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Market Commentary

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Market Commentary


 
Today's Coupons
 
  10-Year Notes   100-13 (-06)  
 
  FN 3.5% Coupon   103-07.5 (-03)  
 
  Support   2.283%  
 
  Resistance   2.161%  
 
 
 
 
Tuesday, August 22, 2017
 
 
Treasuries are lower across the curve this morning from yesterday's close. The UST 10-Year yield is currently at 2.208% after closing at 2.183% prior.

Treasuries sold off overnight as global stocks rose; oil prices gained and the dollar strengthened while safe-haven assets weakened. The market's sensitivity to the recent political turmoil in Washington, the most recent terrorist attack in Europe, and the ongoing tension between U.S. and North Korea seemed to have eased up to start this week. Without many market-moving data on the calendar this week, investors will focus on the annual global central bankers' conference at Jackson Hole starting on Thursday and concluding on Friday.

The slow start to this week's economic calendar continued with the FHFA House Price Index for June, which rose below expectations at 0.10% versus a 0.50% increase per consensus. Home prices rose 0.30% (downwardly revised) in May per the FHFA index. The U.S. 2Q Home Price Index rose 1.60% which was unchanged from an upwardly revised 1.60% increase prior. We also received the Richmond Fed Manufacturing Index for August which came in above expectations at 14.00 versus 10.00 per consensus.

The curve has bear-steepened with the UST 10-Year up 2.5 bps from prior closing.
 
 
   
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  08/21 Chicago Fed Nat Activity Index 05:30 Jul 0.10 -0.01 0.13 0.16  
                   
  08/22 FHFA House Price Index MoM 06:00 Jun 0.50% 0.10% 0.40% 0.30%  
                   
  08/22 Richmond Fed Manufact. Index 07:00 Aug 10.00 14.00 14.00 -  
                   
  08/23 MBA Mortgage Applications 04:00 18 Aug - - 0.10% -  
                   
  08/23 Markit US Manufacturing PMI 06:45 Aug P 53.50 - 53.30 -  
                   
  08/23 Markit US Services PMI 06:45 Aug P 55.00 - 54.70 -  
                   
  08/23 Markit US Composite PMI 06:45 Aug P - - 54.60 -  
                   
  08/23 New Home Sales 07:00 Jul 610k - 610k -  
                   
  08/23 New Home Sales MoM 07:00 Jul 0.00% - 0.80% -  
                   
  08/24 Initial Jobless Claims 05:30 19 Aug 238k - 232k -  
                   
  08/24 Continuing Claims 05:30 12 Aug 1950k - 1953k -  
                   
  08/24 Bloomberg Consumer Comfort 06:45 20 Aug - - 52.10 -  
                   
  08/24 Existing Home Sales 07:00 Jul 5.55m - 5.52m -  
                   
  08/24 Existing Home Sales MoM 07:00 Jul 0.50% - -1.80% -  
                   
  08/24 Kansas City Fed Manf. Activity 08:00 Aug 11.00 - 10.00 -  
                   
  08/25 Durable Goods Orders 05:30 Jul P -6.00% - 6.40% -  
                   
  08/25 Durables Ex Transportation 05:30 Jul P 0.40% - 0.10% -  
                   
 
 
 
 
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