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Market Commentary


 
Today's Coupons
 
  10-Year Notes   101-29.5 (-03)  
 
  FN 3.5% Coupon   103-04.5 (-02)  
 
  Support   2.176%  
 
  Resistance   2.137%  
 
 
 
 
Friday, June 23, 2017
 
 
Market opened today's session with 10-Year treasury yields higher across the curve at 2.159%, 1.0 bp up from prior closing of 2.149%.

Economic releases are quite tame for a Friday starting with Markit U.S. Manufacturing PMI at 52.10 vs. 52.70 previously. Markit U.S. Services PMI was also below expectations at 53.00 vs. consensus of 53.50 and Composite PMI was 53.00. New Home Sales rose by 2.90% MoM to 610K from the previously revised 593K.

In Fedspeak, St. Louis Fed President Bullard stated in his speech yesterday that the FOMC's expected rate hikes are "too aggressive" and his concerns about the deceleration in inflation. Today, he will speak on U.S. economy and monetary policy in Nashville, TN. Later today Cleveland Fed President Mester and Fed Governor Powell are set to speak on policy and economic liquidity issues.

The curve has bear-steepened with UST 10-Year yield up 1.0 bp.

Have A Fantastic Weekend!
 
 
   
 
   
 
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 - 0.60% 2.80% -  
                   
  06/21 Existing Home Sales 07:00 May 5.55m 5.62m 5.57m 5.56m  
                   
  06/21 Existing Home Sales MoM 07:00 May -0.40% 1.10% -2.30% -2.50%  
                   
  06/22 Initial Jobless Claims 05:30 17 Jun 240k 241k 237k 238k  
                   
  06/22 Continuing Claims 05:30 10 Jun 1928k 1944k 1935k 1936k  
                   
  06/22 FHFA House Price Index MoM 06:00 Apr 0.50% 0.70% 0.60% 0.70%  
                   
  06/22 Bloomberg Consumer Comfort 06:45 18 Jun - 49.40 50.00 -  
                   
  06/22 Leading Index 07:00 May 0.30% 0.30% 0.30% 0.20%  
                   
  06/22 Kansas City Fed Manf. Activity 08:00 Jun 9.00 11.00 8.00 -  
                   
  06/23 Markit US Manufacturing PMI 06:45 Jun P 53.00 52.10 52.70 -  
                   
  06/23 Markit US Services PMI 06:45 Jun P 53.50 53.00 53.60 -  
                   
  06/23 Markit US Composite PMI 06:45 Jun P - 53.00 53.60 -  
                   
  06/23 New Home Sales 07:00 May 590k 610k 569k 593k  
                   
  06/23 New Home Sales MoM 07:00 May 3.70% 2.90% -11.40% -7.90%  
                   
 
 
 
 
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