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Market Commentary


 
Today's Coupons
 
  10-Year Notes   100-25.5 (-11.5)  
 
  FN 3.5% Coupon   103-15 (-04)  
 
  Support   2.199%  
 
  Resistance   2.084%  
 
 
 
 
Friday, September 01, 2017
 
 
Treasuries are lower across the curve this morning from yesterday's close. The UST 10-Year yield is currently at 2.162% after closing at 2.118% prior.

Treasury yields inched higher this morning despite the disappointing jobs report and unemployment rate in August. Nonfarm Payrolls rose weaker than expected at 156k versus 180k per consensus. Additionally, July's employment report was downwardly revised from 209k to just 189k. Private Payrolls also came in below expectations at 165k versus 172k per consensus. While the Unemployment Rate was expected to hold steady, it unexpectedly rose to 4.40% from 4.30% in July. The lone bright spot in the August employment report came from the Manufacturing Payrolls which gained 36k new jobs following an upwardly revised 26k rise in July.

We also received the August Markit US Manufacturing PMI which came in slightly higher than its flash reading at 52.80 versus 52.50. The August ISM Manufacturing rose above expectations at 58.80 versus a 56.50 gain per consensus; ISM Prices Paid remained unchanged at 62.00 as expected. The final reading of the University of Michigan Sentiment for August rose to 96.80 versus its preliminary reading of 97.60 as consumer confidence continues to hold steady. Lastly, Construction Spending for July fell 0.60% following a downwardly revised drop of 1.40% prior.

The curve has bear-steepened with the UST 10-Year up 4.4 bps from prior closing.

Have A Nice Weekend!
 
 
   
 
   
 
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 - 5.10% -37.60% -  
                   
  08/31 Personal Income 05:30 Jul 0.30% 0.40% 0.00% -  
                   
  08/31 Personal Spending 05:30 Jul 0.40% 0.30% 0.10% 0.20%  
                   
  08/31 Initial Jobless Claims 05:30 26 Aug 238k 236k 234k 235k  
                   
  08/31 Continuing Claims 05:30 19 Aug 1951k 1942k 1954k -  
                   
  08/31 PCE Deflator MoM 05:30 Jul 0.10% 0.10% 0.00% -  
                   
  08/31 PCE Deflator YoY 05:30 Jul 1.40% 1.40% 1.40% -  
                   
  08/31 PCE Core MoM 05:30 Jul 0.10% 0.10% 0.10% -  
                   
  08/31 PCE Core YoY 05:30 Jul 1.40% 1.40% 1.50% -  
                   
  08/31 Bloomberg Consumer Comfort 06:45 27 Aug - 53.30 52.80 -  
                   
  08/31 Pending Home Sales MoM 07:00 Jul 0.30% -0.80% 1.50% 1.30%  
                   
  08/31 Pending Home Sales NSA YoY 07:00 Jul 0.50% -0.50% 0.70% 0.40%  
                   
  09/01 Change in Nonfarm Payrolls 05:30 Aug 180k 156k 209k 189k  
                   
  09/01 Unemployment Rate 05:30 Aug 4.30% 4.40% 4.30% -  
                   
  09/01 Average Hourly Earnings MoM 05:30 Aug 0.20% 0.10% 0.30% -  
                   
  09/01 Average Hourly Earnings YoY 05:30 Aug 2.60% 2.50% 2.50% -  
                   
  09/01 Labor Force Participation Rate 05:30 Aug - 62.90% 62.90% -  
                   
  09/01 Underemployment Rate 05:30 Aug - 8.60% 8.60% -  
                   
  09/01 Markit US Manufacturing PMI 06:45 Aug F 52.50 52.80 52.50 -  
                   
  09/01 ISM Manufacturing 07:00 Aug 56.50 58.80 56.30 -  
                   
  09/01 ISM Prices Paid 07:00 Aug 62.00 62.00 62.00 -  
                   
  09/01 U. of Mich. Sentiment 07:00 Aug F 97.50 96.80 97.60 -  
                   
  09/01 Construction Spending MoM 07:00 Jul 0.50% -0.60% -1.30% -1.40%  
                   
 
 
 
 
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