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Market Commentary


 
Today's Coupons
 
  10-Year Notes   99-13.5 (+03)  
 
  FN 3.5% Coupon   102-22.5 (+02)  
 
  Support   2.345%  
 
  Resistance   2.266%  
 
 
 
 
Tuesday, May 2, 2017
 
 
Treasuries are slightly lower across the curve this morning. The UST 10-Year yield is currently at 2.327% after closing at 2.319% prior.

Yesterday the market barely reacted to the disappointing economic prints on ISM Manufacturing and Construction Spending. Instead, investors focused more on the comments from Secretary Mnuchin regarding the Trump Administration’s stance on introducing maturities longer than the current 30-Year limit, which caused Treasuries to sell off.

Today’s quiet economic calendar only consists of the April Wards Auto Sales, which is expecting a total vehicle sale of 17.10 Million from 16.53 Million in March. On Wednesday, the market will be focused on the rate decision from the Fed’s May FOMC meeting. On Thursday, we will receive March Trade Balance, and March Factory Orders. Then on Friday, investors will turn their attention on the release of the Nonfarm Payroll data for the month of April.

The curve has bear-steepened with the UST 10-Year up 0.8 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 175k - 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 -0.10% - 1.30% -  
                   
  05/04 Initial Jobless Claims 05:30 29 Apr 248k - 257k -  
                   
  05/04 Continuing Claims 05:30 22 Apr 1990k - 1988k -  
                   
  05/04 Bloomberg Consumer Comfort 06:45 30 Apr - - 50.80 -  
                   
  05/04 Factory Orders 07:00 Mar 0.40% - 1.00% -  
                   
  05/04 Durable Goods Orders 07:00 Mar F 0.70% - 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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