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Market Commentary

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Market Commentary


 
Today's Coupons
 
  10-Year Notes   99-11.5 (-0.5)  
 
  FN 3.5% Coupon   105-11 (-01)  
 
  Support   1.631%  
 
  Resistance   1.532%  
 
 
 
 
Thursday, September 1, 2016
 
 
   The UST 10-Year yield is at 1.587% this morning after closing at 1.580% yesterday.
 
  The number of unemployment claims filed fell 2K below consensus, coming in at 263K which suggests a stronger labor market. Initial jobless claims have remained below 300k for 78 consecutive weeks, which is the longest stretch since 1970. These historic low levels of new jobless claims along with the increase in income and salaries that we saw earlier this week bring hope that consumer confidence will continue to increase given the slow yet steady economic growth. For continuing Jobless Claims, the numbers came in 14K above the consensus of 2,145K.
 
   The Institute of Supply Management Index came in this morning at 53.00 vs. the expected 54.80, reflecting for the first time this year, a shrinkage of new American manufacturing orders. Combined with another month of growth in exports and falling of imports, the report suggests the weakness in manufacturing may be related to domestic demand. The Markit US Manufacturing PMI came in just below consensus at 52.00, vs. 52.10 expected.
 
    The curve has bear-steepened with the UST 10-Year 1 bp up from prior closing.
 
 
   
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  08/29 Personal Income 05:30 Jul 0.40% 0.40% 0.20% 0.30%  
                   
  08/29 Personal Spending 05:30 Jul 0.30% 0.30% 0.40% 0.50%  
                   
  08/29 PCE Core MoM 05:30 Jul 0.10% 0.10% 0.10% -  
                   
  08/29 PCE Core YoY 05:30 Jul 1.50% 1.60% 1.60% -  
                   
  08/29 Dallas Fed Manf. Activity 07:30 Aug -3.90 - -1.30 -  
                   
  08/30 Consumer Confidence Index 07:00 Aug 97.00 101.10 97.30 96.70  
                   
  08/31 MBA Mortgage Applications 04:00 26 Aug - 2.80% -2.10% -  
                   
  08/31 ADP Employment Change 05:15 Aug 175K 177K 179K 194K  
                   
  08/31 Chicago Purchasing Manager 06:45 Aug 54.00 51.50 55.80 -  
                   
  08/31 Pending Home Sales MoM 07:00 Jul 0.70% 1.30% 0.20% -0.80%  
                   
  08/31 Pending Home Sales NSA YoY 07:00 Jul 2.20% -2.20% 0.30% -0.70%  
                   
  09/01 Challenger Job Cuts YoY 04:30 Aug - -21.80% -57.10% -  
                   
  09/01 Nonfarm Productivity 05:30 2Q F -0.60% -0.60% -0.50% -  
                   
  09/01 Initial Jobless Claims 05:30 27 Aug 265K 263K 261K -  
                   
  09/01 Continuing Claims 05:30 20 Aug 2145K 2159K 2145K -  
                   
  09/01 Bloomberg Consumer Comfort 06:45 28 Aug - 43.40 45.30 -  
                   
  09/01 Markit US Manufacturing PMI 06:45 Aug F 52.10 52.00 52.10 -  
                   
  09/01 Construction Spending MoM 07:00 Jul 0.50% 0.00% -0.60% 0.90%  
                   
  09/01 ISM Manufacturing 07:00 Aug 52.00 49.40 52.60 -  
                   
  09/02 Change in Nonfarm Payrolls 05:30 Aug 180K - 255K -  
                   
  09/02 Unemployment Rate 05:30 Aug 4.80% - 4.90% -  
                   
  09/02 Factory Orders 07:00 Jul 2.00% - -1.50% -  
                   
  09/02 Durable Goods Orders 07:00 Jul F - - 4.40% -  
                   
  09/02 Durables Ex Transportation 07:00 Jul F - - 1.50% -  
                   
 
 
 
 
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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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