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Market Commentary


 
Today's Coupons
 
  10-Year Notes   101-04 (-02.5)  
 
  FN 3.5% Coupon   103-00 (-01)  
 
  Support   2.353%  
 
  Resistance   2.225%  
 
 
 
 
Monday, July 24, 2017
 
 
Treasuries are slightly lower across the curve this morning from Friday’s close. The UST 10-Year yield is currently at 2.248% after closing at 2.238% prior.

Last week the market’s attention was focused on policy decisions of central banks which concluded with both Bank of Japan and European Central Bank leaving their current policies unchanged. The market continues its attentiveness on central banks as investors gear up for this week’s two-day FOMC meeting which begins tomorrow and wraps up on Wednesday. A rate hike is not expected, but investors are looking for indication on how the Feds will handle reducing the current balance sheet.

In economic news, we received the preliminary Markit US Manufacturing PMI for July, which came in above expectations at 53.20 versus 52.30 per consensus. Markit US Services PMI (preliminary) came in as expected at 54.20, unchanged from prior, and Markit US Composite PMI (preliminary) came in at 54.20 versus an upwardly revised 53.90 prior. We also received the Existing Home Sales for the month of June, which fell to 5.52m versus an unrevised 5.62m prior. Existing Home Sales dropped 1.80% MoM versus an increase of 1.10% prior.

The curve has bear-flattened with the UST 10-Year up 1.0 bp from prior closing.
 
 
   
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  07/24 Markit US Manufacturing PMI 06:45 Jul P 52.30 53.20 52.00 -  
                   
  07/24 Markit US Services PMI 06:45 Jul P 54.20 54.20 54.20 -  
                   
  07/24 Markit US Composite PMI 06:45 Jul P - 54.20 53.00 53.90  
                   
  07/24 Existing Home Sales 07:00 Jun 5.57m 5.52m 5.62m -  
                   
  07/24 Existing Home Sales MoM 07:00 Jun -0.90% -1.80% 1.10% -  
                   
  07/25 FHFA House Price Index MoM 06:00 May 0.50% - 0.70% -  
                   
  07/25 S&P CoreLogic CS 20-City MoM SA 06:00 May 0.30% - 0.28% -  
                   
  07/25 S&P CoreLogic CS 20-City YoY NSA 06:00 May 5.75% - 5.67% -  
                   
  07/25 Richmond Fed Manufact. Index 07:00 Jul 7.00 - 7.00 -  
                   
  07/26 MBA Mortgage Applications 04:00 21 Jul - - 6.30% -  
                   
  07/26 New Home Sales 07:00 Jun 615k - 610k -  
                   
  07/26 New Home Sales MoM 07:00 Jun 0.80% - 2.90% -  
                   
  07/26 FOMC Rate Decision (Upper Bound) 11:00 26 Jul 1.25% - 1.25% -  
                   
  07/26 FOMC Rate Decision (Lower Bound) 11:00 26 Jul 1.00% - 1.00% -  
                   
  07/27 Durable Goods Orders 05:30 Jun P - - - -  
                   
  07/27 Durables Ex Transportation 05:30 Jun P - - - -  
                   
  07/27 Initial Jobless Claims 05:30 22 Jul - - - -  
                   
  07/27 Continuing Claims 05:30 15 Jul - - - -  
                   
  07/27 Wholesale Inventories MoM 05:30 Jun P - - - -  
                   
  07/27 Chicago Fed Nat Activity Index 05:30 Jun - - -0.26 -  
                   
  07/27 Bloomberg Consumer Comfort 06:45 23 Jul - - - -  
                   
  07/27 Kansas City Fed Manf. Activity 08:00 Jul - - 11.00 -  
                   
  07/28 Employment Cost Index 05:30 2Q - - 0.80% -  
                   
  07/28 GDP Annualized QoQ 05:30 2Q A - - - -  
                   
  07/28 Personal Consumption 05:30 2Q A - - - -  
                   
  07/28 GDP Price Index 05:30 2Q A - - - -  
                   
  07/28 Core PCE QoQ 05:30 2Q A - - - -  
                   
  07/28 U. of Mich. Sentiment 05:30 Jul F - - - -  
                   
 
 
 
 
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