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Market Commentary


 
Today's Coupons
 
  10-Year Notes   101-05 (+04)  
 
  FN 3.5% Coupon   102-31.5 (+02)  
 
  Support   2.359%  
 
  Resistance   2.236%  
 
 
 
 
Friday, July 21, 2017
 
 
Treasuries are higher across the curve this morning from yesterday's close. The UST 10-Year yield is currently at 2.240% after closing at 2.260% prior.

Yesterday the market was dominated by central banks which featured both Bank of Japan and European Central Bank deciding to leave their current policies unchanged, as both emphasized that their inflation targets have not been met. President Mario Draghi's rather dovish comments carried overnight which drove treasuries higher from yesterday's close. Treasuries' gains were also supported by a report that stated Special Counsel Robert Mueller would review activities of President Trump's businesses as part of the ongoing investigation on Russia's interference in the U.S. election.

There are no events on our economic calendar today heading into the weekend prior to next week's two-day FOMC meeting, which concludes on Wednesday July 26th. The market does not expect another rate hike at the end of next week's meeting, but investors will be focused on the Fed's verbiage regarding the current economic conditions and labor market.

The curve has bull-flattened with the UST 10-Year down 2.0 bps from prior closing.

Have A Nice Weekend!
 
 
   
 
   
 
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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