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Market Commentary


 
Today's Coupons
 
  10-Year Notes   99-20 (-16)  
 
  FN 3.5% Coupon   102-22 (-07)  
 
  Support   2.321%  
 
  Resistance   2.165%  
 
 
 
 
Monday, April 24, 2017
 
 
Treasuries are lower across the curve this morning, triggered by the results of the French election over the weekend. The UST 10-Year yield is currently at 2.298% after closing at 2.249% prior.

On Sunday, the first stage of the French elections produced the top two candidates of pro-growth centrist Emmanuel Macron and far-right nationalist Marine Le Pen; the two will square off on May 7th. Macron’s top finish in voting helped ease the fear of a possible “Frexit”, although a Le Pen victory could still result in a French Departure from the EU.

This morning we received the March Chicago Fed Nat Activity Index, which came in below expectations at 0.08 versus a downwardly revised 0.27 prior. At 7:30 AM (PT), the April data in the Dallas Fed Manf. Activity index dropped to 16.80 from 16.90 prior. The rest of the week consists of Tuesday’s March New Home Sales, Wednesday’s MBA Mortgage Applications, Thursday’s Wholesale Inventories and Durable Goods Orders, and Friday’s 1Q GDP report.

The curve has bear-flattened with the UST 10-Year up 4.9 bps from prior closing.
 
 
   
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  04/24 Chicago Fed Nat Activity Index 05:30 Mar 0.50 0.08 0.34 0.27  
                   
  04/24 Dallas Fed Manf. Activity 07:30 Apr 17.00 16.80 16.90 -  
                   
  04/25 FHFA House Price Index MoM 06:00 Feb 0.40% - 0.00% -  
                   
  04/25 S&P CoreLogic CS 20-City MoM SA 06:00 Feb 0.77% - 0.86% -  
                   
  04/25 S&P CoreLogic CS 20-City YoY NSA 06:00 Feb 5.78% - 5.73% -  
                   
  04/25 New Home Sales 07:00 Mar 583k - 592k -  
                   
  04/25 New Home Sales MoM 07:00 Mar -1.50% - 6.10% -  
                   
  04/25 Richmond Fed Manufact. Index 07:00 Apr 16.00 - 22.00 -  
                   
  04/26 MBA Mortgage Applications 04:00 21 Apr - - -1.80% -  
                   
  04/27 Wholesale Inventories MoM 05:30 Mar P 0.20% - 0.40% -  
                   
  04/27 Durable Goods Orders 05:30 Mar P 1.30% - 1.80% -  
                   
  04/27 Durables Ex Transportation 05:30 Mar P 0.50% - 0.50% -  
                   
  04/27 Initial Jobless Claims 05:30 22 Apr 242k - 244k -  
                   
  04/27 Continuing Claims 05:30 15 Apr - - 1979k -  
                   
  04/27 Bloomberg Consumer Comfort 06:45 23 Apr - - 49.90 -  
                   
  04/27 Pending Home Sales MoM 07:00 Mar -1.00% - 5.50% -  
                   
  04/27 Pending Home Sales NSA YoY 07:00 Mar - - -2.40% -  
                   
  04/27 Kansas City Fed Manf. Activity 08:00 Apr 17.00 - 20.00 -  
                   
  04/28 GDP Annualized QoQ 05:30 1Q A 1.10% - 2.10% -  
                   
  04/28 Personal Consumption 05:30 1Q A 0.90% - 3.50% -  
                   
  04/28 GDP Price Index 05:30 1Q A 2.00% - 2.10% -  
                   
  04/28 Core PCE QoQ 05:30 1Q A 2.00% - 1.30% -  
                   
  04/28 U. of Mich. Sentiment 07:00 Apr F 98.00 - 98.00 -  
                   
 
 
 
 
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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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