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Market Commentary


 
Today's Coupons
 
  10-Year Notes   100-23 (-0.5)  
 
  FN 3.5% Coupon   102-30 (00)  
 
  Support   2.335%  
 
  Resistance   2.225%  
 
 
 
 
Monday, July 31, 2017
 
 
Treasuries are little unchanged across the curve this morning from Friday's close. The UST 10-Year yield is currently at 2.300% after closing at 2.290% prior.

This week's economic calendar is packed with important reports ahead of Friday's Nonfarm Payrolls for the month of July. This morning we received the Chicago Purchasing Manager, which pulled back to 58.90 from 65.70 prior; the actual data came in below expectations as consensus estimated a drop from 65.70 to 60.00. We also received June's Pending Home Sales, which rose 1.50% from after dropping 0.70% (revised) prior. Pending Home Sales NSA YoY held steady at 0.70% from an upwardly revised 0.70% prior.

Later this morning at 8:30 AM (PT), US will sell $39 Billion 3-month bills and $33 Billion 6-month bills. The remainder of this week's economic calendar includes Tuesday's Personal Income and Spending for June and ISM Manufacturing and ISM Prices Paid for July, Wednesday's ADP Employment Change for July, Thursday's Factory Orders and Durable Goods Orders for June and Markit US Services PMI and Composite PMI for July, and Friday's employment report for the month of July.

The curve has bear-steepened 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  
  07/31 Pending Home Sales MoM 07:00 Jun 1.00% 1.50% -0.80% -0.70%  
                   
  07/31 Pending Home Sales NSA YoY 07:00 Jun - 0.70% 0.50% 0.70%  
                   
  07/31 Dallas Fed Manf. Activity 07:30 Jul 13.00 16.80 15.00 -  
                   
  08/01 Personal Income 05:30 Jun 0.40% - 0.40% -  
                   
  08/01 Personal Spending 05:30 Jun 0.10% - 0.10% -  
                   
  08/01 PCE Deflator MoM 05:30 Jun 0.00% - -0.10% -  
                   
  08/01 PCE Deflator YoY 05:30 Jun 1.30% - 1.40% -  
                   
  08/01 PCE Core MoM 05:30 Jun 0.10% - 0.10% -  
                   
  08/01 PCE Core YoY 05:30 Jun 1.40% - 1.40% -  
                   
  08/01 Markit US Manufacturing PMI 06:45 Jul F 53.20 - 53.20 -  
                   
  08/01 ISM Manufacturing 07:00 Jul 56.40 - 57.80 -  
                   
  08/01 ISM Prices Paid 07:00 Jul 55.60 - 55.00 -  
                   
  08/01 Construction Spending MoM 07:00 Jun 0.40% - 0.00% -  
                   
  08/02 MBA Mortgage Applications 04:00 28 Jul - - 0.40% -  
                   
  08/02 ADP Employment Change 05:15 Jul 195k - 158k -  
                   
  08/03 Challenger Job Cuts YoY 04:30 Jul - - -19.30% -  
                   
  08/03 Initial Jobless Claims 05:30 29 Jul - - 244k -  
                   
  08/03 Continuing Claims 05:30 22 Jul - - 1964k -  
                   
  08/03 Bloomberg Consumer Comfort 06:45 30 Jul - - 48.60 -  
                   
  08/03 Markit US Services PMI 06:45 Jul F - - 54.20 -  
                   
  08/03 Markit US Composite PMI 06:45 Jul F - - 54.20 -  
                   
  08/03 Factory Orders 07:00 Jun 1.90% - -0.80% -  
                   
  08/03 Durable Goods Orders 07:00 Jun F - - 6.50% -  
                   
  08/03 Durables Ex Transportation 07:00 Jun F - - 0.20% -  
                   
  08/04 Change in Nonfarm Payrolls 05:30 Jul 180k - 222k -  
                   
  08/04 Unemployment Rate 05:30 Jul 4.30% - 4.40% -  
                   
  08/04 Average Hourly Earnings MoM 05:30 Jul 0.30% - 0.20% -  
                   
  08/04 Average Hourly Earnings YoY 05:30 Jul 2.40% - 2.50% -  
                   
  08/04 Labor Force Participation Rate 05:30 Jul - - 62.80% -  
                   
  08/04 Underemployment Rate 05:30 Jul - - 8.60% -  
                   
  08/04 Trade Balance 05:30 Jun -$44.00b - -$46.50b -  
                   
 
 
 
 
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