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Market Commentary


 
Today's Coupons
 
  10-Year Notes   100-10.5 (00)  
 
  FN 3.5% Coupon   102-19 (+0.5)  
 
  Support   2.419%  
 
  Resistance   2.319%  
 
 
 
 
Tuesday, May 16, 2017
 
 
Treasuries are slightly higher across the curve this morning. The UST 10-Year yield is currently at 2.340% after closing at 2.344% prior.

Today’s economic calendar kicked off with the Housing Starts print for the month of April, coming in 88k below consensus at 1172k after a downwardly revised 1203k in March, as builders slowed down activity after a strong start to the year. Housing Starts MoM fell 2.60% in April after dropping 6.60% (revised) in March, its weakest level since November 2016. Building Permits also came in below expectations at 1229k after an unrevised 1260k in March. Building Permits MoM slipped 2.50% after rising 3.40% (revised) in March. Industrial Production MoM came in above expectations, rising at its fastest rate in over three years, jumping 1.00% in April after a downwardly revised 0.40% rise in March.

The remainder of this week’s economic calendar will be light, with only the MBA Mortgage Applications for the week ending on May 12th tomorrow, the Philadelphia Fed Business Outlook and Bloomberg Economic Expectations for May headlining Thursday, and no scheduled data to be released on Friday.

The curve has bull-flattened with the UST 10-Year down 0.4 bp 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 - -$0.70b $19.30b $13.20b  
                   
  05/16 Housing Starts 05:30 Apr 1260k 1172k 1215k 1203k  
                   
  05/16 Housing Starts MoM 05:30 Apr 3.70% -2.60% -6.80% -6.60%  
                   
  05/16 Building Permits 05:30 Apr 1270k 1229k 1260k 1260k  
                   
  05/16 Building Permits MoM 05:30 Apr 0.20% -2.50% 3.60% 3.40%  
                   
  05/16 Industrial Production MoM 06:15 Apr 0.40% 1.00% 0.50% 0.40%  
                   
  05/16 Capacity Utilization 06:15 Apr 76.30% 76.70% 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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  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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