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Market Commentary


 
Today's Coupons
 
  10-Year Notes   97-19 (-11) 2.400%  
 
  FN 3.5% Coupon   102-24 (-06)  
 
  Support   2.510%  
 
  Resistance   2.240%  
 
 
 
 
Today's Blurb Tuesday, June 23, 2015
 
 
            Durable Goods Orders for May fell -1.8% (consensus -1.0%) with April revised down from -0.5% to -1.5%. May’s Durable Goods disappointment was dominated by a plunge in civilian aircraft orders, down -35.3%. Excluding Transportation, Durable Goods posted in line with expectations, rising +0.5% with yet another downward revision to April’s data from +0.5% to -0.3%. Although large downward revisions in the Durable Goods data can be common after accounting for order cancellations, April’s revision coupled with May printing well below expectations may point to weakness in the Manufacturing sector. House Prices, according to the FHFA, rose +0.3% in April (consensus +0.5%) vs. +0.3% prior; April’s decline pulled the year-on-year rate down to 5.2% vs. 5.3% prior. New Home Sales in May rose +2.2% (consensus +1.2%) with April revised up from 6.8% to 8.1%. Home Price appreciation remaining steady at 5% annually and rising sales are encouraging signs that conditions may be improving in the housing market.
          Greece continues to dominate financial market flows as talks continue with the approaching June 30th deadline. Greece is expected to pay the International Monetary Fund 1.5 Billion Euros or is at risk of default; Greece’s total public debt stood at 313 Billion Euros as of March 31 2015. On Monday, Greece submitted a proposal to its official creditors which includes higher value-added tax rates, higher tax rates on business earning over 500K Euro per year, and higher pension contributions. Following Monday’s proposal, leaders agreed to step up the pace of negotiations hoping to secure a breakthrough by the end of the week. Greece’s 10-Year debt fell from 12.4% on 6/19 to 10.365% and yield on their 2-Year debt fell more than 400 bps. Treasuries are selling-off this morning on the improved Greek outlook for negotiations and the mixed data release. The curve has bear steepened with 2s10s up +2.7 bps.
 
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  06/22 Existing Home Sales 07:00 May 5.26 MM 5.35 MM 5.04 MM 5.09 MM  
                   
  06/22 Existing Home Sales MoM 07:00 May 4.40% 5.10% -3.30% -2.30%  
                   
  06/23 Durable Goods Orders 05:30 May -1.00% -1.80% -0.50% -1.50%  
                   
  06/23 FHFA House Price Index MoM 06:00 Apr 0.50% 0.30% 0.30% -  
                   
  06/23 New Home Sales 07:00 May 523K 546K 517K 534K  
                   
  06/23 New Home Sales MoM 07:00 May 1.20% 2.20% 6.80% 8.10%  
                   
  06/24 MBA Mortgage Applications 04:00 Jun 19 - - -5.50% -  
                   
  06/24 GDP Annualized QoQ 05:30 1Q T -0.20% - -0.70% -  
                   
  06/24 Personal Consumption 05:30 1Q T 1.90% - 1.80% -  
                   
  06/25 Personal Income 05:30 May 0.50% - 0.40% -  
                   
  06/25 Personal Spending 05:30 May 0.70% - 0.00% -  
                   
  06/25 Initial Jobless Claims 05:30 Jun 20 273K - 267K -  
                   
  06/25 Continuing Claims 05:30 June 13 2218K - 2222K -  
                   
  06/25 PCE Core MoM 05:30 May 0.10% - 0.10% -  
                   
  06/25 PCE Core YoY 05:30 May 1.20% - 1.20% -  
                   
  06/26 No Data - - - - - -  
                   
 
 
 
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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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