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Market Commentary

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Market Commentary


Tuesday
August 19, 2014
10-YEAR NOTES   100-02.5 (-06) 2.366%
FN 3.5% COUPON   102-22.5 (+03)
SUPPORT   2.660%
RESISTANCE   2.200%
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The Consumer Price index posted a +0.3% rise in June following a +0.4% jump in May. For July CPI posted in-line with expectations, edging up +0.1% (+2.0% YoY). The indexes for shelter and food rose, but were partially offset by declines in the energy index and the index for airline fares. Excluding Food and Energy CPI rose +0.1% vs. consensus of +0.2% (+1.9% YoY). Housing starts surged in July to the highest level in eight months, defeating consensus of 965K, posting 1093K vs. 893K prior (+15.7 MoM). Building permits likewise defeated consensus (1000K) coming in at 1052K vs. 963K prior (+8.1% MoM). Privately-owned housing completions rose at a rate of 841K (+3.7% MoM). Treasuries remained on session highs following the steady CPI data and the curve has bull flattened with 2s10s down 1.3 bps.

This Week's Events:

DATE EVENT TIME (PDT) PERIOD SURVEY ACTUAL PRIOR REVISED
08/19 CPI MoM 05:30 July 0.1% 0.1% 0.3% -
08/19 CPI YoY 05:30 July 2.0% 2.0% 2.1% -
08/19 Housing Starts 05:30 July 965 K 1093 K 893 K 945 K
08/19 Housing Starts MoM 05:30 July 8.1% 15.7% -9.3% -4.0%
08/19 Building Permits 05:30 July 1000 K 1052 K 963 K 973 K
08/19 Building Permits MoM 05:30 July 2.8% 8.1% -4.2% -3.2%
08/20 MBA Mortgage Applications 04:00 August 15 - - -2.7% -
08/20 FOMC Minutes 11:00 - - - - -
08/21 Jobless Claims 05:30 August 16 303 K - 311 K -
08/21 Continuing Claims 05:30 August 9 2520 K - 2544 K -
08/21 Markit Manufacturing PMI 06:45 August P 55.7 - 55.8 -
08/21 Philli Fed 07:00 August 19.5 - 23.9 -
08/21 Existing Home Sales 07:00 July 5.02 Million - 5.04 Million -
08/21 Existing Home Sales MoM 07:00 July -0.5% - 2.6% -
08/21 Leading Index 07:00 July 0.6% - 0.3% -
08/22 No Data - - - - - -

 

 

 
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This information is provided solely for informational use and is not intended as a trading or investment advice in any manner whatsoever. Sun West Mortgage Company, Inc. is not liscensed or registered broker or dealer and cannot provide investment strategies or recommendations. This information is provided to 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, price, guidelines, fees, costs, terms and conditions are subject to change without notice.