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Market Commentary


 
Today's Coupons
 
  10-Year Notes   100-29.5 (-01.5)  
 
  FN 3.5% Coupon   103-04 (-0.5)  
 
  Support   2.334%  
 
  Resistance   2.218%  
 
 
 
 
Monday, August 7, 2017
 
 
Treasuries are slightly lower across the curve this morning from Friday's close. The UST 10-Year yield is currently at 2.266% after closing at 2.263% prior.

This week we have a fairly quiet economic calendar versus last week's eventful data releases, so the market is likely to begin the week by continuing to digest the strong jobs report we received on Friday. The June Consumer Credit will be released later today at 12:00 PM (PT), which is expected to drop to $15.75 Billion from $18.41 Billion in May. At 8:30 AM (PT), U.S. will sell $39 Billion 3-month bills along with $33 Billion 6-month bills. We have one Fed Speak on deck later at 10:25 AM (PT), where Fed Kashkari will participate in a moderated audience Q&A session in Bloomington, MN.

The remainder of this week's calendar consists of Tuesday's NFIB Small Business Optimism for July and June's JOLTS Job Openings, Wednesday's Wholesale Trade Sales and Wholesale Inventories for June, Thursday's July PPI Final Demand and July's Monthly Budget Statement, and perhaps the most significant data of the week in Friday's July CPI inflation report.

The curve has bear-steepened with the UST 10-Year up 0.3 bp from prior closing.
 
 
   
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  08/07 Consumer Credit 12:00 Jun $15.75b - $18.41b -  
                   
  08/08 NFIB Small Business Optimism 03:00 Jul 103.50 - 103.60 -  
                   
  08/08 JOLTS Job Openings 07:00 Jun 5700 - 5666 -  
                   
  08/09 MBA Mortgage Applications 04:00 4 Aug - - -2.80% -  
                   
  08/09 Nonfarm Productivity 05:30 2Q P 0.70% - 0.00% -  
                   
  08/09 Unit Labor Costs 05:30 2Q P 1.00% - 2.20% -  
                   
  08/09 Wholesale Trade Sales MoM 07:00 Jun 0.00% - -0.50% -  
                   
  08/09 Wholesale Inventories MoM 07:00 Jun F 0.60% - 0.60% -  
                   
  08/10 Initial Jobless Claims 05:30 5 Aug 240k - 240k -  
                   
  08/10 Continuing Claims 05:30 29 Jul 1960k - 1968k -  
                   
  08/10 PPI Final Demand MoM 05:30 Jul 0.10% - 0.10% -  
                   
  08/10 PPI Final Demand YoY 05:30 Jul 2.20% - 2.00% -  
                   
  08/10 Bloomberg Consumer Comfort 06:45 6 Aug - - 49.60 -  
                   
  08/10 Monthly Budget Statement 11:00 Jul -$54.00b - -$90.20b -  
                   
  08/11 CPI MoM 05:30 Jul 0.20% - 0.00% -  
                   
  08/11 CPI YoY 05:30 Jul 1.80% - 1.60% -  
                   
 
 
 
 
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