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Market Commentary


 
Today's Coupons
 
  10-Year Notes   100-17.5 (+08)  
 
  FN 3.5% Coupon   103-10.5 (+03.5)  
 
  Support   2.283%  
 
  Resistance   2.161%  
 
 
 
 
Wednesday, August 23, 2017
 
 
Treasuries opened higher across the curve this morning from yesterday's close. The UST 10-Year yield is currently at 2.189% after closing at 2.214% prior.

Treasuries rallied overnight after President Trump threatened to bring the U.S. government to the brink of a shutdown. His comments were made during his rally in Phoenix on Tuesday as a way of pressuring Congress into funding his plans to construct a wall along the U.S.-Mexico border. Trump has requested $1.60 Billion to begin the construction of the wall and has pressured Congress to pass some sort of spending bill by September 30th in order to avoid a government shutdown.

In economic reports, we received the MBA Mortgage Applications for the week ending on August 18th which dropped 0.5% in activities after increasing 0.10% the week prior. Purchase applications fell 1.50% following a 1.50% drop the week prior, and refinancing activities rose just 0.30% after rising 1.60% the week prior. The August Markit US Manufacturing PMI came in below expectations at 52.50 versus 53.50 per consensus, while the Markit US Services PMI came in above expectations at 56.90 versus 55.00 per consensus; Markit US Composite PMI rose to 56.00 from 54.60 prior. Lastly, we received the New Home Sales for July which fell to 571k from an upwardly revised 630k in June; consensus was looking for a 610k rise in July so the report came in below expectations.

The curve has bull-flattened with the UST 10-Year down 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 - -0.50% 0.10% -  
                   
  08/23 Markit US Manufacturing PMI 06:45 Aug P 53.50 52.50 53.30 -  
                   
  08/23 Markit US Services PMI 06:45 Aug P 55.00 56.90 54.70 -  
                   
  08/23 Markit US Composite PMI 06:45 Aug P - 56.00 54.60 -  
                   
  08/23 New Home Sales 07:00 Jul 610k 571k 610k 630k  
                   
  08/23 New Home Sales MoM 07:00 Jul 0.00% -9.40% 0.80% 1.90%  
                   
  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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  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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