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Market Commentary


 
Today's Coupons
 
  10-Year Notes   100-01 (+02)  
 
  FN 3.5% Coupon   103-08 (+01)  
 
  Support   2.282%  
 
  Resistance   2.174%  
 
 
 
 
Monday, September 25, 2017
 
 
Treasuries are nearly unchanged across the curve this morning from Friday's close. The UST 10-Year yield is currently at 2.250% after closing at 2.251% prior.

This week's calendar kicked off with the Chicago Fed National Activity Index which fell more than expected from a revised 0.03 increase in July to a drop of 0.31 in August; consensus called for a 0.25 drop. Dallas Fed Manufacturing Index for September which was expected to drop to 11.50 came in at 21.30 versus 17.00 prior. There are three scheduled Fed speakers today including Fed Dudley at 5:30 AM (PT) on Workforce Development, Fed Evans at 9:40 AM (PT) on Economy and Monetary Policy, and Fed Kashkari at 3:30 PM (PT) in a Q&A session.

The remainder of the week will be heavy on Fed speakers including Fed Mester, Fed Brainard and Fed Chairwoman Yellen on Tuesday, Fed Bullard, Fed Brainard and Fed Rosengren on Wednesday, Fed George on Thursday, and Fed Harker on Friday. On the economic calendar, we will receive the August New Home Sales on Tuesday, the August Durable Goods Orders on Wednesday, the August Wholesale Inventories on Thursday, and Personal Income and Spending for August along with the PCE inflation report on Friday.

The curve has flattened with the UST 10-Year down 0.10 bp from prior closing.
 
 
   
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  09/25 Chicago Fed Nat Activity Index 05:30 Aug -0.25 -0.31 -0.01 0.03  
                   
  09/25 Dallas Fed Manf. Activity 07:30 Sep 11.50 21.30 17.00 -  
                   
  09/26 S&P CoreLogic CS 20-City MoM SA 06:00 Jul 0.20% - 0.11% -  
                   
  09/26 S&P CoreLogic CS 20-City YoY NSA 06:00 Jul 5.70% - 5.65% -  
                   
  09/26 New Home Sales 07:00 Aug 585k - 571k -  
                   
  09/26 New Home Sales MoM 07:00 Aug 2.50% - -9.40% -  
                   
  09/26 Richmond Fed Manufact. Index 07:00 Sep 13.00 - 14.00 -  
                   
  09/27 MBA Mortgage Applications 04:00 22 Sep - - -9.70% -  
                   
  09/27 Durable Goods Orders 05:30 Aug P 0.90% - -6.80% -  
                   
  09/27 Durables Ex Transportation 05:30 Aug P 0.30% - 0.60% -  
                   
  09/27 Pending Home Sales MoM 07:00 Aug -0.50% - -0.80% -  
                   
  09/27 Pending Home Sales NSA YoY 07:00 Aug - - -0.50% -  
                   
  09/28 GDP Annualized QoQ 05:30 2Q T 3.10% - 3.00% -  
                   
  09/28 Personal Consumption 05:30 2Q T - - 3.30% -  
                   
  09/28 GDP Price Index 05:30 2Q T 1.00% - 1.00% -  
                   
  09/28 Core PCE QoQ 05:30 2Q T - - 0.90% -  
                   
  09/28 Initial Jobless Claims 05:30 23 Sep - - 259k -  
                   
  09/28 Continuing Claims 05:30 16 Sep - - 1980k -  
                   
  09/28 Wholesale Inventories MoM 05:30 Aug P - - 0.60% -  
                   
  09/28 Bloomberg Consumer Comfort 06:45 24 Sep - - 50.60 -  
                   
  09/28 Kansas City Fed Manf. Activity 08:00 Sep - - 16.00 -  
                   
  09/29 Personal Income 05:30 Aug 0.30% - 0.40% -  
                   
  09/29 Personal Spending 05:30 Aug 0.10% - 0.30% -  
                   
  09/29 PCE Deflator MoM 05:30 Aug 0.30% - 0.10% -  
                   
  09/29 PCE Deflator YoY 05:30 Aug 1.50% - 1.40% -  
                   
  09/29 PCE Core MoM 05:30 Aug 0.20% - 0.10% -  
                   
  09/29 PCE Core YoY 05:30 Aug 1.40% - 1.40% -  
                   
  09/29 U. of Mich. Sentiment 07:00 Sep F 95.40 - 95.30 -  
                   
 
 
 
 
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