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Market Commentary


 
Today's Coupons
 
  10-Year Notes   100-14.5 (+02.5)  
 
  FN 3.5% Coupon   102-21 (+0.5)  
 
  Support   2.395%  
 
  Resistance   2.279%  
 
 
 
 
Monday, July 17, 2017
 
 
Treasuries are slightly higher across the curve this morning from Friday’s close. The UST 10-Year yield is currently at 2.323% after closing at 2.333% prior.

This week’s economic calendar is fairly quiet, and kicked off with only the Empire Manufacturing Index for July this morning, which came in below expectations at 9.80 versus 15.00 per consensus. Later today at 8:30 AM (PT), US will sell $39 Billion 3-month bills and $33 Billion 6-month bills. There is no scheduled Fed Speak this week as the FOMC members will have a quiet week ahead of next week’s two-day policy meeting, which begins on Tuesday July 25th and concludes on Wednesday July 26th. A rate hike is not expected at the conclusion of this meeting.

The remainder of the week consists of Tuesday’s Import Price Index for June, Wednesday’s Housing Starts and Building Permits for June, Thursday’s Philadelphia Fed Business Outlook for July and Leading Index for June.

The curve has bull-flattened with the UST 10-Year down 1.0 bp from prior closing.
 
 
   
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  07/17 Empire Manufacturing 05:30 Jul 15.00 9.80 19.80 -  
                   
  07/18 Import Price Index MoM 05:30 Jun -0.20% - -0.30% -  
                   
  07/18 Import Price Index YoY 05:30 Jun 1.30% - 2.10% -  
                   
  07/18 Export Price Index MoM 05:30 Jun 0.10% - -0.70% -  
                   
  07/18 Export Price Index YoY 05:30 Jun - - 1.40% -  
                   
  07/18 NAHB Housing Market Index 07:00 Jul 67.00 - 67.00 -  
                   
  07/18 Total Net TIC Flows 13:00 May - - $65.80b -  
                   
  07/18 Net Long-term TIC Flows 13:00 May - - $1.80b -  
                   
  07/19 MBA Mortgage Applications 04:00 14 Jul - - -7.40% -  
                   
  07/19 Housing Starts 05:30 Jun 1160k - 1092k -  
                   
  07/19 Housing Starts MoM 05:30 Jun 6.20% - -5.50% -  
                   
  07/19 Building Permits 05:30 Jun 1201k - 1168k -  
                   
  07/19 Building Permits MoM 05:30 Jun 2.80% - -4.90% -  
                   
  07/20 Initial Jobless Claims 05:30 15 Jul 245k - 247k -  
                   
  07/20 Continuing Claims 05:30 8 Jul 1950k - 1945k -  
                   
  07/20 Philadelphia Fed Business Outlook 05:30 Jul 23.70 - 27.60 -  
                   
  07/20 Bloomberg Consumer Comfort 06:45 16 Jul - - 47.00 -  
                   
  07/20 Leading Index 07:00 Jun 0.40% - 0.30% -  
                   
  07/21 No Data - - - - - -  
                   
 
 
 
 
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