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Market Commentary


 
Today's Coupons
 
  10-Year Notes   100-11.5 (+12)  
 
  FN 3.5% Coupon   103-04.5 (+06.5)  
 
  Support   2.391%  
 
  Resistance   2.197%  
 
 
 
 
Tuesday, April 18, 2017
 
 
Treasuries are modestly higher across the curve this morning after Prime Minister May's announcement of seeking an early U.K. Election. The UST 10-Year yield is currently at 2.220% after closing at 2.251% prior.

U.K. Prime Minister Theresa May announced that she plans to seek an early election on June 8 in an attempt to increase the Conservative Party's position heading into Brexit negotiations. The early election would be over two years ahead of schedule. Oil prices fell, while treasuries rallied upon the announcement.

This morning we received the March Housing Starts, which came in at 1215k after an upwardly revised 1303k in February. Housing Starts fell 6.80% to a four-month low as new-home construction slowed down. March Building Permits rose 3.60%, coming in above expectations at 1260k after an upwardly revised 1216k in the month prior. The rest of this week's economic calendar consists of the Fed Beige Book on Wednesday, Leading Index on Thursday, and Existing Home Sales on Friday.

The curve has bull-flattened with the UST 10-Year down 3.1 bps 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 - $19.30 B $110.40 B $121.20 B  
                   
  04/18 Housing Starts 05:30 Mar 1250 K 1215 K 1288 K 1303 K  
                   
  04/18 Housing Starts MoM 05:30 Mar -3.00% -6.80% 3.00% 5.00%  
                   
  04/18 Building Permits 05:30 Mar 1250 K 1260 K 1213 K 1216 K  
                   
  04/18 Building Permits MoM 05:30 Mar 2.80% 3.60% -6.20% -6.00%  
                   
  04/18 Industrial Production MoM 06:15 Mar 0.50% 0.50% 0.00% 0.10%  
                   
  04/18 Capacity Utilization 06:15 Mar 76.10% 76.10% 75.40% 75.70%  
                   
  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 240 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 53.50 - 53.30 -  
                   
  04/21 Markit US Services PMI 06:45 Apr P 53.40 - 52.80 -  
                   
  04/21 Markit US Composite PMI 06:45 Apr P - - 53.00 -  
                   
  04/21 Existing Home Sales 07:00 Mar 5.60 M - 5.48 M -  
                   
  04/21 Existing Home Sales MoM 07:00 Mar 2.20% - -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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