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Market Commentary


 
Today's Coupons
 
  10-Year Notes   101-10 (-06)  
 
  FN 3.5% Coupon   103-03.5 (-03.5)  
 
  Support   2.294%  
 
  Resistance   2.196%  
 
 
 
 
Thursday, June 1, 2017
 
 
Treasuries are modestly lower across the curve this morning from yesterday’s close. The UST 10-Year yield is currently at 2.232% after closing at 2.204% prior.

Treasury yields inched higher this morning upon the release of strong jobs data that may have given traders an early glimpse of what to expect from the release of tomorrow’s Non-farm Payrolls for the month of May. ADP Employment Change for May came in well above expectations at 253k versus 180k per consensus, up 79k from a downwardly revised 174k in April. Initial Jobless Claims for the week ending on May 27th came in at 248k versus an upwardly revised 235k the week prior, while Continuing Claims for the week ending on May 20th came in at 1915k, down from an upwardly revised 1924k the week prior.

The Markit US Manufacturing PMI final reading for May came in just slightly above consensus at 52.70 versus the expected 52.50 reading. The May reading for ISM Manufacturing also came in slightly above expectations at 54.90 versus 54.80 per consensus; May ISM Prices Paid slipped to 60.50 from 68.50 in April. Lastly, Construction Spending MoM in April dropped 1.40% after an upwardly revised rise of 1.10% in March.

The curve has bear-steepened with the UST 10-Year up 2.8 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 - -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 - 71.40% -42.90% -  
                   
  06/01 ADP Employment Change 05:15 May 180k 253k 177k 174k  
                   
  06/01 Initial Jobless Claims 05:30 27 May 238k 248k 234k 235k  
                   
  06/01 Continuing Claims 05:30 20 May 1920k 1915k 1923k 1924k  
                   
  06/01 Markit US Manufacturing PMI 06:45 May F 52.50 52.70 52.50 -  
                   
  06/01 Bloomberg Consumer Comfort 06:45 28 May - 51.20 50.90 -  
                   
  06/01 ISM Manufacturing 07:00 May 54.80 54.90 54.80 -  
                   
  06/01 ISM Prices Paid 07:00 May 67.00 60.50 68.50 -  
                   
  06/01 Construction Spending MoM 07:00 Apr 0.50% -1.40% -0.20% 1.10%  
                   
  06/02 Change in Nonfarm Payrolls 05:30 May 180k - 211k -  
                   
  06/02 Trade Balance 05:30 Apr -$46.10b - -$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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