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Market Commentary


 
Today's Coupons
 
  10-Year Notes   101-12.5 (+20.5)  
 
  FN 3.5% Coupon   103-23.5 (+08.5)  
 
  Support   2.176%  
 
  Resistance   2.084%  
 
 
 
 
Tuesday, September 05, 2017
 
 
Treasuries are modestly higher across the curve this morning from Friday's close. The UST 10-Year yield is currently at 2.106% after closing at 2.167% prior.

Treasuries rallied at open as a response to further geopolitical tensions with North Korea over the weekend. The rally was also supported by dovish comments from Fed Brainard who spoke earlier this morning on Economic Outlook and Monetary Policy. Fed Brainard stated that the U.S. central bank needs to be cautious about tightening policy further due to their lack of confidence that inflation could reach their target. There are two other Fed speakers today including Fed Kashkari who will speak at the University of Minnesota at 9:30 AM (PT), and Fed Kaplan will speak in Dallas at 4:00 PM (PT).

Our shortened economic calendar week kicked off with the Factory Orders for July which fell 3.30% as expected following an upwardly revised 3.20% rise in June. Factory Orders excluding Transportation rose 0.50% following an upwardly revised 0.10% rise in June. We also received the Durable Goods Orders for July, which fell 6.80% versus a 2.90% drop per consensus. Durables excluding Transportation rose 0.60% versus a 0.50% rise prior. Lastly, we received the Capital Goods Orders Nondefense which rose 1.00% versus a 0.40% increase prior. Capital Goods Shipments Ex Air rose 1.20% versus a 1.00% increase prior.

The curve has bull-flattened with the UST 10-Year down 6.1 bps from prior closing.
 
 
   
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  09/04 No Data - - - - - -  
                   
  09/05 Factory Orders 07:00 Jul -3.30% -3.30% 3.00% 3.20%  
                   
  09/05 Durable Goods Orders 07:00 Jul F -2.90% -6.80% -6.80% -  
                   
  09/05 Durables Ex Transportation 07:00 Jul F - 0.60% 0.50% -  
                   
  09/06 MBA Mortgage Applications 04:00 1 Sep - - -2.30% -  
                   
  09/06 Trade Balance 05:30 Jul -$44.70b - -$43.60b -  
                   
  09/06 Markit US Services PMI 06:45 Aug F 56.90 - 56.90 -  
                   
  09/06 Markit US Composite PMI 06:45 Aug F - - 56.00    
                   
  09/06 U.S. Federal Reserve Releases Beige Book 11:00 - - - - -  
                   
  09/07 Initial Jobless Claims 05:30 2 Sep 244k - 236k -  
                   
  09/07 Continuing Claims 05:30 26 Aug 1945k - 1942k -  
                   
  09/07 Nonfarm Productivity 05:30 2Q F 1.30% - 0.90% -  
                   
  09/07 Unit Labor Costs 05:30 2Q F 0.30% - 0.60% -  
                   
  09/07 Bloomberg Consumer Comfort 06:45 Sep - - 53.30 -  
                   
  09/08 Wholesale Inventories MoM 07:00 Jul F 0.40% - 0.40% -  
                   
  09/08 Wholesale Trade Sales MoM 07:00 Jul 0.50% - 0.70% -  
                   
 
 
 
 
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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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