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Market Commentary


 
Today's Coupons
 
  10-Year Notes   101-18.5 (-03)  
 
  FN 3.5% Coupon   103-25 (-01)  
 
  Support   2.166%  
 
  Resistance   2.056%  
 
 
 
 
Wednesday, September 06, 2017
 
 
Treasuries are lower across the curve this morning from yesterday's close. The UST 10-Year yield is currently at 2.070% after closing at 2.060% prior.

Yesterday Treasuries rallied the most in 10 months after dovish comments were received from Fed Brainard and Fed Kashkari, geopolitical tensions with North Korea mounted, and concerns of another incoming hurricane escalated. Investors will remain focused on central bankers for the remainder of the week, beginning with today's release of the latest Beige Book at 11:00 AM (PT). Several Fed members are scheduled to speak on the current Economic Outlook and Monetary Policy on tomorrow, and President Draghi is expected to provide clarity on ECB's bond-buying program when he speaks after a policy decision on Thursday.

This morning's economic calendar included the MBA Mortgage Applications for the week ending on September 1st which rose 3.30% after dropping 2.30% prior. Purchase applications rose 1.40% after falling 2.70% prior and refinancing activities increased 5.10% after falling 2.00% prior. We also received the Markit US Services PMI for August, which came in below expectations at 56.00 versus 56.90 per consensus; Markit US Composite PMI came in at 55.30 versus 56.00 prior. Lastly, we received the August ISM Non-Manufacturing Composite which came in below expectations at 55.30 versus 55.60 per consensus.

The curve has bear-steepened with the UST 10-Year up 1.0 bp 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 - 3.30% -2.30% -  
                   
  09/06 Trade Balance 05:30 Jul -$44.70b -$43.70b -$43.60b -$43.50b  
                   
  09/06 Markit US Services PMI 06:45 Aug F 56.90 56.00 56.90 -  
                   
  09/06 Markit US Composite PMI 06:45 Aug F - 55.30 56.00    
                   
  09/06 U.S. Federal Reserve Releases Beige Book 11:00 - - - - -  
                   
  09/07 Initial Jobless Claims 05:30 2 Sep 245k - 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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