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Market Commentary

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Market Commentary


 
Today's Coupons
 
  10-Year Notes   100-17.5 (+06)  
 
  FN 3.5% Coupon   105-15 (+03)  
 
  Support   1.613%  
 
  Resistance   1.484%  
 
 
 
 
Today's Blurb Tuesday, August 9, 2016
 
 
     The UST 10-Year sits at 1.560% this morning after closing last night at 1.590%.
 
    On Monday, we began the day with a continuation of Friday’s sell-off in Treasuries following the strong payrolls report but that reversed and the market hardly moved for the rest of the trading session. This extends the summer trend of low volatility across most markets as the S&P 500 has not risen or fallen by more than 1.00% for 18 straight days. 1 Month and 3 Month Libor continue to inch upward and now sit at 0.51% and 0.81% respectively. Investors continue to allocate capital into Treasuries and equities as fears of a September rate hike decline.
 
    A light economic news week continues. Nonfarm Productivity declined for the third consecutive quarter coming in -0.50% vs. an expected 0.40% gain. The NFIB Small Business Optimism Index came in at 94.60 vs. 94.50 expected. June U.S. Wholesale Inventories were revised up to 0.30% from an initial estimate of 0.00%. The remainder of this week’s quiet economic calendar will include Wednesday’s MBA Mortgage Applications and Treasury Budget, Thursday’s Import Price Index MoM and Initial Jobless Claims, and headlined by July’s Retail Sales data on Friday.
 
     The curve has bull-flattened with UST 10-Year yield down 3 bps from prior.
 
 
   
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  08/08 Labor Market Conditions Index Change 07:00 Jul 0.00 1.00 -1.90 -0.10  
                   
  08/09 Nonfarm Productivity 05:30 2Q P 0.40% -0.50% -0.60% -  
                   
  08/09 Wholesale Inventories MoM 07:00 Jun 0.00% 0.30% 0.10% 0.20%  
                   
  08/09 Wholesale Trade Sales MoM 07:00 Jun 0.50% 1.90% 0.50% 0.70%  
                   
  08/10 MBA Mortgage Applications 04:00 5 Aug - - -3.50% -  
                   
  08/10 JOLTS Job Openings 07:00 Jun 5500 - 5500 -  
                   
  08/11 Import Price Index MoM 05:30 Jul -0.40% - 0.20% -  
                   
  08/11 Initial Jobless Claims 05:30 6 Aug 265K - 269K -  
                   
  08/11 Import Price Index YoY 05:30 Jul -4.30% - -4.80% -  
                   
  08/11 Continuing Claims 05:30 30 Jul 2133K - 2138K -  
                   
  08/11 Bloomberg Consumer Comfort 06:45 7 Aug - - 43.00 -  
                   
  08/12 Retail Sales Advance MoM 05:30 Jul 0.40% - 0.60% -  
                   
  08/12 PPI Final Demand MoM 05:30 Jul 0.10% - 0.50% -  
                   
  08/12 PPI Final Demand YoY 05:30 Jul - - 0.30% -  
                   
  08/12 Business Inventories 07:00 Jun - - 0.20% -  
                   
  08/12 U. of Mich. Sentiment 07:00 Aug P - - 90.00 -  
                   
 
 
 
 
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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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