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Market Commentary


 
Today's Coupons
 
  10-Year Notes   99-11 (-04)  
 
  FN 3.5% Coupon   103-04 (+01)  
 
  Support   2.357%  
 
  Resistance   2.213%  
 
 
 
 
Thursday, September 28, 2017
 
 
Treasuries are lower across the curve this morning from yesterday's close. The UST 10-Year yield is currently at 2.328% after closing at 2.311% prior.

This morning we received the final revision of the 2Q GDP print which was upwardly revised to 3.10% growth rate from 3.00% prior. Personal Consumption held steady at 3.30%, GDP Price Index remained at 1.00%, and Core PCE QoQ was also unchanged at 0.90%. We also received the Initial Jobless Claims for the week ending on September 23rd which rose 12k from an upwardly revised 260k the week prior. Continuing Claims for the week ending on September 16th fell 45k to 1934k from a downwardly revised 1979k prior. The Department of Labor noted that claims were heavily affected by both Hurricane Harvey and Hurricane Irma.

In Fedspeak, Kansas City Fed President George is on deck this morning to discuss the U.S. Economy and Monetary Policy. Then later this morning at 10:00 AM (PT), Treasury will auction $28 billion in new 7-year Notes.

The curve has bear-steepened with the UST 10-Year up 1.7 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 - -0.50% -9.70% -  
                   
  09/27 Durable Goods Orders 05:30 Aug P 1.00% 1.70% -6.80% -  
                   
  09/27 Durables Ex Transportation 05:30 Aug P 0.20% 0.20% 0.60% 0.80%  
                   
  09/27 Pending Home Sales MoM 07:00 Aug -0.50% -2.60% -0.80% -  
                   
  09/27 Pending Home Sales NSA YoY 07:00 Aug -0.50% -3.10% -0.50% -  
                   
  09/28 GDP Annualized QoQ 05:30 2Q T 3.00% 3.10% 3.00% -  
                   
  09/28 Personal Consumption 05:30 2Q T 3.30% 3.30% 3.30% -  
                   
  09/28 GDP Price Index 05:30 2Q T 1.00% 1.00% 1.00% -  
                   
  09/28 Core PCE QoQ 05:30 2Q T 0.90% 0.90% 0.90% -  
                   
  09/28 Initial Jobless Claims 05:30 23 Sep 270k 272k 259k 260k  
                   
  09/28 Continuing Claims 05:30 16 Sep 1993k 1934k 1980k 1979k  
                   
  09/28 Wholesale Inventories MoM 05:30 Aug P 0.40% 1.00% 0.60% -  
                   
  09/28 Bloomberg Consumer Comfort 06:45 24 Sep - 51.60 50.60 -  
                   
  09/28 Kansas City Fed Manf. Activity 08:00 Sep 15.00 - 16.00 -  
                   
  09/29 Personal Income 05:30 Aug 0.20% - 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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