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Market Commentary


 
Today's Coupons
 
  10-Year Notes   101-10 (+06.5)  
 
  FN 3.5% Coupon   103-04 (+03)  
 
  Support   2.294%  
 
  Resistance   2.224%  
 
 
 
 
Tuesday, May 30, 2017
 
 
Treasuries are slightly higher across the curve this morning from Friday’s close. The UST 10-Year yield is currently at 2.227% after closing at 2.247% prior.

With a shortened week, our economic calendar is packed with significant data beginning with today’s prints. Personal Income and Personal Spending each rose 0.40% in April, in line with expectations as consensus called for a 0.40% increase for both income and spending prints. The March Case-Shiller 20-City Home Composite Price Index increased 0.87% MoM from an upwardly revised 0.71% price increase in February; YoY rose 5.89% in March after prices rose 5.85% YoY in February.

Later today at 10:00 AM (PT), Fed Governor Brainard will speak on the economy and monetary policy. Tomorrow we will receive the Chicago Purchasing Manager for May and the Pending home Sales MoM and YoY for April. On Thursday we will have the May ADP Employment Change, the final reading of Markit US Manufacturing PMI for May, and the Construction Spending MoM for April. Then on Friday, we will receive the employment data and unemployment rate for the month of May.

The curve has bull-flattened with the UST 10-Year down 2.0 bps from prior closing.
 
 
   
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  05/29 No Data - - - - - -  
                   
  05/30 Personal Income 05:30 Apr 0.40% 0.40% 0.20% -  
                   
  05/30 Personal Spending 05:30 Apr 0.40% 0.40% 0.00% 0.30%  
                   
  05/30 PCE Deflator MoM 05:30 Apr 0.20% 0.20% -0.20% -  
                   
  05/30 PCE Deflator YoY 05:30 Apr 1.70% 1.70% 1.80% 1.90%  
                   
  05/30 PCE Core MoM 05:30 Apr 0.10% 0.20% -0.10% -  
                   
  05/30 PCE Core YoY 05:30 Apr 1.50% 1.50% 1.60% -  
                   
  05/30 S&P CoreLogic CS 20-City MoM SA 06:00 Mar 0.90% 0.87% 0.69% 0.71%  
                   
  05/30 S&P CoreLogic CS 20-City YoY NSA 06:00 Mar 5.70% 5.89% 5.85% -  
                   
  05/30 Dallas Fed Manf. Activity 07:30 May 15.00 17.20 16.80 -  
                   
  05/31 MBA Mortgage Applications 04:00 26 May - - 4.40% -  
                   
  05/31 Pending Home Sales MoM 07:00 Apr 0.50% - -0.80% -  
                   
  05/31 U.S. Federal Reserve Releases Beige Book 11:00 - - - - -  
                   
  06/01 Challenger Job Cuts YoY 04:30 May - - -42.90% -  
                   
  06/01 ADP Employment Change 05:15 May 180k - 177k -  
                   
  06/01 Nonfarm Productivity 05:30 1Q F -0.60% - -0.60% -  
                   
  06/01 Unit Labor Costs 05:30 1Q F 3.00% - 3.00% -  
                   
  06/01 Initial Jobless Claims 05:30 27 May 238k - 234k -  
                   
  06/01 Continuing Claims 05:30 20 May 1920k - 1923k -  
                   
  06/01 Markit US Manufacturing PMI 06:45 May F 52.50 - 52.50 -  
                   
  06/01 Bloomberg Consumer Comfort 06:45 28 May - - 50.90 -  
                   
  06/01 ISM Manufacturing 07:00 May 54.60 - 54.80 -  
                   
  06/01 ISM Prices Paid 07:00 May 67.00 - 68.50 -  
                   
  06/01 Construction Spending MoM 07:00 Apr 0.50% - -0.20% -  
                   
  06/02 Change in Nonfarm Payrolls 05:30 May 185k - 211k -  
                   
  06/02 Trade Balance 05:30 Apr -$45.50b - -$43.70b -  
                   
  06/02 Unemployment Rate 05:30 May 4.40% - 4.40% -  
                   
  06/02 Average Hourly Earnings MoM 05:30 May 0.20% - 0.30% -  
                   
  06/02 Average Hourly Earnings YoY 05:30 May 2.60% - 2.50% -  
                   
  06/02 Labor Force Participation Rate 05:30 May - - 62.90% -  
                   
  06/02 Underemployment Rate 05:30 May - - 8.60% -  
                   
 
 
 
 
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