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Market Commentary


 
Today's Coupons
 
  10-Year Notes   100-10 (+17)  
 
  FN 3.5% Coupon   102-17 (+12.5)  
 
  Support   2.419%  
 
  Resistance   2.325%  
 
 
 
 
Friday, May 12, 2017
 
 
Treasuries are modestly higher across the curve this morning upon the release of stronger Retail Sales data for April. The UST 10-Year yield is currently at 2.352% after closing at 2.388% prior.

With this week’s most significant data releases, our economic calendar kicked off with the April Consumer Price Index, which came in line with expectations, rising 0.20% after slipping 0.30% in March. The CPI for all items excluding Food and Energy rose 0.10% after falling 0.10% in March. The market was more focused on the Retail Sales print, which rose 0.40% in April, reflecting a much stronger print than the 0.20% decline in March. Excluding auto and gas, sales were up 0.30% after an upwardly revised 0.40% rise in March. Sales in building materials, garden equipment, and health and personal care stores were the main supporters of the strengthened sales numbers in April.

There are a couple Fed Speaks scheduled today, including Chicago Fed Evans’s live interview on Bloomberg TV at 7:30 AM (PT), and Philadelphia Fed Harker at Drexel University at 9:30 AM (PT).

The curve has bull-flattened with the UST 10-Year down 3.6 bps from prior closing.

Have A Wonderful Weekend!
 
 
   
 
   
 
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% 0.20% -0.30% -  
                   
  05/12 CPI YoY 05:30 Apr 2.30% 2.20% 2.40% -  
                   
  05/12 Retail Sales Advance MoM 05:30 Apr 0.60% 0.40% -0.20% 0.10%  
                   
  05/12 U. of Mich. Sentiment 07:00 May P 97.00 97.70 97.00 -  
                   
  05/12 Business Inventories 07:00 Mar 0.20% 0.20% 0.30% 0.20%  
                   
 
 
 
 
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