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Market Commentary


 
Today's Coupons
 
  10-Year Notes   101-11 (-02.5)  
 
  FN 3.5% Coupon   103-03.5 (-04.5)  
 
  Support   2.419%  
 
  Resistance   2.184%  
 
 
 
 
Thursday, May 18, 2017
 
 
Treasuries are slightly higher across the curve this morning from yesterday’s close. The UST 10-Year yield is currently at 2.210% after closing at 2.225% prior.

Yesterday the stock market suffered its worst day in nearly 8 months as investors fled to safe-haven assets that triggered a sharp rally in treasuries due to the U.S. political turmoil surrounding an alleged memo regarding a conversation between President Trump and former FBI director Comey.

This morning we received the Initial Jobless Claims for the week ending on May 13th, which fell 4k to 232k from an unrevised 236k the prior week. The consistent low readings in recent weeks have shown that the strengthened labor market has continued to hold. Continuing Claims for the week ending on May 6 fell 22k to 1898k from an upwardly revised 1920k prior. Continuing Claims came in well below the expected 1950k per consensus. Bloomberg Consumer Comfort for the week ending on May 14th read at 50.20 up from 49.70 the week prior.

Later today at 10:00 AM (PT), Treasury will auction $11 Billion in re-opened 10-Year TIPS. Also at 10:15 AM (PT), Cleveland Fed President Mester is scheduled to speak on the economy and monetary policy. There are no scheduled data to be released on our economic calendar tomorrow.

The curve has bull-flattened with the UST 10-Year down 1.5 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 - -$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 - -4.10% 2.40% -  
                   
  05/18 Initial Jobless Claims 05:30 13 May 240k 232k 236k -  
                   
  05/18 Continuing Claims 05:30 6 May 1950k 1898k 1918k 1920k  
                   
  05/18 Philadelphia Fed Business Outlook 05:30 May 18.50 38.80 22.00 -  
                   
  05/18 Bloomberg Consumer Comfort 06:45 14 May - 50.20 49.70 -  
                   
  05/18 Leading Index 07:00 Apr 0.40% 0.30% 0.40% 0.30%  
                   
  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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