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Market Commentary


 
Today's Coupons
 
  10-Year Notes   101-09.5 (+15.5)  
 
  FN 3.5% Coupon   103-20 (+05.5)  
 
  Support   2.218%  
 
  Resistance   2.084%  
 
 
 
 
Tuesday, August 29, 2017
 
 
Treasuries opened sharply higher across the curve this morning from yesterday's close. The UST 10-Year yield is currently at 2.112% after closing at 2.159% prior.

Treasuries rallied overnight driven by the North Korean missile that flew over the northern part of Japan yesterday. The fired missile sparked a global risk-off movement in markets as stocks slumped across Europe and Asia, while bonds gained as investors fled to safe-haven assets. The geopolitical tension between U.S. and North Korea is expected to regain traction as President Trump stated that “all options are on the table” in dealing with North Korea's latest bizarre action.

In economic news, we received the S&P Corelogic Case-Shiller home prices for June, which rose 0.11% following an upwardly revised rise of 0.13% in May. YoY home prices are up to 5.65% following an upwardly revised 5.74% rise YoY in May. We also received the Conference Board Consumer Confidence for August which rose to a reading of 122.90 following a downwardly revised 120.00 reading prior. Later today at 10:00 AM (PT), Treasury will auction $28 Billion 7-Year Notes.

The curve has bull-flattened with the UST 10-Year down 4.7 bps from prior closing.
 
 
   
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  08/28 Wholesale Inventories MoM 05:30 Jul P 0.30% 0.40% 0.70% 0.60%  
                   
  08/28 Dallas Fed Manf. Activity 07:30 Aug 17.00 17.00 16.80 -  
                   
  08/29 S&P CoreLogic CS 20-City MoM SA 06:00 Jun 0.10% 0.11% 0.10% 0.13%  
                   
  08/29 S&P CoreLogic CS 20-City YoY NSA 06:00 Jun 5.60% 5.65% 5.69% 5.74%  
                   
  08/30 MBA Mortgage Applications 04:00 25 Aug - - -0.50% -  
                   
  08/30 ADP Employment Change 05:15 Aug 185k - 178k -  
                   
  08/30 GDP Annualized QoQ 05:30 2Q S 2.70% - 2.60% -  
                   
  08/30 Personal Consumption 05:30 2Q S 3.00% - 2.80% -  
                   
  08/30 GDP Price Index 05:30 2Q S 1.00% - 1.00% -  
                   
  08/30 Core PCE QoQ 05:30 2Q S 0.90% - 0.90% -  
                   
  08/31 Challenger Job Cuts YoY 04:30 Aug - - -37.60% -  
                   
  08/31 Personal Income 05:30 Jul 0.30% - 0.00% -  
                   
  08/31 Personal Spending 05:30 Jul 0.40% - 0.10% -  
                   
  08/31 Initial Jobless Claims 05:30 26 Aug 238k - 234k -  
                   
  08/31 Continuing Claims 05:30 19 Aug 1952k - 1954k -  
                   
  08/31 PCE Deflator MoM 05:30 Jul 0.10% - 0.00% -  
                   
  08/31 PCE Deflator YoY 05:30 Jul 1.40% - 1.40% -  
                   
  08/31 PCE Core MoM 05:30 Jul 0.10% - 0.10% -  
                   
  08/31 PCE Core YoY 05:30 Jul 1.40% - 1.50% -  
                   
  08/31 Bloomberg Consumer Comfort 06:45 27 Aug - - 52.80 -  
                   
  08/31 Pending Home Sales MoM 07:00 Jul 0.50% - 1.50% -  
                   
  08/31 Pending Home Sales NSA YoY 07:00 Jul 0.50% - 0.70% -  
                   
  09/01 Change in Nonfarm Payrolls 05:30 Aug 180k - 209k -  
                   
  09/01 Unemployment Rate 05:30 Aug 4.30% - 4.30% -  
                   
  09/01 Average Hourly Earnings MoM 05:30 Aug 0.20% - 0.30% -  
                   
  09/01 Average Hourly Earnings YoY 05:30 Aug 2.60% - 2.50% -  
                   
  09/01 Labor Force Participation Rate 05:30 Aug - - 62.90% -  
                   
  09/01 Underemployment Rate 05:30 Aug - - 8.60% -  
                   
  09/01 Markit US Manufacturing PMI 06:45 Aug F 52.50 - 52.50 -  
                   
  09/01 ISM Manufacturing 07:00 Aug 56.50 - 56.30 -  
                   
  09/01 ISM Prices Paid 07:00 Aug 62.00 - 62.00 -  
                   
  09/01 U. of Mich. Sentiment 07:00 Aug F 97.50 - 97.60 -  
                   
  09/01 Construction Spending MoM 07:00 Jul 0.50% - -1.30% -  
                   
 
 
 
 
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