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Market Commentary


 
Today's Coupons
 
  10-Year Notes   98-31 (-03.5)  
 
  FN 3.5% Coupon   102-16 (-01)  
 
  Support   2.365%  
 
  Resistance   2.277%  
 
 
 
 
Friday, May 5, 2017
 
 
Treasuries are slightly higher across the curve this morning upon the release of the April jobs report. The UST 10-Year yield is currently at 2.354% after closing at 2.355% prior.

Nonfarm Payrolls rebounded in April after a rather disappointing print in March. A reported gain of 211k jobs in April was well above the expected 190k, and after a downwardly revised 79k in March, this data is evidence that the U.S. economy is still growing at a healthy pace after a slow start to the year. Job gains occurred in leisure and hospitality, health care and assistance, financial activities, and mining. This data is consistent with the characterization of the state of the labor market in the FOMC Statement by the Fed earlier this week. Moreover, the unemployment rate fell to 4.40% from 4.50% prior, which is its lowest level since March 2001.

Later today, there are several Fed speakers scheduled to speak, including Chairwoman Yellen, Vice Chair Fischer, and SF Fed Williams. Chicago’s Evans, Boston’s Rosengren, and St. Louis’s Bullard will also take part in a panel discussion.

The curve has bear-flattened with the UST 10-Year down 0.1 bp from prior closing.

Have A Lovely Weekend!
 
 
   
 
   
 
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 - -0.10% 2.70% -  
                   
  05/03 ADP Employment Change 05:15 Apr 175k 177k 263k 255k  
                   
  05/03 Markit US Services PMI 06:45 Apr F 52.50 53.10 52.50 -  
                   
  05/03 Markit US Composite PMI 06:45 Apr F - 53.20 52.70 -  
                   
  05/03 FOMC Rate Decision (Upper Bound) 11:00 3 May 1.00% 1.00% 1.00% -  
                   
  05/03 FOMC Rate Decision (Lower Bound) 11:00 3 May 0.75% 0.75% 0.75% -  
                   
  05/04 Challenger Job Cuts YoY 04:30 Apr - -42.90% -2.00% -  
                   
  05/04 Nonfarm Productivity 05:30 1Q P -0.10% -0.60% 1.30% 1.80%  
                   
  05/04 Initial Jobless Claims 05:30 29 Apr 248k 238k 257k -  
                   
  05/04 Continuing Claims 05:30 22 Apr 1990k 1964k 1988k 1987k  
                   
  05/04 Bloomberg Consumer Comfort 06:45 30 Apr - 50.90 50.80 -  
                   
  05/04 Factory Orders 07:00 Mar 0.40% 0.20% 1.00% 1.20%  
                   
  05/04 Durable Goods Orders 07:00 Mar F 0.70% 0.90% 0.70% -  
                   
  05/04 Durables Ex Transportation 07:00 Mar F - 0.00% -0.20% -  
                   
  05/05 Change in Nonfarm Payrolls 05:30 Apr 190k 211k 98k 79k  
                   
  05/05 Unemployment Rate 05:30 Apr 4.60% 4.40% 4.50% -  
                   
  05/05 Average Hourly Earnings MoM 05:30 Apr 0.30% 0.30% 0.20% 0.10%  
                   
  05/05 Average Hourly Earnings YoY 05:30 Apr 2.70% 2.50% 2.70% 2.60%  
                   
  05/05 Underemployment Rate 05:30 Apr - 8.60% 8.90% -  
                   
 
 
 
 
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