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Market Commentary


 
Today's Coupons
 
  10-Year Notes   100-06.5 (+01.5)  
 
  FN 3.5% Coupon   103-0.5 (+02)  
 
  Support   2.391%  
 
  Resistance   2.197%  
 
 
 
 
Monday, April 17, 2017
 
 
Treasuries are slightly higher across the curve this morning as investors fled to safe haven assets due to heightened geopolitical concerns. The UST 10-Year yield is currently at 2.231% after closing at 2.238% prior.

Last week, US Treasuries rallied on geopolitical tensions with Syria and North Korea. We also received disappointing March CPI and March Retail Sales data on Friday, which helped extend the gains over the long weekend. March Retail Sales fell 0.20% versus a gain of 0.10% prior, while March CPI fell 0.30% versus a 0.10% gain prior.

This morning we received the Empire State Manufacturing survey, a gauge of New York area manufacturing, which slowed considerably in April with a reading of 5.20 from a two-year high of 16.40 in March. The rest of the week is relatively full of economic data including Housing Starts and Industrial Production MoM on Tuesday, the Fed Beige Book on Wednesday, Leading Index on Thursday, and Existing Home Sales on Friday.

The curve has bull-steepened with the UST 10-Year down 0.7 bp from prior closing.
 
 
   
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  04/17 Empire Manufacturing 05:30 Apr 15.00 5.20 16.40 -  
                   
  04/17 NAHB Housing Market Index 07:00 Apr 70.00 68.00 71.00 -  
                   
  04/17 Total Net TIC Flows 13:00 Feb - - $110.40 B -  
                   
  04/18 Housing Starts 05:30 Mar 1250 K - 1288 K -  
                   
  04/18 Housing Starts MoM 05:30 Mar -3.00% - 3.00% -  
                   
  04/18 Building Permits 05:30 Mar 1250 K - 1213 K 1216 K  
                   
  04/18 Building Permits MoM 05:30 Mar 2.80% - -6.20% -6.00%  
                   
  04/18 Industrial Production MoM 06:15 Mar 0.40% - 0.00% 0.10%  
                   
  04/18 Capacity Utilization 06:15 Mar 76.20% - 75.40% 75.90%  
                   
  04/19 MBA Mortgage Applications 04:00 14 Apr - - 1.50% -  
                   
  04/19 U.S. Federal Reserve Releases Beige Book 11:00 - - - - -  
                   
  04/20 Initial Jobless Claims 05:30 15 Apr 241 K - 234 K -  
                   
  04/20 Continuing Claims 05:30 8 Apr 2024 K - 2028 K -  
                   
  04/20 Philadelphia Fed Business Outlook 05:30 Apr 25.80 - 32.80 -  
                   
  04/20 Bloomberg Consumer Comfort 06:45 16 Apr - - 51.00 -  
                   
  04/20 Leading Index 07:00 Mar 0.20% - 0.60% -  
                   
  04/21 Markit US Manufacturing PMI 06:45 Apr P - - - -  
                   
  04/21 Markit US Services PMI 06:45 Apr P - - - -  
                   
  04/21 Markit US Composite PMI 06:45 Apr P - - - -  
                   
  04/21 Existing Home Sales 07:00 Mar - - 5.48 M -  
                   
  04/21 Existing Home Sales MoM 07:00 Mar - - -3.70% -  
                   
 
 
 
 
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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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