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Market Commentary


 
Today's Coupons
 
  10-Year Notes   98-20.5 (-08.5)  
 
  FN 3.5% Coupon   102-13.5 (-03.5)  
 
  Support   2.405%  
 
  Resistance   2.280%  
 
 
 
 
Tuesday, May 9, 2017
 
 
Treasuries are lower across the curve this morning. The UST 10-Year yield is currently at 2.403% after closing at 2.388% prior.

Today we have another quiet economic calendar, beginning with the April NFIB Small Business Optimism, which dipped to 104.50 from 104.70 in March versus an expected 104.00 per consensus. March Wholesale Inventories MoM came in above expectations at 0.20% versus -0.10% consensus, jumping from -0.10% prior.

Later today, Fed Rosensgren is scheduled to speak at 10:00 AM (PT) on Risk Management; Fed Kaplan is also on deck to speak at 1:15 PM (PT). Also at 10:00 AM (PT), Treasury will auction $24 Billion of new 3-Year notes. Tomorrow 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-steepened 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 104.00 104.50 104.70 -  
                   
  05/09 JOLTS Job Openings 07:00 Mar 5725 5743 5743 5682  
                   
  05/09 Wholesale Inventories MoM 07:00 Mar F -0.10% 0.20% -0.10% -  
                   
  05/09 Wholesale Trade Sales MoM 07:00 Mar - 0.00% 0.60% 0.70%  
                   
  05/10 MBA Mortgage Applications 04:00 5 May - - -0.10% -  
                   
  05/10 Import Price Index MoM 05:30 Apr 0.10% - -0.20% -  
                   
  05/10 Import Price Index YoY 05:30 Apr 3.60% - 4.20% -  
                   
  05/10 Monthly Budget Statement 11:00 Apr $179.00b - -$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 1980k - 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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