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Market Commentary

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Market Commentary


 
Today's Coupons
 
  10-Year Notes   101-20 (-16)  
 
  FN 3.5% Coupon   103-01.5 (-07.5)  
 
  Support   2.191%  
 
  Resistance   2.120%  
 
 
 
 
Tuesday, June 27, 2017
 
 
Treasuries sold-off overnight and are moderately lower across the curve this morning from yesterday's close. The UST 10-Year yield is currently at 2.188% after closing at 2.138% prior.

This morning we received the S&P CoreLogic Case-Shiller 20-City for April, which rose 0.28% MoM versus a downwardly revised 0.53% increase in March. S&P CoreLogic Case-Shiller 20-City property values index rose 5.67% YoY and S&P CoreLogic Case-Shiller HPI increased 5.50% YoY. June Consumer Confidence rose 118.90 versus a downwardly revised 117.60 prior; consensus expected a 116.00 rise. The June Richmond Fed Manufacturing Index came in at +7.00 versus an expected increase of +5.00 per consensus.

Later today at 10:00 AM (PT), Treasury will auction $34 Billion 5-Year Notes. There are several Fed Speaks scheduled today, including Fed Harker who will speak on international trade and the economic outlook at 8:00 AM (PT). Fed Chairwoman Yellen will speak on global economic issues in London at 10:00 AM (PT), and Fed Kashkari is scheduled to speak at a townhall event in Michigan at 2:30 PM (PT).

The curve has bear-steepened with the UST 10-Year up 5.0 bps from prior closing.
 
 
   
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  06/26 Durable Goods Orders 05:30 May P -0.60% -1.10% -0.80% -0.90%  
                   
  06/26 Chicago Fed Nat Activity Index 05:30 May 0.20 -0.26 0.49 0.57  
                   
  06/26 Durables Ex Transportation 05:30 May P 0.40% 0.10% -0.50% -  
                   
  06/26 Dallas Fed Manf. Activity 07:30 Jun 16.00 15.00 17.20 -  
                   
  06/27 S&P CoreLogic CS 20-City MoM SA 06:00 Apr 0.50% 0.28% 0.87% 0.53%  
                   
  06/27 S&P CoreLogic CS 20-City YoY NSA 06:00 Apr 5.90% 5.67% 5.89% 5.88%  
                   
  06/27 Richmond Fed Manufact. Index 07:00 Jun 5.00 7.00 1.00 -  
                   
  06/28 MBA Mortgage Applications 04:00 23 Jun - - 0.60% -  
                   
  06/28 Wholesale Inventories MoM 05:30 May P 0.20% - -0.50% -  
                   
  06/28 Pending Home Sales MoM 07:00 May 1.00% - -1.30% -  
                   
  06/29 GDP Annualized QoQ 05:30 1Q T 1.20% - 1.20% -  
                   
  06/29 Personal Consumption 05:30 1Q T 0.60% - 0.60% -  
                   
  06/29 GDP Price Index 05:30 1Q T 2.20% - 2.20% -  
                   
  06/29 Core PCE QoQ 05:30 1Q T 2.10% - 2.10% -  
                   
  06/29 Initial Jobless Claims 05:30 24 Jun - - - -  
                   
  06/29 Continuing Claims 05:30 17 Jun - - - -  
                   
  06/29 Bloomberg Consumer Comfort 06:45 25 Jun - - - -  
                   
  06/30 Personal Income 05:30 May - - - -  
                   
  06/30 Personal Spending 05:30 May - - - -  
                   
  06/30 PCE Deflator MoM 05:30 May - - - -  
                   
  06/30 PCE Deflator YoY 05:30 May - - - -  
                   
  06/30 PCE Core MoM 05:30 May - - - -  
                   
  06/30 PCE Core YoY 05:30 May - - - -  
                   
  06/30 U. of Mich. Sentiment 07:00 Jun F - - - -  
                   
 
 
 
 
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