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Market Commentary


 
Today's Coupons
 
  10-Year Notes   100-07 (+02.5)  
 
  FN 3.5% Coupon   103-08.5 (+03)  
 
  Support   2.234%  
 
  Resistance   2.084%  
 
 
 
 
Tuesday, September 19, 2017
 
 
Treasuries are higher across the curve this morning from yesterday's close. The UST 10-Year yield is currently at 2.222% after closing at 2.230% prior.

Treasury yields inched slightly lower overnight as investors prepare for the two-day FOMC meeting that will kick off this morning and conclude tomorrow. The market continues to expect the Feds to announce the unwinding of the balance sheet while keeping the current rates unchanged. Investors are also looking for any implications on whether a third rate hike will be appropriate this year given the recent run of weak inflation prints.

This morning we received the Housing Starts data for August, which fell to 1180k from an upwardly revised 1190k prior; Housing Starts MoM fell 0.80% following a revised 2.20% drop in July. Building Permits rose to 1300k from an upwardly revised 1230k, rising 5.70% MoM in August after falling 3.50% (revised) in July. We also received the August Import Price Index which rose more than expected at 0.60% versus a 0.40% rise per consensus; Import Price Index excluding Petroleum rose 0.30% following a drop of 0.10% (revised) prior. Export Prices also rose better than expected at 0.60% versus a 0.20% rise per consensus.

The curve has bull-steepened with the UST 10-Year down 0.8 bp from prior closing.
 
 
   
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  09/18 NAHB Housing Market Index 07:00 Sep 67.00 64.00 68.00 67.00  
                   
  09/18 Total Net TIC Flows 13:00 Jul - -$7.30b $7.70b $5.90b  
                   
  09/18 Net Long-term TIC Flows 13:00 Jul - $1.30b $34.40b -  
                   
  09/19 Housing Starts 05:30 Aug 1174k 1180k 1155k 1190k  
                   
  09/19 Housing Starts MoM 05:30 Aug 1.70% -0.80% -4.80% -2.20%  
                   
  09/19 Building Permits 05:30 Aug 1220k 1300k 1223k 1230k  
                   
  09/19 Building Permits MoM 05:30 Aug -0.80% 5.70% -4.10% -3.50%  
                   
  09/19 Import Price Index MoM 05:30 Aug 0.40% 0.60% 0.10% -0.10%  
                   
  09/19 Import Price Index YoY 05:30 Aug 2.20% 2.10% 1.50% 1.20%  
                   
  09/19 Export Price Index MoM 05:30 Aug 0.20% 0.60% 0.40% 0.50%  
                   
  09/19 Export Price Index YoY 05:30 Aug - 2.30% 0.80% 0.90%  
                   
  09/20 MBA Mortgage Applications 04:00 15 Sep - - 9.90% -  
                   
  09/20 Existing Home Sales 07:00 Aug 5.46m - 5.44m -  
                   
  09/20 Existing Home Sales MoM 07:00 Aug 0.40% - -1.30% -  
                   
  09/20 FOMC Rate Decision (Upper Bound) 11:00 20 Sep 1.25% - 1.25% -  
                   
  09/20 FOMC Rate Decision (Lower Bound) 11:00 20 Sep 1.00% - 1.00% -  
                   
  09/21 Initial Jobless Claims 05:30 16 Sep 300k - 284k -  
                   
  09/21 Continuing Claims 05:30 Sep 1975k - 1944k -  
                   
  09/21 Philadelphia Fed Business Outlook 05:30 Sep 17.20 - 18.90 -  
                   
  09/21 FHFA House Price Index MoM 06:00 Jul 0.40% - 0.10% -  
                   
  09/21 Bloomberg Consumer Comfort 06:45 17 Sep - - 51.90 -  
                   
  09/21 Leading Index 07:00 Aug 0.20% - 0.30% -  
                   
  09/22 Markit US Manufacturing PMI 06:45 Sep P 53.00 - 52.80 -  
                   
  09/22 Markit US Services PMI 06:45 Sep P 55.80 - 56.00 -  
                   
  09/22 Markit US Composite PMI 06:45 Sep P - - 55.30 -  
                   
 
 
 
 
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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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