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Market Commentary


 
Today's Coupons
 
  10-Year Notes   100-03.5 (-04.5)  
 
  FN 3.5% Coupon   103-10.5 (-01)  
 
  Support   2.282%  
 
  Resistance   2.206%  
 
 
 
 
Tuesday, September 26, 2017
 
 
Treasuries are slightly lower across the curve this morning from yesterday's close. The UST 10-Year yield is currently at 2.234% after closing at 2.221% prior.

Yesterday the market rallied when North Korea's Foreign Minister stated that President Trump declared war by saying that the regime “won't be around much longer”. This morning treasury yields inched higher as investors shift their attention on Fed speakers including Fed Chairwoman Yellen who will discuss Inflation, Uncertainty and Monetary Policy. Also on deck today are Fed Mester who will speak on the Global Outlook, and Fed Brainard who will speak on labor market disparities at 6:30 AM (PT) and 7:30 AM (PT) respectively.

In economic news, we received the Case-Shiller Index for July which rose above expectations at 0.35% versus 0.20% per consensus as home prices in 20 cities rose more than forecasted. We also received the New Home Sales report for August which fell 20k to 560k from an upwardly revised 580k in July. New Home Sales MoM continues its downwardly trend as it fell 3.40% in August following a revised 5.50% drop in July. Later today at 10:00 AM (PT), Treasury will auction $26 billion 2-Year Notes.

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  
  09/25 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% 0.35% 0.11% 0.09%  
                   
  09/26 S&P CoreLogic CS 20-City YoY NSA 06:00 Jul 5.70% 5.81% 5.65% -  
                   
  09/26 New Home Sales 07:00 Aug 585k 560k 571k 580k  
                   
  09/26 New Home Sales MoM 07:00 Aug 2.50% -3.40% -9.40% -5.50%  
                   
  09/26 Richmond Fed Manufact. Index 07:00 Sep 13.00 19.00 14.00 -  
                   
  09/27 MBA Mortgage Applications 04:00 22 Sep - - -9.70% -  
                   
  09/27 Durable Goods Orders 05:30 Aug P 1.00% - -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% - -0.50% -  
                   
  09/28 GDP Annualized QoQ 05:30 2Q T 3.00% - 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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