Back to top

Market Commentary

Home
Market Commentary


 
Today's Coupons
 
  10-Year Notes   100-30.5 (+08.5)  
 
  FN 3.5% Coupon   103-02.5 (+05)  
 
  Support   2.335%  
 
  Resistance   2.227%  
 
 
 
 
Tuesday, August 1, 2017
 
 
Treasuries are higher across the curve this morning from yesterday's close. The UST 10-Year yield is currently at 2.282% after closing at 2.295% prior.

Personal Income decreased in June to 0.00% after a 0.30% increase (revised) in May, while Personal Spending increased by 0.10% after an upwardly revised gain of 0.20% in May. On the inflation side, the headline PCE Deflator MoM was unchanged as expected at 0.00%, and the Core PCE Deflator MoM rose 0.10% as expected. PCE Deflator YoY bested expectations after rising 1.40% versus a call for a 1.30% gain per consensus, and Core PCE Deflator YoY rose better than expected at a 1.50% rate versus a 1.40% increase per consensus.

We also received the July Markit US Manufacturing PMI, which came in slightly better than expected at 53.30 versus 53.20 per consensus. ISM Manufacturing dropped to 56.30 from 57.80 prior, coming in slightly below expectations. ISM Prices Paid rose 62.00 from 55.00 prior; consensus called for a 55.80 rise. Lastly, we received the Construction Spending MoM for June, which fell 1.30% after an upwardly revised increase of 0.30% in May.

The curve has bull-flattened with the UST 10-Year down 1.3 bps 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% 0.00% 0.40% 0.30%  
                   
  08/01 Personal Spending 05:30 Jun 0.10% 0.10% 0.10% 0.20%  
                   
  08/01 PCE Deflator MoM 05:30 Jun 0.00% 0.00% -0.10% 0.00%  
                   
  08/01 PCE Deflator YoY 05:30 Jun 1.30% 1.40% 1.40% 1.50%  
                   
  08/01 PCE Core MoM 05:30 Jun 0.10% 0.10% 0.10% -  
                   
  08/01 PCE Core YoY 05:30 Jun 1.40% 1.50% 1.40% 1.50%  
                   
  08/01 Markit US Manufacturing PMI 06:45 Jul F 53.20 53.30 53.20 -  
                   
  08/01 ISM Manufacturing 07:00 Jul 56.40 56.30 57.80 -  
                   
  08/01 ISM Prices Paid 07:00 Jul 55.80 62.00 55.00 -  
                   
  08/01 Construction Spending MoM 07:00 Jun 0.40% -1.30% 0.00% 0.30%  
                   
  08/02 MBA Mortgage Applications 04:00 28 Jul - - 0.40% -  
                   
  08/02 ADP Employment Change 05:15 Jul 190k - 158k -  
                   
  08/03 Challenger Job Cuts YoY 04:30 Jul - - -19.30% -  
                   
  08/03 Initial Jobless Claims 05:30 29 Jul 242k - 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 -  
                   
 
 
 
 
Helpful Links
  Visit Us Online   Submit Loan  
  Get Approved   SeeMyLoanStatusTM  
  Download Rate Sheet   Conventional Program Guidelines  
  Price & Lock   Government Program Guidelines  
 
 
   
 
  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  
 
©2017 Sun West Mortgage Company, Inc. All Rights Reserved