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Market Commentary


 
Today's Coupons
 
  10-Year Notes   101-13.5 (-03.5)  
 
  FN 3.5% Coupon   103-00 (-01.5)  
 
  Support   2.225%  
 
  Resistance   2.133%  
 
 
 
 
Monday, June 12, 2017
 
 
Treasuries are lower across the curve this morning from Friday's close. The UST 10-Year yield is currently at 2.220% after closing at 2.201% prior.

Today's economic calendar is fairly quiet, with only the Monthly Budget Statement for the month of May available at 11:00 AM (PT). The deficit is expected to widen to $87.00b per consensus versus a deficit of $52.50b in April. At 8:30 AM (PT), Treasury will auction $24 Billion of new 3-Year notes, and at 10:00 AM (PT), will auction $20 Billion of re-opened 10-Year notes.The two-day FOMC June meeting will begin tomorrow, and investors expect the Fed to hike the rates when the meeting concludes on Wednesday.

For the remainder of this week's economic calendar, we will receive the NFIB Small Business Optimism for May, as well as the PPI Final Demand and PPI Ex Food and Energy prints for May on Tuesday. On Wednesday, we will receive the May CPI and CPI Ex Food and Energy, and also the May Retail Sales Advance data. Then on Thursday we have the June Empire Manufacturing and the May Industrial Production print, and on Friday we will have the May Housing Starts and Building Permits.

The curve has bear-steepened with the UST 10-Year up 1.9 bps from prior closing.
 
 
   
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  06/12 Monthly Budget Statement 11:00 May -$87.00b - -$52.50b -  
                   
  06/13 NFIB Small Business Optimism 03:00 May 104.50 - 104.50 -  
                   
  06/13 PPI Final Demand MoM 05:30 May 0.00% - 0.50% -  
                   
  06/13 PPI Final Demand YoY 05:30 May 2.30% - 2.50% -  
                   
  06/14 MBA Mortgage Applications 04:00 9 Jun - - 7.10% -  
                   
  06/14 CPI MoM 05:30 May 0.00% - 0.20% -  
                   
  06/14 CPI YoY 05:30 May 2.00% - 2.20% -  
                   
  06/14 Retail Sales Advance MoM 05:30 May 0.10% - 0.40% -  
                   
  06/14 Business Inventories 07:00 Apr -0.10% - 0.20% -  
                   
  06/14 FOMC Rate Decision (Upper Bound) 11:00 14 Jun 1.25% - 1.00% -  
                   
  06/14 FOMC Rate Decision (Lower Bound) 11:00 14 Jun 1.00% - 0.75% -  
                   
  06/15 Import Price Index MoM 05:30 May -0.10% - 0.50% -  
                   
  06/15 Empire Manufacturing 05:30 Jun 5.00 - -1.00 -  
                   
  06/15 Import Price Index YoY 05:30 May 2.50% - 4.10% -  
                   
  06/15 Initial Jobless Claims 05:30 10 Jun - - 245k -  
                   
  06/15 Continuing Claims 05:30 3 Jun - - 1917k -  
                   
  06/15 Philadelphia Fed Business Outlook 05:30 Jun 25.00 - 38.80 -  
                   
  06/15 Industrial Production MoM 06:15 May 0.10% - 1.00% -  
                   
  06/15 Capacity Utilization 06:15 May 76.80% - 76.70% -  
                   
  06/15 Bloomberg Consumer Comfort 06:45 11 Jun - - 49.90 -  
                   
  06/15 NAHB Housing Market Index 07:00 Jun 70.00 - 70.00 -  
                   
  06/15 Total Net TIC Flows 13:00 Apr - - -$0.70b -  
                   
  06/16 Housing Starts 05:30 May 1220k - 1172k -  
                   
  06/16 Housing Starts MoM 05:30 May 4.10% - -2.60% -  
                   
  06/16 Building Permits 05:30 May 1250k - 1229k 1228k  
                   
  06/16 Building Permits MoM 05:30 May 1.80% - -2.50% -2.50%  
                   
  06/16 Labor Market Conditions Index Change 07:00 May 3.00 - 3.50 -  
                   
  06/16 U. of Mich. Sentiment 07:00 Jun P 97.10 - 97.10 -  
                   
 
 
 
 
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