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Market Commentary

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Market Commentary


 
Today's Coupons
 
  10-Year Notes   99-29.5 (+0.5)  
 
  FN 3.5% Coupon   102-14 (+02)  
 
  Support   2.395%  
 
  Resistance   2.261%  
 
 
 
 
Monday, July 10, 2017
 
 
Treasuries are slightly higher across the curve this morning from Friday's close. The UST 10-Year yield is currently at 2.377% after closing at 2.386% prior.

Today's economic calendar kicks off the week quietly, without any major market movers. Labor Market Conditions Index for June is expected to rise slightly higher to 2.50 from 2.30 prior, and Consumer Credit for May is expected to show a $13.50 Billion increase in outstanding credit from April. There is one scheduled Fed Speak from San Francisco Fed President Williams who will speak to business economists in Sydney, Australia at 8:00 PM (PT).

This week the market will focus its attention on Fed Chairwoman Yellen's testimony before the House and Senate on Wednesday and Thursday for comments regarding the weak trend for inflation and future policy. The remainder of this week's economic calendar also consists of more significant data, including Tuesday's NFIB Small Business Optimism for June and final reading of Wholesale Inventories for May, Wednesday's US Federal Reserves' release of the latest Beige Book, Thursday's PPI Final Demand for June and Monthly Budget Statement for June, and Friday's CPI and Retail Sales both for the month of June.

The curve has bull-flattened with the UST 10-Year down 0.9 bp from prior closing.
 
 
   
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  07/10 Labor Market Conditions Index Change 07:00 Jun 2.50 1.50 2.30 3.30  
                   
  07/10 Consumer Credit 12:00 May $13.500b - $8.197b -  
                   
  07/11 NFIB Small Business Optimism 03:00 Jun 104.40 - 104.50 -  
                   
  07/11 JOLTS Job Openings 07:00 May 5925 - 6044 -  
                   
  07/11 Wholesale Trade Sales MoM 07:00 May - - -0.40% -  
                   
  07/11 Wholesale Inventories MoM 07:00 May F 0.30% - 0.30% -  
                   
  07/12 MBA Mortgage Applications 04:00 7 Jul - - 1.40% -  
                   
  07/12 U.S. Federal Reserve Releases Beige Book 11:00 - - - - -  
                   
  07/13 PPI Final Demand MoM 05:30 Jun 0.00% - 0.00% -  
                   
  07/13 PPI Final Demand YoY 05:30 Jun 1.90% - 2.40% -  
                   
  07/13 Initial Jobless Claims 05:30 8 Jul 245k - 248k -  
                   
  07/13 Continuing Claims 05:30 1 Jul 1950k - 1956k -  
                   
  07/13 Bloomberg Consumer Comfort 06:45 9 Jul - - 48.50 -  
                   
  07/13 Monthly Budget Statement 11:00 Jun -$30.00b - - -  
                   
  07/14 CPI MoM 05:30 Jun 0.10% - -0.10% -  
                   
  07/14 CPI YoY 05:30 Jun - - 1.90% -  
                   
  07/14 Retail Sales Advance MoM 05:30 Jun - - -0.30% -  
                   
  07/14 Industrial Production MoM 06:15 Jun - - 0.00% -  
                   
  07/14 Capacity Utilization 06:15 Jun -   76.60% -  
                   
  07/14 U. of Mich. Sentiment 07:00 Jul P - - - -  
                   
  07/14 Business Inventories 07:00 May - - -0.20% -  
                   
 
 
 
 
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