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Market Commentary


 
Today's Coupons
 
  10-Year Notes   97-30 (-06)  
 
  FN 3.5% Coupon   98-31.5 (-03.5)  
 
  Support   3.026%  
 
  Resistance   2.719%  
 
 
 
 
Wednesday, May 09, 2018
 
 
Treasuries are lower across the curve this morning from the close of yesterday’s session. The UST 10-Year yield is currently at 2.999% after closing at 2.977% prior.

This morning we received the Producer Prices for the month of April which rose 0.10% month-over-month following a 0.30% increase in March; consensus called for a 0.20% increase. PPI excluding Food and Energy rose 0.20% as expected after showing a 0.30% increase prior, while PPI excluding Food, Energy and Trade rose just 0.10% after rising 0.40% prior. PPI Final Demand year-over-year is down from 3.00% prior to 2.60%, and PPI excluding Food and Energy year-over-year is down to 2.30% from 2.70% prior. We also received the Wholesale Inventories for March, which came in below expectations at 0.30% versus 0.50% per consensus; March Wholesale Trade Sales also came in at 0.30% following an upwardly revised 1.10% prior.

Mortgage Application activities fell 0.40% for the week ended May 4th after dropping 2.50% the week prior. Purchase applications dropped 0.20% after falling 1.60% the week prior, while refinancing activities fell 0.60% after declining 3.50% the week prior. Later today at 10:00 AM (PT), the auctions continue with U.S. selling $25 Billion 10-Year Notes.

The curve has bear-steepened with the UST 10-Year yield up 2.2 bps from prior closing.
 
 
   
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  05/07 Consumer Credit 12:00 Mar $15.200b $11.622b $10.601b $13.639b  
                   
  05/08 NFIB Small Business Optimism 03:00 Apr 104.50 104.80 104.70 -  
                   
  05/08 JOLTS Job Openings 07:00 Mar 6100 6550 6052 6078  
                   
  05/09 MBA Mortgage Applications 04:00 4 May - -0.40% -2.50% -  
                   
  05/09 PPI Final Demand MoM 05:30 Apr 0.20% 0.10% 0.30% -  
                   
  05/09 PPI Final Demand YoY 05:30 Apr 2.80% 2.60% 3.00% -  
                   
  05/09 Wholesale Trade Sales MoM 07:00 Mar - 0.30% 1.00% 1.10%  
                   
  05/09 Wholesale Inventories MoM 07:00 Mar F 0.50% 0.30% 0.50% -  
                   
  05/10 CPI MoM 05:30 Apr 0.30% - -0.10% -  
                   
  05/10 Initial Jobless Claims 05:30 5 May 219k - 211k -  
                   
  05/10 Continuing Claims 05:30 28 Apr 1800k - 1756k -  
                   
  05/10 CPI YoY 05:30 Apr 2.50% - 2.40% -  
                   
  05/10 Bloomberg Consumer Comfort 06:45 6 May - - 56.50 -  
                   
  05/10 Monthly Budget Statement 11:00 Apr $212.00b - -$208.70b -  
                   
  05/11 Import Price Index MoM 05:30 Apr 0.50% - 0.00% -  
                   
  05/11 Import Price Index YoY 05:30 Apr 3.90% - 3.60% -  
                   
  05/11 Export Price Index MoM 05:30 Apr 0.40% - 0.30% -  
                   
  05/11 Export Price Index YoY 05:30 Apr - - 3.40% -  
                   
  05/11 U. of Mich. Sentiment 07:00 May P 98.30 - 98.80 -  
                   
 
 
 
 
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  This information is provided solely for informational use and is not intended as trading or investment advice in any manner whatsoever. Sun West Mortgage Company, Inc. is not a licensed or registered broker or dealer and cannot provide investment strategies or recommendations. This information is provided to licensed brokers/lenders only and may not be copied or distributed to customers or potential customers. All loans are subject to approval. Certain restrictions may apply. Listed pricing is a morning indication only. Program rates, prices, guidelines, fees, costs, terms and conditions are subject to change without notice  
 
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