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Market Commentary


 
Today's Coupons
 
  10-Year Notes   98-30 (-05.5)  
 
  FN 3.5% Coupon   102-17.5 (-02)  
 
  Support   2.367%  
 
  Resistance   2.277%  
 
 
 
 
Monday, May 8, 2017
 
 
Treasuries are slightly higher across the curve this morning. The UST 10-Year yield is currently at 2.365% after closing at 2.350% prior.

The French election concluded over the weekend with Emmanuel Macron becoming France’s newly elected president. Macron’s victory was highly anticipated, with his promise to address labor reform in France, and more involvement with the EU.

This week’s economic calendar starts off fairly quiet, with perhaps the most important indicators of the week not coming in until Friday. Tomorrow we will receive the April NFIB Small Business Optimism and the March Wholesale Inventories MoM. On Wednesday, we will receive the April Import Price Index MoM along with the Monthly Budget Statement for the month of April. On Thursday, we will receive April’s PPI Final Demand and PPI Ex Food and Energy data. Then on Friday, the April Retail Sales and April CPI will be released.

The curve has bear-flattened with the UST 10-Year up 1.5 bps from prior closing.
 
 
   
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  05/08 Labor Market Conditions Index Change 07:00 Apr 1.00 3.50 0.40 3.60  
                   
  05/09 NFIB Small Business Optimism 03:00 Apr 104.00 - 104.70 -  
                   
  05/09 JOLTS Job Openings 07:00 Mar 5738 - 5743 -  
                   
  05/09 Wholesale Inventories MoM 07:00 Mar F -0.10% - -0.10% -  
                   
  05/09 Wholesale Trade Sales MoM 07:00 Mar - - 0.60% -  
                   
  05/10 MBA Mortgage Applications 04:00 5 May - - -0.10% -  
                   
  05/10 Import Price Index MoM 05:30 Apr 0.20% - -0.20% -  
                   
  05/10 Import Price Index YoY 05:30 Apr 3.60% - 4.20% -  
                   
  05/10 Monthly Budget Statement 11:00 Apr $178.00b - -$176.20b -  
                   
  05/11 PPI Final Demand MoM 05:30 Apr 0.20% - -0.10% -  
                   
  05/11 PPI Final Demand YoY 05:30 Apr 2.20% - 2.30% -  
                   
  05/11 Initial Jobless Claims 05:30 6 May 245k - 238k -  
                   
  05/11 Continuing Claims 05:30 29 Apr 1978k - 1964k -  
                   
  05/11 Bloomberg Consumer Comfort 06:45 7 May - - 50.90 -  
                   
  05/12 CPI MoM 05:30 Apr 0.20% - -0.30% -  
                   
  05/12 CPI YoY 05:30 Apr 2.30% - 2.40% -  
                   
  05/12 Retail Sales Advance MoM 05:30 Apr 0.60% - -0.20% -  
                   
  05/12 U. of Mich. Sentiment 07:00 May P 97.00 - 97.00 -  
                   
  05/12 Business Inventories 07:00 Mar 0.10% - 0.30% -  
                   
 
 
 
 
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