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Market Commentary


 
Today's Coupons
 
  10-Year Notes   100-10 (-02)  
 
  FN 3.5% Coupon   102-17.5 (-01)  
 
  Support   2.419%  
 
  Resistance   2.319%  
 
 
 
 
Monday, May 15, 2017
 
 
Treasuries are slightly lower across the curve this morning. The UST 10-Year yield is currently at 2.347% after closing at 2.327% prior.

This week is another fairly quiet economic calendar week, starting with the Empire Manufacturing print for the month of May, which slipped to its first negative reading since the election in November at -1.00, after a positive showing of 5.20 in April. We also received the NAHB Housing Market Index for the month of May which came in above expectations rising to 70.00 from 68.00 prior. Consensus had the index unchanged at 68.00.

Later today at 1:00 PM (PT), we will receive the March data for both the Total Net TIC Flows and the Net Long-term TIC Flows. Tomorrow we will have the Housing Starts and Building Permits for April. On Wednesday we will only have the MBA Mortgage Applications for the week ending on May 12th. Then on Thursday, we will receive the Philadelphia Fed Business Outlook and Bloomberg Economic Expectations for May. There are no economic data scheduled to be released on Friday.

The curve has bear-steepened with the UST 10-Year up 2.0 bps from prior closing.
 
 
   
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  05/15 Empire Manufacturing 05:30 May 7.50 -1.00 5.20 -  
                   
  05/15 NAHB Housing Market Index 07:00 May 68.00 70.00 68.00 -  
                   
  05/15 Total Net TIC Flows 13:00 May - - $19.30b -  
                   
  05/16 Housing Starts 05:30 Apr 1260k - 1215k -  
                   
  05/16 Housing Starts MoM 05:30 Apr 3.70% - -6.80% -  
                   
  05/16 Building Permits 05:30 Apr 1270k - 1260k 1267k  
                   
  05/16 Building Permits MoM 05:30 Apr 0.20% - 3.60% 4.20%  
                   
  05/16 Industrial Production MoM 06:15 Apr 0.40% - 0.50% -  
                   
  05/16 Capacity Utilization 06:15 Apr 76.30% - 76.10% -  
                   
  05/17 MBA Mortgage Applications 04:00 12 May - - 2.40% -  
                   
  05/18 Initial Jobless Claims 05:30 13 May 240k - 236k -  
                   
  05/18 Continuing Claims 05:30 6 May 1950k - 1918k -  
                   
  05/18 Philadelphia Fed Business Outlook 05:30 May 18.50 - 22.00 -  
                   
  05/18 Bloomberg Consumer Comfort 06:45 14 May - - 49.70 -  
                   
  05/18 Leading Index 07:00 Apr - - 0.40% -  
                   
  05/19 No Data - - - - - -  
                   
 
 
 
 
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