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Market Commentary


 
Today's Coupons
 
  10-Year Notes   100-05 (-08.5)  
 
  FN 3.5% Coupon   102-30.5 (-05)  
 
  Support   2.309%  
 
  Resistance   2.165%  
 
 
 
 
Thursday, April 20, 2017
 
 
Treasuries are moderately lower across the curve this morning as investors remain uneasy about the outcome of the French elections. The UST 10-Year yield is currently at 2.234% after closing at 2.215% prior.

With only a few days left prior to Sunday's first round of the French elections, investors continue to loom over geopolitical uncertainty, causing the Treasuries to fall both yesterday and this morning. The Fed April Beige Book was released midday yesterday showing an increase in economic activity across all twelve Federal Reserve Districts from mid-February through March. Growth was defined evenly split as “modest” and “moderate”.

Today's economic calendar kicked off with the Initial Jobless Claims for the week ending in April 15th, which rose 10k to 244k from 234k last week, along with the Continuing Claims for the week ending in April 8th, which fell 49k to 1979k from 2028k the week prior, hitting the lowest level since April of 2000. We also received the U.S. April Philadelphia Fed Factory Index, which fell to 22.00 versus 32.80 prior.

The curve has bear-steepened with the UST 10-Year up 1.9 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 - $19.30b $110.40b $121.20b  
                   
  04/18 Housing Starts 05:30 Mar 1250k 1215k 1288k 1303k  
                   
  04/18 Housing Starts MoM 05:30 Mar -3.00% -6.80% 3.00% 5.00%  
                   
  04/18 Building Permits 05:30 Mar 1250k 1260k 1213k 1216k  
                   
  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 - -1.80% 1.50% -  
                   
  04/19 U.S. Federal Reserve Releases Beige Book 11:00 - - - - -  
                   
  04/20 Initial Jobless Claims 05:30 15 Apr 240k 244k 234k -  
                   
  04/20 Continuing Claims 05:30 8 Apr 2024k 1979k 2028k -  
                   
  04/20 Philadelphia Fed Business Outlook 05:30 Apr 25.50 22.00 32.80 -  
                   
  04/20 Bloomberg Consumer Comfort 06:45 16 Apr - 49.90 51.00 -  
                   
  04/20 Leading Index 07:00 Mar 0.20% 0.40% 0.60% 0.50%  
                   
  04/21 Markit US Manufacturing PMI 06:45 Apr P 53.80 - 53.30 -  
                   
  04/21 Markit US Services PMI 06:45 Apr P 53.20 - 52.80 -  
                   
  04/21 Markit US Composite PMI 06:45 Apr P - - 53.00 -  
                   
  04/21 Existing Home Sales 07:00 Mar 5.60m - 5.48m -  
                   
  04/21 Existing Home Sales MoM 07:00 Mar 2.20% - -3.70% -  
                   
 
 
 
 
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