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Market Commentary


 
Today's Coupons
 
  10-Year Notes   100-29.5 (-03.5)  
 
  FN 3.5% Coupon   103-05.5 (-01.5)  
 
  Support   2.319%  
 
  Resistance   2.218%  
 
 
 
 
Tuesday, August 8, 2017
 
 
Treasuries are slightly lower across the curve this morning from yesterday's close. The UST 10-Year yield is currently at 2.269% after closing at 2.254% prior.

Yesterday St. Louis Fed President Bullard delivered some dovish comments stating that he does not see a need for further rate hikes this year. His comments carried over this morning as it caused the dollar to slip for a second straight day to start the week, while gold rose and treasury yields remained steady. Despite the dovish comments on the current state of the economy, the market remains focused on Friday's U.S. inflation data, which may support further monetary tightening this year.

Today is another quiet economic calendar week which kicked off with the NFIB Small Business Optimism for July, coming in above expectations at 105.20 versus 103.50 per consensus, as the index showed an unexpected bounce in business confidence. We also received the JOLTS Job Openings from June, which rose to 6.163 Million from an upwardly revised 5.702 Million in May. Later today at 10:00 AM (PT), Treasury will auction off $24 Billion of 3-Year notes.

The curve has bear-steepened with the UST 10-Year up 1.5 bps from prior closing.
 
 
   
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  08/07 Consumer Credit 12:00 Jun $15.750b $12.397b $18.410b $18.285b  
                   
  08/08 NFIB Small Business Optimism 03:00 Jul 103.50 105.20 103.60 -  
                   
  08/08 JOLTS Job Openings 07:00 Jun 5750 6163 5666 5702  
                   
  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 1.10% - 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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