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Market Commentary


 
Today's Coupons
 
  10-Year Notes   99-27 (+01.5)  
 
  FN 3.5% Coupon   103-02 (+0.5)  
 
  Support   2.287%  
 
  Resistance   2.184%  
 
 
 
 
Wednesday, August 16, 2017
 
 
Treasuries are relatively unchanged across the curve this morning from yesterday's close.? The UST 10-Year yield is currently at 2.280% after closing at 2.274% prior.

Yesterday treasuries sold off upon the release of better than expected July Retail Sales. This morning treasuries are holding steady as investors await the release of the FOMC Minutes from the Fed's July meeting which will be available at 11:00 AM (PT). The market is looking for more concrete balance sheet normalization discussion and expects the next rate hike to be delayed further due to the Fed's recent cautious comments surrounding inflation.

In economic news, we received the MBA Mortgage Applications for the week ending on August 11th which rose 0.10% in activity following a 3.00% increase the week prior. Purchase applications fell 1.50% after rising 0.80% the week prior, while refinancing activities increased 1.60% following a 5.30% jump the week prior. Housing Starts stumbled in July from a slowdown in apartment construction, falling 4.80% to 1155k from a downwardly revised 7.40% gain of 1213k in June. Building Permits fell 4.10% to 1223k in July following an upwardly revised 9.20% gain of 1275k in June.

The curve has bear-flattened with the UST 10-Year up 0.6 bp from prior closing.
 
 
   
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  08/14 No Data - - - - - -  
                   
  08/15 Import Price Index MoM 05:30 Jul 0.10% 0.10% -0.20% -  
                   
  08/15 Import Price Index YoY 05:30 Jul 1.50% 1.50% 1.50% -  
                   
  08/15 Export Price Index MoM 05:30 Jul 0.20% 0.40% -0.20% -  
                   
  08/15 Export Price Index YoY 05:30 Jul - 0.80% 0.60% -  
                   
  08/15 Empire Manufacturing 05:30 Aug 10.00 25.20 9.80 -  
                   
  08/15 Retail Sales Advance MoM 05:30 Jul 0.30% 0.60% -0.20% 0.30%  
                   
  08/15 NAHB Housing Market Index 07:00 Aug 64.00 68.00 64.00 -  
                   
  08/15 Business Inventories 07:00 Jun 0.40% 0.50% 0.30% -  
                   
  08/15 Total Net TIC Flows 13:00 Jun - $7.70b $57.30b $54.70b  
                   
  08/15 Net Long-term TIC Flows 13:00 Jun - $34.40b $91.90b -  
                   
  08/16 MBA Mortgage Applications 04:00 11 Aug - 0.10% 3.00% -  
                   
  08/16 Housing Starts 05:30 Jul 1220k 1155k 1215k 1213k  
                   
  08/16 Housing Starts MoM 05:30 Jul 0.40% -4.80% 8.30% 7.40%  
                   
  08/16 Building Permits 05:30 Jul 1250k 1223k 1254k 1275k  
                   
  08/16 Building Permits MoM 05:30 Jul -2.00% -4.10% 7.40% 9.20%  
                   
  08/16 FOMC Meeting Minutes 11:00 26 Jul - - - -  
                   
  08/17 Initial Jobless Claims 05:30 12 Aug 240k - 244k -  
                   
  08/17 Continuing Claims 05:30 5 Aug 1955k - 1951k -  
                   
  08/17 Philadelphia Fed Business Outlook 05:30 Aug 18.00 - 19.50 -  
                   
  08/17 Industrial Production MoM 06:15 Jul 0.30% - 0.40% -  
                   
  08/17 Capacity Utilization 06:15 Jul 76.70% - 76.60% -  
                   
  08/17 Bloomberg Consumer Comfort 06:45 13 Aug - - 51.40 -  
                   
  08/17 Leading Index 07:00 Jul 0.30% - 0.60% -  
                   
  08/18 U. of Mich. Sentiment 07:00 Aug P 94.00 - 93.40 -  
         
 
 
 
 
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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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