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Market Commentary


 
Today's Coupons
 
  10-Year Notes   101-17 (+01.5)  
 
  FN 3.5% Coupon   103-08.5 (+0.5)  
 
  Support   2.294%  
 
  Resistance   2.199%  
 
 
 
 
Wednesday, May 31, 2017
 
 
Treasuries are slightly higher across the curve this morning from yesterday’s close. The UST 10-Year yield is currently at 2.203% after closing at 2.211% prior.

This morning we received the MBA Mortgage Applications for the week ending on May 26th showing a drop of 3.40% in applications after rising 4.40% the week prior. Purchase applications fell 1.40% after falling 0.80% in the week prior, while refinancing activities dropped 5.60% after rising 10.50% in the week prior. The May Chicago Purchasing Manager came in below expectations at 55.20 versus 57.00 per consensus, slipping from its 58.30 reading in April. The Pending Home Sales for the month of April fell 1.30% after a downwardly revised drop of 0.90% in March.

Later today at 11:00 AM (PT), the U.S. Federal Reserve will release the May Beige Book in anticipation of its June 14 meeting. There are two scheduled Fed Speaks today, including Dallas Fed President Kaplan who will participate in a moderated Q&A at the Council of Foreign Relations in New York, and San Francisco Fed President Williams who will speak in Seoul on global economic and financial challenges.

The curve has bull-flattened with the UST 10-Year down 0.8 bp 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 - -3.40% 4.40% -  
                   
  05/31 Pending Home Sales MoM 07:00 Apr 0.50% -1.30% -0.80% -0.90%  
                   
  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 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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  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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