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Market Commentary


 
Today's Coupons
 
  10-Year Notes   99-26.5 (-03)  
 
  FN 3.5% Coupon   99-08.5 (-01.5)  
 
  Support   3.111%  
 
  Resistance   2.810%  
 
 
 
 
Wednesday, August 29, 2018
 
 
Treasuries are slightly lower across the curve this morning from yesterday's close. The UST 10-Year yield is currently at 2.887% after closing at 2.881% prior.

Treasuries inched higher overnight while U.S. Stocks were mixed as investors await the next developments on global trade. Treasuries pared most of those gains after the release of the 2Q GDP Annualized revision unexpectedly came in higher at 4.20% growth rate versus an estimated 4.10% growth rate prior. Consensus called for the growth rate to show a slower pace at 4.00%. Personal Consumption was downwardly revised to 3.80% from 4.00% prior; it was surveyed to slightly drop back to 3.90%. GDP Price Index remained unchanged at 3.00%, and the Core PCE was also unchanged at 2.00%.

MBA Mortgage Applications for the week ended August 24 fell 1.70% in activities after rising 4.20% the week prior. Purchase Applications were down 0.90% after increasing by 2.90% the week prior, while refinancing applications dropped 3.00% after rising 6.00% the week prior. We also received the July Pending Home Sales which fell 0.70% month-over-month after showing an upwardly revised 1.00% increase in June. Later today at 10:00 AM (PT), U.S. will sell $31 billion of 7-Year Notes.

The curve has bear-flattened with the UST 10-Year yield up 0.6 bp from prior closing.
 
 
   
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  08/27 Chicago Fed Nat Activity Index 05:30 Jul 0.45 0.13 0.43 0.48  
                   
  08/27 Dallas Fed Manf. Activity 07:30 Aug 30.00 30.90 32.30 -  
                   
  08/28 Wholesale Inventories MoM 05:30 Jul P 0.20% 0.70% 0.10% -  
                   
  08/28 S&P CoreLogic CS 20-City MoM SA 06:00 Jun 0.20% 0.11% 0.20% 0.21%  
                   
  08/28 S&P CoreLogic CS 20-City YoY NSA 06:00 Jun 6.40% 6.31% 6.51% 6.54%  
                   
  08/28 Richmond Fed Manufact. Index 07:00 Aug 17.00 24.00 20.00 -  
                   
  08/29 MBA Mortgage Applications 04:00 24 Aug - -1.70% 4.20% -  
                   
  08/29 GDP Annualized QoQ 05:30 2Q S 4.00% 4.20% 4.10% -  
                   
  08/29 Personal Consumption 05:30 2Q S 3.90% 3.80% 4.00% -  
                   
  08/29 GDP Price Index 05:30 2Q S 3.00% 3.00% 3.00% -  
                   
  08/29 Core PCE QoQ 05:30 2Q S 2.00% 2.00% 2.00% -  
                   
  08/29 Pending Home Sales MoM 07:00 Jul 0.30% -0.70% 0.90% 1.00%  
                   
  08/29 Pending Home Sales NSA YoY 07:00 Jul -2.50% -0.50% -4.00% -  
                   
  08/30 PCE Core YoY 05:30 Jul 2.00% - 1.90% -  
                   
  08/30 Personal Income 05:30 Jul 0.40% - 0.40% -  
                   
  08/30 Personal Spending 05:30 Jul 0.40% - 0.40% -  
                   
  08/30 PCE Deflator MoM 05:30 Jul 0.10% - 0.10% -  
                   
  08/30 PCE Deflator YoY 05:30 Jul 2.30% - 2.20% -  
                   
  08/30 PCE Core MoM 05:30 Jul 0.20% - 0.10% -  
                   
  08/30 Initial Jobless Claims 05:30 25 Aug 213K - 210K -  
                   
  08/30 Continuing Claims 05:30 18 Aug 1730K - 1727K -  
                   
  08/30 Bloomberg Consumer Comfort 06:45 26 Aug - - 58.60 -  
                   
  08/31 U. of Mich. Sentiment 07:00 Aug F 95.50 - 95.30 -  
                   
 
 
 
 
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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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