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Market Commentary


 
Today's Coupons
 
  10-Year Notes   100-30.5 (+13.5)  
 
  FN 3.5% Coupon   102-29.5 (+07)  
 
  Support   2.393%  
 
  Resistance   2.270%  
 
 
 
 
Tuesday, July 18, 2017
 
 
Treasuries are higher across the curve this morning from yesterday’s close. The UST 10-Year yield is currently at 2.275% after closing at 2.315% prior.

This morning we received the Import Price Index for June, which slipped 0.20% as expected after a revised 0.10% drop in May as petroleum prices dropped again. Import Price Index excluding Petroleum rose above expectations at 0.10% versus an unchanged 0.00% per consensus. Import Price Index YoY is up 1.50% versus a revised 2.30% prior. Export Price Index in June fell 0.20% after a revised drop of 0.50% in May; Export Price Index YoY is up 0.60% versus a revised 1.50% in May.

We also received the NAHB Housing Market Index for July, which fell to 64.00 from a revised 66.00 in June. Consensus expected the homebuilder confidence to hold steady at 67.00. Later this morning at 8:30 AM (PT), US will sell $20 Billion 52-Week Bills and $45 Billion 4-Week Bills.

The curve has bull-flattened with the UST 10-Year down 4.0 bps 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% -0.20% -0.30% -0.10%  
                   
  07/18 Import Price Index YoY 05:30 Jun 1.30% 1.50% 2.10% 2.30%  
                   
  07/18 Export Price Index MoM 05:30 Jun 0.00% -0.20% -0.70% -0.50%  
                   
  07/18 Export Price Index YoY 05:30 Jun - 0.60% 1.40% 1.50%  
                   
  07/18 NAHB Housing Market Index 07:00 Jul 67.00 64.00 67.00 66.00  
                   
  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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  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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