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Market Commentary




 
Today's Coupons
 
  10-Year Notes   101-06 (+04)  
 
  FN 3.5% Coupon   103-02 (+0.5)  
 
  Support   2.294%  
 
  Resistance   2.184%  
 
 
 
 
Friday, May 26, 2017
 
 
Treasuries are slightly higher across the curve this morning from yesterday’s close. The UST 10-Year yield is currently at 2.243% after closing at 2.256% prior.

Global equity markets headed towards a lower finish to the week as a slump in crude was triggered by the OPEC’s move to prolong supply cuts for nine months. Treasuries rallied overnight upon the renewed OPEC deal, but most of the gains have been erased from the revised 1Q economic numbers received this morning.

Per the “second” estimate released this morning, GDP increased at an annual rate of 1.20% in the first quarter of 2017 versus a 0.70% gain per last month’s “advance” estimate on stronger business investment and personal consumption. Personal Consumption came in better than expected rising 0.60% versus the 0.40% “advance” estimate, and GDP Price Index increased 2.20%, slightly lower than the 2.30% “advance” estimate. Durable Goods orders fell 0.70% in April after an upwardly revised increase of 2.30% in March. The April Durables Ex-Transportation fell 0.40% from an upwardly revised 0.80% rise in March.

The curve has bull-flattened with the UST 10-Year down 1.3 bps from prior closing.

Have A Fantastic Weekend!
 
 
   
 
   
 
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% -0.30% 0.20% 0.10%  
                   
  05/25 Initial Jobless Claims 05:30 20 May 238k 234k 232k 233k  
                   
  05/25 Continuing Claims 05:30 13 May 1925k 1923k 1898k 1899k  
                   
  05/25 Bloomberg Consumer Comfort 06:45 21 May - 50.90 50.20 -  
                   
  05/25 Kansas City Fed Manf. Activity 08:00 May 9.00 8.00 7.00 -  
                   
  05/26 GDP Annualized QoQ 05:30 1Q S 0.90% 1.20% 0.70% -  
                   
  05/26 Personal Consumption 05:30 1Q S 0.40% 0.60% 0.30% -  
                   
  05/26 GDP Price Index 05:30 1Q S 2.30% 2.20% 2.30% -  
                   
  05/26 Durable Goods Orders 05:30 Apr P -1.50% -0.70% 0.90% 2.30%  
                   
  05/26 Core PCE QoQ 05:30 1Q S 2.00% 2.10% 2.00% -  
                   
  05/26 Durables Ex Transportation 05:30 Apr P 0.40% -0.40% 0.00% 0.80%  
                   
  05/26 U. of Mich. Sentiment 07:00 May F 97.50 97.10 97.70 -  
                   
 
 
 
 
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