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Market Commentary


 
Today's Coupons
 
  10-Year Notes   99-24 (+017)  
 
  FN 3.5% Coupon   102-04 (-0.5)  
 
  Support   2.416%  
 
  Resistance   2.280%  
 
 
 
 
Thursday, May 11, 2017
 
 
Treasuries are slightly lower across the curve this morning upon the release of better than expected PPI Final Demand and Ex Food and Energy data for April. The UST 10-Year yield is currently at 2.421% after closing at 2.414% prior.

Today’s economic calendar provided more significant prints than the data that have been released earlier this week. The April Producer Prices Index rose 0.50% versus a slippage of 0.10% in March, besting the expected 0.20% per consensus, showing its largest gain since January. The core PPI, which excludes food and energy, jumped 0.40% in April after a 0.00% gain in March. Moreover, Initial Jobless Claims for the week ending on May 6th fell 2k to 236k from an unrevised 238k the week prior, and Continuing Claims for the week ending on April 29th fell to its lowest level in 29 years, coming in at 1918k versus an upwardly revised 1979k in the week prior.

Later today at 10:00 AM (PT), Treasury will auction $15 Billion of new 30-Year bonds. Tomorrow we will receive the Retail Sales and CPI prints for the month of April.

The curve has bear-flattened with the UST 10-Year down 0.7 bp 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 $182.40b $106.50b -  
                   
  05/11 PPI Final Demand MoM 05:30 Apr 0.20% 0.50% -0.10% -  
                   
  05/11 PPI Final Demand YoY 05:30 Apr 2.20% 2.50% 2.30% -  
                   
  05/11 Initial Jobless Claims 05:30 6 May 245k 236k 238k -  
                   
  05/11 Continuing Claims 05:30 29 Apr 1980k 1918k 1964k 1979k  
                   
  05/11 Bloomberg Consumer Comfort 06:45 7 May - 49.70 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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