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Market Commentary


 
Today's Coupons
 
  10-Year Notes   101-04.5 (+07.5)  
 
  FN 3.5% Coupon   102-31.5 (+03.5)  
 
  Support   2.359%  
 
  Resistance   2.245%  
 
 
 
 
Thursday, July 20, 2017
 
 
Treasuries are moderately higher across the curve this morning from yesterday’s close. The UST 10-Year yield is currently at 2.245% after closing at 2.270% prior.

The market has been dominated by central banks this morning. Bank of Japan left its policy unchanged and pushed the timing for reaching their inflation target towards the year 2020. European Central Bank also kept their rates on hold as expected, and President Mario Draghi stated that the ECB does not want unwarranted tightening of financial conditions because inflation is not where they want and where it should be at this point.

In economic news, we received the Initial Jobless Claims for the week ending on July 15th which fell 15k to 233k from an upwardly revised 248k the week prior, dropping to its lowest level since May 13th. Continuing Claims ending on July 8th rose 28k from an upwardly revised 1949k the week prior. We also received the Philadelphia Fed Business Outlook for the month of July, which came in lower than the expected at 19.50 versus 23.00 per consensus.

The curve has bull-flattened with the UST 10-Year down 2.5 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 - $57.30b $65.80b $74.40b  
                   
  07/18 Net Long-term TIC Flows 13:00 May - $91.90b $1.80b $9.70b  
                   
  07/19 MBA Mortgage Applications 04:00 14 Jul - 6.30% -7.40% -  
                   
  07/19 Housing Starts 05:30 Jun 1160k 1215k 1092k 1122k  
                   
  07/19 Housing Starts MoM 05:30 Jun 6.20% 8.30% -5.50% -2.80%  
                   
  07/19 Building Permits 05:30 Jun 1201k 1254k 1168k -  
                   
  07/19 Building Permits MoM 05:30 Jun 2.80% 7.40% -4.90% -  
                   
  07/20 Initial Jobless Claims 05:30 15 Jul 245k 233k 247k 248k  
                   
  07/20 Continuing Claims 05:30 8 Jul 1949k 1977k 1945k 1949k  
                   
  07/20 Philadelphia Fed Business Outlook 05:30 Jul 23.00 19.50 27.60 -  
                   
  07/20 Bloomberg Consumer Comfort 06:45 16 Jul - 47.60 47.00 -  
                   
  07/20 Leading Index 07:00 Jun 0.40% 0.60% 0.30% 0.20%  
                   
  07/21 No Data - - - - - -  
                   
 
 
 
 
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