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Market Commentary


 
Today's Coupons
 
  10-Year Notes   100-26.5 (00)  
 
  FN 3.5% Coupon   102-27 (00)  
 
  Support   2.357%  
 
  Resistance   2.184%  
 
 
 
 
Wednesday, May 24, 2017
 
 
Treasuries are slightly lower across the curve this morning from yesterday’s close. The UST 10-Year yield is currently at 2.285% after closing at 2.281% prior.

Today the market will be focused on the release of the FOMC Minutes from the Fed’s May 3rd meeting, which will be released later this morning at 11:00 AM (PT). Investors expect a rather hawkish tone from the Minutes in light of low realized inflation from recent economic conditions, which could price in a rate hike in June.

The MBA Mortgage Applications for the week ending on May 19th rose 4.40% after falling 4.10% the week prior. Purchase applications dropped 0.80% after falling 2.70% in the week prior, while refinancing activities increased 10.50% after a 5.70% drop the week prior. The March FHFA House Price Index came in slightly above expectations at 0.60% increase in home prices after a 0.80% rise in the month prior. Existing Home Sales for the month of April came in below expectations at 5.57m versus a downwardly revised 5.70m in March.

There are two scheduled Fed Speaks today including Dallas Fed President Kaplan at 3:00 PM (PT) in Toronto, and Minneapolis Fed President Kashkari at 3:30 PM (PT). At 10:00 AM (PT), Treasury will auction $34 Billion 5-Year Notes.

The curve has bear-flattened with the UST 10-Year up 0.4 bp 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 - 4.40% -4.10% -  
                   
  05/24 FHFA House Price Index MoM 06:00 Mar 0.50% 0.60% 0.80% -  
                   
  05/24 Existing Home Sales 07:00 Apr 5.65m 5.57m 5.71m 5.70m  
                   
  05/24 Existing Home Sales MoM 07:00 Apr -1.10% -2.30% 4.40% 4.20%  
                   
  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 0.90% - 0.70% -  
                   
  05/26 Personal Consumption 05:30 1Q S 0.40% - 0.30% -  
                   
  05/26 GDP Price Index 05:30 1Q S 2.30% - 2.30% -  
                   
  05/26 Durable Goods Orders 05:30 Apr P -1.50% - 0.90% 1.70%  
                   
  05/26 Core PCE QoQ 05:30 1Q S 2.00% - 2.00% -  
                   
  05/26 Durables Ex Transportation 05:30 Apr P 0.40% - 0.00% 0.80%  
                   
  05/26 U. of Mich. Sentiment 07:00 May F - - - -  
                   
 
 
 
 
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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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