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Market Commentary


 
Today's Coupons
 
  10-Year Notes   101-13 (-0.5)  
 
  FN 3.5% Coupon   102-30.5 (00)  
 
  Support   2.225%  
 
  Resistance   2.133%  
 
 
 
 
Tuesday, June 13, 2017
 
 
Treasuries are lower across the curve this morning from yesterday's close. The UST 10-Year yield is currently at 2.225% after closing at 2.215% prior.

This morning we received the NFIB Small Business Optimism for May, which came in line with expectations at 104.50, unchanged from the previous month. The May PPI Final Demand also came in as expected, unchanged at 0.00% after rising 0.50% prior; however, PPI excluding Food and Energy rose 0.30% versus an expected increase 0.10% per consensus. The PPI is up 2.40% YoY, and PPI excluding Food and Energy is up 2.10% YoY. The two-day FOMC June meeting begins today with the expectation that the Feds will hike rates at the conclusion of its meeting tomorrow. At 10:00 AM (PT), Treasury will auction $12 Billion re-opened 30-Year bonds.

Tomorrow 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. Lastly, we will have the May Housing Starts and Building Permits released on Friday.

The curve has bear-steepened with the UST 10-Year up 1.0 bp 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 -$88.40b -$52.50b -  
                   
  06/13 NFIB Small Business Optimism 03:00 May 104.50 104.50 104.50 -  
                   
  06/13 PPI Final Demand MoM 05:30 May 0.00% 0.00% 0.50% -  
                   
  06/13 PPI Final Demand YoY 05:30 May 2.30% 2.40% 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 0.00% - 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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