.5% Coupon   99-22.5 (-03.5)  
 
  Support   2.950%  
 
  Resistance   2.719%  
 
 
 
 
Monday, April 16, 2018
 
 
Treasuries are lower than Friday at the opening of today’s session. The yield on the UST 10-Year is currently at 2.852% after closing at 2.828% during the prior session.

The economic calendar for the week opened today with a miss for the Empire Manufacturing Index. Manufacturing activity during April, as surveyed by the Federal Reserve of New York, registered 15.80 versus estimates of 18.40 for the period and falling from prior mark of 22.50. On the other hand, month-over-month Retail Sales Advance for March registered a 0.60% change, exceeding estimates of 0.40% and rising from prior mark of -0.10%. Further, Business Inventories during February reflected a 0.60% change, in line with both prior mark and estimates for the period. Finally, the NAHB Housing Market Index for April came in at 69, slightly missing estimated score and prior mark of 70.

Moving ahead in the week the calendar will feature Housing Starts and Building Permits on Tuesday; Mortgage Applications and the Fed’s Beige Book on Wednesday; and concludes with Initial & Continuing Jobless Claims and Consumer Comfort on Thursday. 

Today, Dallas Fed President Kaplan speaks at an economic forum in Miami; Minneapolis Fed President Kashkari discusses Too Big to Fail policy in Washington; and Atlanta Fed President Bostic speaks on the economy and rural markets in Alabama. 

The curve has bear-flattened with the UST 10-Year yield up 2.4 bps from prior closing.
 
 
   
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  04/16 Empire Manufacturing 05:30 Apr 18.40 15.80 22.50 -  
                   
  04/16 Retail Sales Advance MoM 05:30 Mar 0.40% 0.60% -0.10% -  
                   
  04/16 Business Inventories 07:00 Feb 0.60% 0.60% 0.60% -  
                   
  04/16 NAHB Housing Market Index 07:00 Apr 70.00 69.00 70.00 -  
                   
  04/16 Total Net TIC Flows 13:00 Feb - - $119.70b -  
                   
  04/16 Net Long-term TIC Flows 13:00 Feb - - $62.10b -  
                   
  04/17 Housing Starts 05:30 Mar 1266k - 1236k -  
                   
  04/17 Housing Starts MoM 05:30 Mar 2.40% - -7.00% -  
                   
  04/17 Building Permits 05:30 Mar 1321k - 1298k 1321k  
                   
  04/17 Building Permits MoM 05:30 Mar 0.00% - -5.70% -4.10%  
                   
  04/17 Industrial Production MoM 06:15 Mar 0.40% - 1.10% 0.90%  
                   
  04/17 Capacity Utilization 06:15 Mar 77.90% - 78.10% 77.70%  
                   
  04/18 MBA Mortgage Applications 04:00 13 Apr - - -1.90% -  
                   
  04/18 U.S. Federal Reserve Releases Beige Book 11:00 - - - - -  
                   
  04/19 Initial Jobless Claims 05:30 14 Apr 230k - 233k -  
                   
  04/19 Continuing Claims 05:30 7 Apr 1843k - 1808k -  
                   
  04/19 Philadelphia Fed Business Outlook 05:30 Apr - - 57.20 -  
                   
  04/19 Bloomberg Consumer Comfort 06:45 15 Apr 6065 - 6312 -  
                   
  04/19 Leading Index 07:00 Mar -   -    
                   
  04/20 No Data - - - - - -  
                   
 
 
 
 
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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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