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Market Commentary


 
Today's Coupons
 
  10-Year Notes   100-30 (-4.5)  
 
  FN 3.5% Coupon   103-15 .5 (-2.0)  
 
  Support   2.218%  
 
  Resistance   2.084%  
 
 
 
 
Wednesday, August 30, 2017
 
 
Treasuries are slightly lower across the curve this morning from yesterday's close. The UST 10-Year yield is currently at 2.148% after closing at 2.130% prior.

Treasuries yields inched higher overnight as North Korea tensions quickly vanished following Monday's missile launch that triggered a rally in treasuries. The dollar rose and treasuries fell at open after a stronger than expected private payroll growth for August was released. The ADP Employment Change rose 237k versus an expected 185k rise per consensus, which followed an upwardly revised 201k increase from 178k private payroll growth in July.

U.S. second-quarter growth was revised higher from 2.60% QoQ to its fastest pace in two years at 3.00% annualized. The upward revision came from a stronger household spending as Personal Consumption was revised to 3.30% versus 2.80% prior. GDP Price Index was unchanged at 1.00% and Core PCE QoQ also remained unrevised at 0.90%. We also received the MBA Mortgage Applications for the week ending on August 25th which fell 2.30% following a 0.50% drop the week prior. Purchase applications fell 2.70% after dropping 1.50% prior, and refinancing activities fell 2.00% after rising 0.30% prior.

The curve has bear-flattened with the UST 10-Year up 1.8 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 - -2.30% -0.50% -  
                   
  08/30 ADP Employment Change 05:15 Aug 185k 237k 178k 201k  
                   
  08/30 GDP Annualized QoQ 05:30 2Q S 2.70% 3.00% 2.60% -  
                   
  08/30 Personal Consumption 05:30 2Q S 3.00% 3.30% 2.80% -  
                   
  08/30 GDP Price Index 05:30 2Q S 1.00% 1.00% 1.00% -  
                   
  08/30 Core PCE QoQ 05:30 2Q S 0.90% 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 1951k - 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 0.40% - 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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  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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