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Market Commentary


 
Today's Coupons
 
  10-Year Notes   101-26 (-03.5)  
 
  FN 3.5% Coupon   103-10.5 (-01)  
 
  Support   2.254%  
 
  Resistance   2.147%  
 
 
 
 
Monday, June 5, 2017
 
 
Treasuries are moderately lower across the curve this morning from Friday's close. The UST 10-Year yield is currently at 2.175% after closing at 2.160% prior.

From today's economic calendar, we received the Final May Markit US Services PMI which fell to 53.60 from 54.00 prior; the Final May Markit US Composite PMI also came in at 53.60, dropping from 53.90 prior. The ISM Non-Manufacturing Composite for May slipped to 56.90 versus 57.50 prior. The Factory Orders for April fell 0.20% from an upwardly revised 1.00% rise prior. The Durable Goods Orders dropped 0.80% versus an expected drop of 0.60% per consensus, and Durables Excluding Transportation fell 0.50% versus an expected drop of 0.20% per consensus.

The rest of the week consists of very light economic data. Tomorrow we will receive the JOLTS Job Openings for April, on Wednesday we will receive the MBA Mortgage Applications for the week ending on June 2nd and the Consumer Credit data for April, on Thursday we will have the Initial Jobless Claims for the week ending on June 3rd and Continuing Claims for the week ending on May 27th, and lastly, we will receive the final print of the Wholesale Inventories for April on Friday.

The curve has bear-steepened with the UST 10-Year up 1.5 bps from prior closing.
 
 
   
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  06/05 Nonfarm Productivity 05:30 1Q F -0.10% 0.00% -0.60% -  
                   
  06/05 Unit Labor Costs 05:30 1Q F 2.40% 2.20% 3.00% -  
                   
  06/05 Markit US Services PMI 06:45 May F 54.00 53.60 54.00 -  
                   
  06/05 Markit US Composite PMI 06:45 May F - 53.60 53.90 -  
                   
  06/05 Labor Market Conditions Index Change 07:00 May 3.00 - 3.50 -  
                   
  06/05 Factory Orders 07:00 Apr -0.20% -0.20% 0.20% 1.00%  
                   
  06/05 Durable Goods Orders 07:00 Apr F -0.60% -0.80% -0.70% -  
                   
  06/05 Durables Ex Transportation 07:00 Apr F -0.20% -0.50% -0.40% -  
                   
  06/06 JOLTS Job Openings 07:00 Apr 5750 - 5743 -  
                   
  06/07 MBA Mortgage Applications 04:00 2 Jun - - -3.40% -  
                   
  06/07 Consumer Credit 12:00 Apr $15.000b - $16.431b -  
                   
  06/08 Initial Jobless Claims 05:30 3 Jun 240k - 248k -  
                   
  06/08 Continuing Claims 05:30 27 May 1920k - 1915k -  
                   
  06/08 Bloomberg Consumer Comfort 06:45 4 Jun - - 51.20 -  
                   
  06/09 Wholesale Trade Sales MoM 07:00 Apr - - 0.00% -  
                   
  06/09 Wholesale Inventories MoM 07:00 Apr F - - -0.30% -  
                   
 
 
 
 
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