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Market Commentary

Market Commentary

Today's Coupons
  10-Year Notes   99-03 (+06.5) 2.227%  
  FN 3.5% Coupon   104-02 (+02.5)  
  Support   2.400%  
  Resistance   1.620%  
Today's Blurb Thursday, May 21, 2015
         Initial Jobless claims posted below 300K for the 11th consecutive week last week, up +10K to 274K from an unrevised 264K prior. The four week moving average for Claims fell to 266,250 from 271,250 prior; this is the lowest level since April 15th 2000. Jobless Claims posting consistently below 300K and the four week average moving to the lowest level in 15 years continue to suggest tightening labor market conditions and improved prospects for the unemployed. Continuing Claims fell -12K to 2211K from a downwardly revised 2223K prior. Markit PMI for May came in lower than expectations at 53.8 vs. 54.1 prior (consensus 54.5). Existing Home Sales posted well below expectations in April at -3.3% vs. 6.1% prior (consensus +0.8%).
         Yesterday the FOMC released the minutes from their April meeting. The statement was largely dovish for the market and fairly in line with expectations. The Fed recognized the slowdown in the first quarter GDP and provided reassurance that they view the lull in growth as a temporary hurdle. The Fed continues to struggle with stagnant inflation in the short/medium term and remained consistent in their promise to be largely data dependent going forward. The Fed admitted that it is unlikely that the market data will support a rate hike in June of this year, however stressed that a hike later in 2015 is not off the table.
This Week's Events
  05/18 No Data - - - - - -  
  05/19 Housing Starts 05:30 Apr 1015K 1135K 926K 944K  
  05/19 Housing Starts MoM 05:30 Apr 9.60% 20.20% 2.00% 4.90%  
  05/19 Building Permits 05:30 Apr 1064K 1143K 1039K 1038K  
  05/19 Building Permits MoM 05:30 Apr 2.10% 10.10% -5.70% -5.50%  
  05/20 MBA Mortgage Applications 04:00 May 15 - -1.50% -3.50% -  
  05/20 FOMC Minutes 11:00 - - - - -  
  05/21 Initial Jobless Claims 05:30 May 16 270K 274K 264K -  
  05/21 Continuing Claims 05:30 May 9 2231K 2211K 2229K 2223K  
  05/21 Markit US Manufacturing PMI 06:45 May P 54.50 53.80 54.10 -  
  05/21 Existing Home Sales 07:00 Apr 5.23 MM 5.04 MM 5.19 MM 5.21 MM  
  05/21 Existing Home Sales MoM 07:00 Apr 0.80% -3.30% 6.10% 6.50%  
  05/22 CPI MoM 05:30 Apr 0.10% - 0.20% -  
  05/22 CPI YoY 05:30 Apr -0.20% - -0.10% -  
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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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