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Market Commentary


 
Today's Coupons
 
  10-Year Notes   99-16.5 (-06.5)  
 
  FN 3.5% Coupon   102-23 (-03.5)  
 
  Support   2.345%  
 
  Resistance   2.209%  
 
 
 
 
Monday, May 1, 2017
 
 
Treasuries are lower across the curve this morning. The UST 10-Year yield is currently at 2.291% after closing at 2.281% prior.

This week’s economic calendar kicked off with the March Personal Income and Personal Spending, both coming in below expectations. Personal Income rose 0.20% versus 0.30% consensus, while Personal Spending printed at 0.00% versus an expected rise of 0.20%. U.S. inflation slowed in March, with the March PCE Deflator falling 0.20% after hitting a five-year peak the month prior, reflecting lower gas prices along with other consumer goods such as new autos. The Markit US Manufacturing PMI came in as expected and unchanged from prior at 52.80. U.S. April ISM Manufacturing came in below expectations at 54.80 versus 56.50 consensus.

The rest of the week will be heavily focused on the rate decision from the FOMC meeting on Wednesday, along with the jobs report that will be released on Friday.

The curve has bear-steepened with the UST 10-Year up 1.0 bp from prior closing.
 
 
   
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  05/01 Personal Income 05:30 Mar 0.30% 0.20% 0.40% 0.30%  
                   
  05/01 Personal Spending 05:30 Mar 0.20% 0.00% 0.10% 0.00%  
                   
  05/01 PCE Deflator MoM 05:30 Mar -0.20% -0.20% 0.10% -  
                   
  05/01 PCE Deflator YoY 05:30 Mar 1.90% 1.80% 2.10% -  
                   
  05/01 PCE Core MoM 05:30 Mar -0.10% -0.10% 0.20% -  
                   
  05/01 PCE Core YoY 05:30 Mar 1.60% 1.60% 1.80% -  
                   
  05/01 Markit US Manufacturing PMI 06:45 Apr F 52.80 52.80 52.80 -  
                   
  05/01 ISM Manufacturing 07:00 Apr 56.50 54.80 57.20 -  
                   
  05/01 Construction Spending MoM 07:00 Mar 0.40% -0.20% 0.80% 1.80%  
                   
  05/02 No Data - - - - - -  
                   
  05/03 MBA Mortgage Applications 04:00 28 Apr - - 2.70% -  
                   
  05/03 ADP Employment Change 05:15 Apr 178k - 263k -  
                   
  05/03 Markit US Services PMI 06:45 Apr F 52.50 - 52.50 -  
                   
  05/03 Markit US Composite PMI 06:45 Apr F - - 52.70 -  
                   
  05/03 FOMC Rate Decision (Upper Bound) 11:00 3 May 1.00% - 1.00% -  
                   
  05/03 FOMC Rate Decision (Lower Bound) 11:00 3 May 0.75% - 0.75% -  
                   
  05/04 Challenger Job Cuts YoY 04:30 Apr - - -2.00% -  
                   
  05/04 Nonfarm Productivity 05:30 1Q P 0.00% - 1.30% -  
                   
  05/04 Initial Jobless Claims 05:30 29 Apr 246k - 257k -  
                   
  05/04 Continuing Claims 05:30 22 Apr - - 1988k -  
                   
  05/04 Bloomberg Consumer Comfort 06:45 30 Apr - - 50.80 -  
                   
  05/04 Factory Orders 07:00 Mar 0.50% - 1.00% -  
                   
  05/04 Durable Goods Orders 07:00 Mar F - - 0.70% -  
                   
  05/04 Durables Ex Transportation 07:00 Mar F - - -0.20% -  
                   
  05/05 Change in Nonfarm Payrolls 05:30 Apr 193k - 98k -  
                   
  05/05 Unemployment Rate 05:30 Apr 4.60% - 4.50% -  
                   
  05/05 Average Hourly Earnings MoM 05:30 Apr 0.30% - 0.20% -  
                   
  05/05 Average Hourly Earnings YoY 05:30 Apr 2.70% - 2.70% -  
                   
  05/05 Underemployment Rate 05:30 Apr - - 8.90% -  
                   
 
 
 
 
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