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Market Commentary


 
Today's Coupons
 
  10-Year Notes   100-17 (-06)  
 
  FN 3.5% Coupon   103-10 (-02.5)  
 
  Support   2.283%  
 
  Resistance   2.161%  
 
 
 
 
Thursday, August 24, 2017
 
 
Treasuries are slightly lower across the curve this morning from yesterday's close. The UST 10-Year yield is currently at 2.176% after closing at 2.167% prior.

 Treasury yields inched higher overnight as investors shifted their focus from political turmoil to the start of the annual central bankers' meeting in Jackson Hole. Investors are looking for indication from policy makers on when the process of unwinding the stimulus may begin. The two-day annual meeting concludes tomorrow, headlined by Fed Chairwoman Yellen who is scheduled to speak on financial stability and followed by a speech from ECB President Draghi.

In economic reports, we received the Initial Jobless Claims for the week ending on August 19th which rose 2k to 234k from an unrevised 232k the week prior. Continuing Claims for the week ending on August 12th held steady at 1954k from an upwardly revised 1954k the week prior. We also received the weekly Bloomberg Consumer Comfort index which rose to 52.80 for the week ending on August 20th from 52.10 the week prior, signaling a sustained consumer spending. Lastly, we received the July Existing Home Sales report which fell to 5.44 Million from a downwardly revised 5.51 Million in June.

The curve has bear-flattened with the UST 10-Year up 0.9 bp 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 234k 232k -  
                   
  08/24 Continuing Claims 05:30 12 Aug 1950k 1954k 1953k 1954k  
                   
  08/24 Bloomberg Consumer Comfort 06:45 20 Aug - 52.80 52.10 -  
                   
  08/24 Existing Home Sales 07:00 Jul 5.55m 5.44m 5.52m 5.51m  
                   
  08/24 Existing Home Sales MoM 07:00 Jul 0.50% -1.30% -1.80% -2.00%  
                   
  08/24 Kansas City Fed Manf. Activity 08:00 Aug 11.00 16.00 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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