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Market Commentary


 
Today's Coupons
 
  10-Year Notes   99-30.5 (-02)  
 
  FN 3.5% Coupon   102-17 (+0.5)  
 
  Support   2.395%  
 
  Resistance   2.291%  
 
 
 
 
Tuesday, July 11, 2017
 
 
Treasuries are little unchanged across the curve this morning from yesterday's close. The UST 10-Year yield is currently at 2.380% after closing at 2.374% prior.

This morning we received the NFIB Small Business Optimism index for June, which fell more than expected at 103.60 from 104.50 prior; consensus estimated a small drop to 104.40. We also received the Wholesale Inventories final reading for May, which increased 0.40% after rising 0.30% in April. Wholesale Trade Sales for May fell 0.50% after dropping 0.30% prior (revised).

Later today, Treasury will auction $24 Billion new 3-Year notes at 10:00 AM (PT). There are two scheduled Fed Speaks today, including Fed Governor Lael Brainard who will speak about the balance sheet normalization at a conference in New York at 9:30 AM (PT), and Minneapolis Fed President Kashkari who will speak at a women's economic round table at 10:20 AM (PT).

The curve has bear-steepened with the UST 10-Year up 0.6 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 $18.410b $8.197b $12.929b  
                   
  07/11 NFIB Small Business Optimism 03:00 Jun 104.40 103.60 104.50 -  
                   
  07/11 JOLTS Job Openings 07:00 May 5950 5666 6044 5967  
                   
  07/11 Wholesale Trade Sales MoM 07:00 May - -0.50% -0.40% -0.30%  
                   
  07/11 Wholesale Inventories MoM 07:00 May F 0.30% 0.40% 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 -$35.00b - - -  
                   
  07/14 CPI MoM 05:30 Jun 0.10% - -0.10% -  
                   
  07/14 CPI YoY 05:30 Jun 1.70% - 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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  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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