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Market Commentary


 
Today's Coupons
 
  10-Year Notes   100-12 (-02)  
 
  FN 3.5% Coupon   103-06.5 (-0.5)  
 
  Support   2.287%  
 
  Resistance   2.185%  
 
 
 
 
Friday, August 11, 2017
 
 
Treasuries are slightly lower across the curve this morning from yesterday's close. The UST 10-Year yield is currently at 2.213% after closing at 2.198% prior.

This morning we received the inflation report for the month of July which came in below expectations. CPI MoM rose 0.10% versus an expected 0.20% rise per consensus. CPI Excluding Food and energy also rose 0.10% versus an expected 0.20% increase per consensus. CPI YoY rose 0.10% to 1.70% from an unrevised 1.60% in June, but consensus called for an increase of 1.80% so the data came in below expectations. CPI Excluding Food and Energy YoY rose 1.70% as expected and unchanged from prior.

There are a couple of fed speaks scheduled today. Dallas Fed President Kaplan will speak at an event for the University of Texas, and Minneapolis Fed President Kashkari will hold a moderated Q&A with the Independent Community Bankers of Minnesota. Next week will be another quiet calendar week, but it will include July Retail Sales, July Housing Starts and the FOMC Minutes from the most recent meeting in July.

The curve has bear-steepened with the UST 10-Year up 1.5 bps from prior closing.

Have A Wonderful Weekend!
 
 
   
 
   
 
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 - 3.00% -2.80% -  
                   
  08/09 Nonfarm Productivity 05:30 2Q P 0.70% 0.90% 0.00% 0.10%  
                   
  08/09 Unit Labor Costs 05:30 2Q P 1.10% 0.60% 2.20% 5.40%  
                   
  08/09 Wholesale Trade Sales MoM 07:00 Jun 0.00% 0.70% -0.50% -0.10%  
                   
  08/09 Wholesale Inventories MoM 07:00 Jun F 0.60% 0.70% 0.60% -  
                   
  08/10 Initial Jobless Claims 05:30 5 Aug 240k 244k 240k 241k  
                   
  08/10 Continuing Claims 05:30 29 Jul 1960k 1951k 1968k 1967k  
                   
  08/10 PPI Final Demand MoM 05:30 Jul 0.10% -0.10% 0.10% -  
                   
  08/10 PPI Final Demand YoY 05:30 Jul 2.20% 1.90% 2.00% -  
                   
  08/10 Bloomberg Consumer Comfort 06:45 6 Aug - 51.40 49.60 -  
                   
  08/10 Monthly Budget Statement 11:00 Jul -$54.00b -$42.90b -$90.20b -  
                   
  08/11 CPI MoM 05:30 Jul 0.20% 0.10% 0.00% -  
                   
  08/11 CPI YoY 05:30 Jul 1.80% 1.70% 1.60% -  
                   
 
 
 
 
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