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Market Commentary


 
Today's Coupons
 
  10-Year Notes   100-11.5 (-04)  
 
  FN 3.5% Coupon   102-19.5 (-01.5)  
 
  Support   2.395%  
 
  Resistance   2.304%  
 
 
 
 
Thursday, July 13, 2017
 
 
Treasuries are slightly lower across the curve this morning from yesterday's close. The UST 10-Year yield is currently at 2.334% after closing at 2.319% prior.

Yesterday Treasuries rallied upon Fed Chairwoman Yellen's testimony in front of the House where she seemed more dovish compared to her press conference after the June FOMC meeting. Yellen emphasized that inflation is a key uncertainty, along with the fiscal policy. Her two-day congressional testimony concludes today as she appears before the Senate Banking Committee beginning at 6:30 AM (PT).

This morning we received the Initial Jobless Claims for the week ending July 8th, which fell from an upwardly revised 250k the week prior to 247k. Continuing claims for the week ending July 1st fell 20k to 1945k from an upwardly revised 1965k the week prior. PPI Final Demand rose 0.10% in the month of June; core prices, excluding food and energy, also rose 0.10% in June after rising 0.30% prior. PPI Final Demand YoY is down from 2.40% to 2.00%, and core prices excluding food and energy YoY is down from 2.10% to 1.90%.

The curve has bear-steepened with the UST 10-Year up 1.5 bps 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 - -7.40% 1.40% -  
                   
  07/12 U.S. Federal Reserve Releases Beige Book 11:00 - - - - -  
                   
  07/13 PPI Final Demand MoM 05:30 Jun 0.00% 0.10% 0.00% -  
                   
  07/13 PPI Final Demand YoY 05:30 Jun 1.90% 2.00% 2.40% -  
                   
  07/13 Initial Jobless Claims 05:30 8 Jul 245k 247k 248k 250k  
                   
  07/13 Continuing Claims 05:30 1 Jul 1950k 1945k 1956k 1965k  
                   
  07/13 Bloomberg Consumer Comfort 06:45 9 Jul - 47.00 48.50 -  
                   
  07/13 Monthly Budget Statement 11:00 Jun -$38.00b - - -  
                   
  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 0.10% - -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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