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Market Commentary

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Market Commentary


 
Today's Coupons
 
  10-Year Notes   101-26.5 (+06.5)  
 
  FN 3.5% Coupon   103-04.5 (+03.5)  
 
  Support   2.225%  
 
  Resistance   2.103%  
 
 
 
 
Tuesday, June 20, 2017
 
 
Market opened today's session with 10-Year treasury yield at 2.178%, 1.2 bps down from prior closing of 2.190%.

U.S. Treasury yields edge lower after Chicago Federal Reserve President Charles Evans' dovish remarks that the central bank might be done raising rates for this year. Evans is a voting member of the Fed's policy setting committee and his comments were also echoed by Boston's Fed President Eric Rosengren this morning.

In economic news, the lone print this morning was the current account balance, which was released by Commerce Department at -$116.80B, a $2.80B increase from the fourth quarter in 2016. The balance of goods and services deficit widened to $138.98B compared to $134.05B the previous quarter. The account deficit currently represents 2.50% of gross domestic product, vs. 2.40% previously.

Later today, the Fed reinvestment operation will be purchasing $950MM of GNMA II securities. In Fed Speak, Dallas Fed President Robert Kaplan will speak in San Francisco on current economic conditions and its implications on monetary policy.

The curve has bull-flattened with UST 10-Year yield down 1.2 bps.
 
 
   
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  06/19 No Data - - - - - -  
                   
  06/20 Current Account Balance 05:30 1Q -$123.80b -$116.80b -$112.40b -$114.00b  
                   
  06/21 MBA Mortgage Applications 04:00 16 Jun - - 2.80% -  
                   
  06/21 Existing Home Sales 07:00 May 5.54m - 5.57m -  
                   
  06/21 Existing Home Sales MoM 07:00 May -0.50% - -2.30% -  
                   
  06/22 Initial Jobless Claims 05:30 17 Jun 240k - 237k -  
                   
  06/22 Continuing Claims 05:30 10 Jun 1928k - 1935k -  
                   
  06/22 FHFA House Price Index MoM 06:00 Apr 0.50% - 0.60% -  
                   
  06/22 Bloomberg Consumer Comfort 06:45 18 Jun - - 50.00 -  
                   
  06/22 Leading Index 07:00 May 0.30% - 0.30% -  
                   
  06/22 Kansas City Fed Manf. Activity 08:00 Jun 10.00 - 8.00 -  
                   
  06/23 Markit US Manufacturing PMI 06:45 Jun P 53.00 - 52.70 -  
                   
  06/23 Markit US Services PMI 06:45 Jun P 53.50 - 53.60 -  
                   
  06/23 Markit US Composite PMI 06:45 Jun P - - 53.60 -  
                   
  06/23 New Home Sales 07:00 May 590k - 569k -  
                   
  06/23 New Home Sales MoM 07:00 May 3.70% - -11.40% -  
                   
 
 
 
 
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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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