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Market Commentary


 
Today's Coupons
 
  10-Year Notes   100-13 (+01)  
 
  FN 3.5% Coupon   102-22 (+02)  
 
  Support   2.335%  
 
  Resistance   2.225%  
 
 
 
 
Wednesday, July 26, 2017
 
 
Treasuries are nearly unchanged across the curve this morning from yesterday's close. The UST 10-Year yield is currently at 2.326% after closing at 2.336% prior.

The FOMC meeting concludes today at 11:00 AM (PT). There will not be a press conference or economic projections accompanying the Official Statement. The committee is not expected to raise interest rates at the end of this meeting given the recent weak inflation and economic data. The attention will be focused on the timeline given by the Fed on when they will begin shrinking the central bank's balance sheet.

In economic data releases, we received the MBA Mortgage Applications for the week ending on July 21st which rose 0.40% after showing an increase of 6.30% in activities the week prior. Purchase applications fell 2.20% after rising 1.10% the week prior, and refinancing activities increased 3.40% after rising 13.00% the week prior. We also received the New Home Sales for June which rose 5k to 610k from a downwardly revised 605k in May. New Home Sales MoM came in line with expectations at 0.80%, down from an upwardly revised 4.90% prior.

The curve has bull-flattened with the UST 10-Year down 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% 0.40% 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 - 0.40% 6.30% -  
                   
  07/26 New Home Sales 07:00 Jun 615k 610k 610k 605k  
                   
  07/26 New Home Sales MoM 07:00 Jun 0.80% 0.80% 2.90% 4.90%  
                   
  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 0.30% - 0.40% -  
                   
  07/27 Chicago Fed Nat Activity Index 05:30 Jun 0.35 - -0.26 -  
                   
  07/27 Bloomberg Consumer Comfort 06:45 23 Jul - - 47.60 -  
                   
  07/27 Kansas City Fed Manf. Activity 08:00 Jul 11.00 - 11.00 -  
                   
  07/28 Employment Cost Index 05:30 2Q - - 0.80% -  
                   
  07/28 GDP Annualized QoQ 05:30 2Q A 2.50% - 1.40% -  
                   
  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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  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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