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Market Commentary


 
Today's Coupons
 
  10-Year Notes   98-29 (+08.5)  
 
  FN 3.5% Coupon   102-10.5 (+04.5)  
 
  Support   2.412%  
 
  Resistance   2.280%  
 
 
 
 
Wednesday, May 10, 2017
 
 
Treasuries are modestly higher across the curve this morning. The UST 10-Year yield is currently at 2.374% after closing at 2.399% prior.

With another quiet economic calendar day, we kick off with the MBA Mortgage Applications for the week ending on May 5th, which showed activities increasing by 2.40% after falling 0.10% the week prior. Purchases were up 1.70% after rising 4.20% prior, while refinancing applications increased 3.30% after falling 4.70% prior. We also received the April U.S. Import and Export Price Indexes, showing an advancement of 0.50% in Import Prices after an upwardly revised 0.10% rise prior, which was heavily influenced by oil prices. Export Prices rose 0.20% following a downwardly revised 0.10% increase in March.

At 9:00 AM (PT), Boston Fed President Rosengren will speak on the economy. Then at 10:00 AM (PT), Treasury will auction $23 billion of new 10-Year notes. Lastly, the Monthly Budget Statement for the month of April will be released at 11:00 AM (PT). Tomorrow we will receive April’s PPI Final Demand and PPI Ex Food and Energy data, and the April Retail Sales and April CPI prints will be released on Friday.

The curve has bull-flattened with the UST 10-Year down 2.5 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 - 2.40% -0.10% -  
                   
  05/10 Import Price Index MoM 05:30 Apr 0.10% 0.50% -0.20% 0.10%  
                   
  05/10 Import Price Index YoY 05:30 Apr 3.60% 4.10% 4.20% 4.30%  
                   
  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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  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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