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Market Commentary


 
Today's Coupons
 
  10-Year Notes   100-18.5 (-14.5)  
 
  FN 3.5% Coupon   102-23.5 (-08)  
 
  Support   2.330%  
 
  Resistance   2.225%  
 
 
 
 
Tuesday, July 25, 2017
 
 
Treasuries are moderately lower across the curve this morning from yesterday's close. The UST 10-Year yield is currently at 2.301% after closing at 2.256% prior.

Treasury yields inched higher this morning ahead of the two-day FOMC meeting scheduled for today and tomorrow as investors await the Fed's forthcoming decision for the looming normalization of the central bank's balance sheet. In economic news, we received the FHFA House Price Index for May which rose 0.40% after a downwardly revised 0.60% increase in April; consensus called for a 0.50% increase in home prices for May, so the reading came in just below expectations. The May S&P CoreLogic Case-Shiller 20-City Home Composite Price Index rose 0.10% versus an expected 0.30% rise per consensus, and rose 5.69% YoY after an upwardly revised rise of 5.77% in April.

Later today at 10:00 AM (PT), Treasury will auction $15 Billion of new 2-Year notes. The remainder of this week's economic calendar includes tomorrow's New Home Sales data for June, Thursday's Durable Goods Orders and Wholesale Inventories for June, and Friday's 2Q advance reading of GDP Annualized, Personal Consumption, GDP Price Index and Core PCE.

The curve has bear-steepened with the UST 10-Year up 4.5 bps 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% 0.40% 0.70% 0.60%  
                   
  07/25 S&P CoreLogic CS 20-City MoM SA 06:00 May 0.30% 0.10% 0.28% -0.18%  
                   
  07/25 S&P CoreLogic CS 20-City YoY NSA 06:00 May 5.80% 5.69% 5.67% 5.77%  
                   
  07/25 Richmond Fed Manufact. Index 07:00 Jul 7.00 14.00 7.00 11.00  
                   
  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 3.50% - -0.80% -  
                   
  07/27 Durables Ex Transportation 05:30 Jun P 0.40% - 0.30% -  
                   
  07/27 Initial Jobless Claims 05:30 22 Jul 240k - 233k -  
                   
  07/27 Continuing Claims 05:30 15 Jul 1960k - 1977k -  
                   
  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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