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Market Commentary


 
Today's Coupons
 
  10-Year Notes   97-29 (+02.5) 1.856%  
 
  FN 3.5% Coupon   104-16.5 (+01.5)  
 
  Support   1.910%  
 
  Resistance   1.730%  
 
 
 
 
Today's Blurb Wednesday, May 25, 2016
 
 
         The Trade gap widened less than anticipated in April at -$57.50 Billion (consensus -$60.00 Billion) following a revision in March from -$56.90 Billion to -$57.10 Billion. The trade gap in merchandise and services subtracted the most from Q1 GDP in a year. According to the FHFA, Home Prices rose 0.70% in March (consensus +0.50%) and February were revised up from 0.40% to 0.50%. Markit US Services PMI fell to 51.20 (consensus 53.00) vs. 52.80 prior, and Composite PMI slipped to 50.80 vs. 52.40 prior. 10-Year notes are flat to yesterday's 2:00 PM (PT) close and the yield curve continues to flatten with longer term debt well anchored and 2s10s down 0.1 bp at 94.
 
 
   
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  05/23 Markit US Manufacturing PMI 06:45 May P 51.00 50.50 50.80 -  
                   
  05/24 Richmond Fed Manufact. Index 07:00 May 8.00 -1.00 14.00 -  
                   
  05/24 New Home Sales 07:00 Apr 523K 619K 511K 531K  
                   
  05/24 New Home Sales MoM 07:00 Apr   2.40%   16.60% -1.50% -1.30%  
                   
  05/25 MBA Mortgage Applications 04:00 20 May -    2.30% -1.60% -1.00%  
                   
  05/25 FHFA House Price Index MoM 06:00 Mar   0.50%    0.70%   0.40% 0.50%  
                   
  05/25 Markit US Services PMI 06:45 May P 53.00 51.20 52.80 -  
                   
  05/25 Markit US Composite PMI 06:45 May P - 50.80 52.40 -  
                   
  05/26 Initial Jobless Claims 05:30 21 May 275K - 278K -  
                   
  05/26 Continuing Claims 05:30 14 May 2140K - 2152K -  
                   
  05/26 Durable Goods Orders 05:30 Apr P  0.50% -  0.80%  1.30%  
                   
  05/26 Durables Ex Transportation 05:30 Apr P  0.30% - -0.20% -  
                   
  05/26 Bloomberg Consumer Comfort 06:45 22 May - - 42.60 -  
                   
  05/26 Kansas City Fed Manf. Activity 08:00 May -3.00 - -4.00 -  
                   
  05/27 GDP Annualized QoQ 05:30 1Q S   0.90% -   0.50% -  
                   
  05/27 Personal Consumption 05:30 1Q S   2.10% -   1.90% -  
                   
  05/27 GDP Price Index 05:30 1Q S   0.70% -   0.70% -  
                   
  05/27 U. of Mich. Sentiment 07:00 May F 95.40 - 95.80 -  
                   
 
 
 
 
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