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Market Commentary


 
Today's Coupons
 
  10-Year Notes   99-18 (-07.5)  
 
  FN 3.5% Coupon   102-20 (-05)  
 
  Support   2.321%  
 
  Resistance   2.165%  
 
 
 
 
Tuesday, April 25, 2017
 
 
Treasuries are lower across the curve this morning after the US administration released a statement to slash the corporate tax rate. The UST 10-Year yield is currently at 2.305% after closing at 2.274% prior.

Yesterday, the treasury market was driven into a risk-on mode from the results of the French election over the weekend. Treasuries were driven lower again this morning after President Trump’s call for a corporate tax rate cut; he intends to lay out broad tax principles on Wednesday.

In economic news, the FHFA House Price Index MoM came in above expectations at 0.80% versus an upwardly revised 0.20% prior, as U.S. house prices showed no signs of slowing. The February Case-Shiller 20-City Home Composite Price Index rose 0.69% MoM after a 0.86% rise prior. New Home Sales for the month of March came in well above expectations at 621k after a downwardly revised 587k in February. The U.S. April Consumer Confidence fell to 120.30 from a downwardly revised 124.90 in March. The April Richmond Fed Manufacturing Index dropped down to 20 from 22 prior; consensus expected the index to drop back down to 16.

The curve has bear-steepened with the UST 10-Year up 3.1 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% 0.80% 0.00% 0.20%  
                   
  04/25 S&P CoreLogic CS 20-City MoM SA 06:00 Feb 0.72% 0.69% 0.86% -  
                   
  04/25 S&P CoreLogic CS 20-City YoY NSA 06:00 Feb 5.78% 5.85% 5.73% 5.66%  
                   
  04/25 New Home Sales 07:00 Mar 584k 621k 592k 587k  
                   
  04/25 New Home Sales MoM 07:00 Mar -1.40% 5.80% 6.10% 0.30%  
                   
  04/25 Richmond Fed Manufact. Index 07:00 Apr 16.00 20.00 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 0.40% - 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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