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Market Commentary


 
Today's Coupons
 
  10-Year Notes   100-14 (-02)  
 
  FN 3.5% Coupon   103-10 (00)  
 
  Support   2.208%  
 
  Resistance   2.016%  
 
 
 
 
Thursday, September 14, 2017
 
 
Treasuries were nearly unchanged at open across the curve this morning from yesterday's close. The UST 10-Year yield is currently at 2.202% after closing at 2.189% prior.

This morning we received the CPI prints for August which is the final measure of inflation before the September FOMC meeting next week. The CPI inflation rose 0.40% in August following a 0.10% rise in July. CPI Excluding Food and Energy MoM rose 0.20% as expected following an unrevised 0.10% rise prior. Headline level CPI YoY rose to 1.90% in August from 1.70% prior, while CPI Excluding Food and Energy YoY held a steady rate of 1.70% from prior. Hurricane Harvey had a meaningful impact on the August CPI prints as both shelter and gasoline indexes showed the most increases.

We also received the Initial Jobless Claims for the week ending on September 9th which fell 14k to 284k from an unrevised 298k the week prior. Continuing Claims fell 7k to 1944k from an upwardly revised 1951k the week prior. According to the Department of Labor, these reports were impacted by both Hurricane Harvey and Hurricane Irma this week, with Harvey affecting Texas and Louisiana and Irma affecting Puerto Rico, Florida and South Carolina.

The curve has bear-flattened with the UST 10-Year up 1.3 bps from prior closing.
 
 
   
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  09/11 No Data - - - - - -  
                   
  09/12 NFIB Small Business Optimism 03:00 Aug 104.80 105.30 105.20 -  
                   
  09/12 JOLTS Job Openings 07:00 Jul 6000 6170 6163 6116  
                   
  09/13 MBA Mortgage Applications 04:00 8 Sep - 9.90% 3.30% -  
                   
  09/13 PPI Final Demand MoM 05:30 Aug 0.30% 0.20% -0.10% -  
                   
  09/13 PPI Final Demand YoY 05:30 Aug 2.50% 2.40% 1.90% -  
                   
  09/13 Monthly Budget Statement 11:00 Aug -$119.00b -$107.70b -$107.10b -  
                   
  09/14 Initial Jobless Claims 05:30 9 Sep 300k 284k 298k -  
                   
  09/14 Continuing Claims 05:30 2 Sep 1965k 1944k 1940k 1951k  
                   
  09/14 CPI MoM 05:30 Aug 0.30% 0.40% 0.10% -  
                   
  09/14 CPI YoY 05:30 Aug 1.80% 1.90% 1.70% -  
                   
  09/14 Bloomberg Consumer Comfort 06:45 10 Sep - 51.90 52.60 -  
                   
  09/15 Empire Manufacturing 05:30 Sep 18.00 - 25.20 -  
                   
  09/15 Retail Sales Advance MoM 05:30 Aug 0.10% - 0.60% -  
                   
  09/15 Industrial Production MoM 06:15 Aug 0.10% - 0.20% -  
                   
  09/15 Capacity Utilization 06:15 Aug 76.70% - 76.70% -  
                   
  09/15 U. of Mich. Sentiment 07:00 Sep P - - - -  
                   
  09/15 Business Inventories 07:00 Jul - - 0.50% -  
                   
 
 
 
 
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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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