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Market Commentary


 
Today's Coupons
 
  10-Year Notes   101-05 (+02)  
 
  FN 3.5% Coupon   103-0.5 (+01.5)  
 
  Support   2.357%  
 
  Resistance   2.184%  
 
 
 
 
Tuesday, May 23, 2017
 
 
Treasuries are slightly higher across the curve this morning from yesterday’s close. The UST 10-Year yield is currently at 2.238% after closing at 2.255% prior.

After selling off yesterday, the market rallied back overnight as investors fled to safe-haven assets upon reports of a devastating terror attack in the U.K., where a suicide bombing at a concert in Manchester occurred. However, much of the overnight gains have been erased after solid European economic data were received this morning.

The preliminary Markit US Manufacturing PMI for May came in at 52.50 this morning, higher than the expected 53.00 per consensus. The preliminary US Services PMI for May came in at 54.00, a 0.90 gain from 53.10 prior, and the preliminary Markit US Composite PMI for May also came in with a slight gain at 53.90 from 53.20 prior. The April New Homes Sales came in well below expectations at 569k (610k consensus) after an upwardly revised 642k in March.

There are two scheduled Fed Speaks today including Fed Kashkari who will speak in Minneapolis on building economic well-being at 12:00 PM (PT), and Fed Harker who will speak in New York on his economic outlook at 2:00 PM (PT). At 10:00 AM (PT), Treasury will auction $26 Billion 2-Year Notes.

The curve has bull-flattened with the UST 10-Year down 1.7 bps from prior closing.
 
 
   
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  05/22 Chicago Fed Nat Activity Index 05:30 Apr 0.11 0.49 0.08 0.07  
                   
  05/23 Markit US Manufacturing PMI 06:45 May P 53.00 52.50 52.80 -  
                   
  05/23 Markit US Services PMI 06:45 May P 53.30 54.00 53.10 -  
                   
  05/23 Markit US Composite PMI 06:45 May P - 53.90 53.20 -  
                   
  05/23 New Home Sales 07:00 Apr 610k 569k 621k 642k  
                   
  05/23 New Home Sales MoM 07:00 Apr -1.80% -11.40% 5.80% -  
                   
  05/23 Richmond Fed Manufact. Index 07:00 May 15.00 1.00 20.00 -  
                   
  05/24 MBA Mortgage Applications 04:00 19 May - - -4.10% -  
                   
  05/24 FHFA House Price Index MoM 06:00 Mar 0.50% - 0.80% -  
                   
  05/24 Existing Home Sales 07:00 Apr 5.65m - 5.71m -  
                   
  05/24 Existing Home Sales MoM 07:00 Apr -1.10% - 4.40% -  
                   
  05/24 FOMC Meeting Minutes 11:00 3 May - - - -  
                   
  05/25 Wholesale Inventories MoM 05:30 Apr P 0.20% - 0.20% -  
                   
  05/25 Initial Jobless Claims 05:30 20 May 238k - 232k -  
                   
  05/25 Continuing Claims 05:30 13 May 1925k - 1898k -  
                   
  05/25 Bloomberg Consumer Comfort 06:45 21 May - - 50.20 -  
                   
  05/25 Kansas City Fed Manf. Activity 08:00 May 10.00 - 7.00 -  
                   
  05/26 GDP Annualized QoQ 05:30 1Q S - - 0.70% -  
                   
  05/26 Personal Consumption 05:30 1Q S - - 0.30% -  
                   
  05/26 GDP Price Index 05:30 1Q S - - 2.30% -  
                   
  05/26 Durable Goods Orders 05:30 Apr P - - 0.90% -  
                   
  05/26 Core PCE QoQ 05:30 1Q S - - 2.00% -  
                   
  05/26 Durables Ex Transportation 05:30 Apr P - - 0.00% -  
                   
  05/26 U. of Mich. Sentiment 07:00 May F - - - -  
                   
 
 
 
 
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