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Market Commentary

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Market Commentary


Monday
September 29, 2014
10-YEAR NOTES   99-00.50 (+13)
2.488%
FN 3.5% COUPON   102-11.50 (+07)
SUPPORT   2.660%
RESISTANCE   2.200%
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We have a heavy data calendar this week with Case-Shiller home price index and Chicago purchasing managers tomorrow, ISM manufacturing/ADP employment preview and car sales on Wednesday, factory orders and trade balance on Thursday, and Nonfarm payrolls and ISM services on Friday. The market has high expectations for Friday’s Jobs report with consensus holding at 215K vs. 142K prior. Personal income in August increased $47.3 Billion (+0.3%), disposable personal income (DPI) increased $35.2 Billion (+0.3%), and personal consumption expenditures (PCE) increased $57.5 Billion (+0.5%). Pending Home Sales (MoM) are expected to reverse the prior month’s gain of +3.3% with a -0.5% decline. Consensus for the September Dallas Fed Manufacturing is for an advance to 10.5 vs. 7.1 prior. Treasuries are holding near session highs following today’s mostly in-line data and the curve has bull flattened with 2s10s down -3.1 bps.

This Week's Events:

DATE EVENTS TIME (PDT) PERIOD SURVEY ACTUAL PRIOR REVISED
09/29 Personal Income 05:30 August 0.30% 0.30% 0.20% -
09/29 Personal Spending 05:30 August 0.40% 0.50% -0.10% 0.00%
09/29 Pending Home Sales MoM 07:00 August -0.50% -1.00% 3.30% 3.20%
09/29 Pending Home Sales YoY 07:00 August -1.40% -4.10% -2.70% -2.80%
09/29 Dallas Fed Manufacturing Activity 07:30 September 10.50 - 7.10 -
09/30 Case-Shiller Home Price Index 06:00 July 174.45 - 172.33 -
09/30 Consumer Confidence 07:00 September 92.50 - 92.40 -
10/01 MBA Mortgage Applications 04:00 September 26 - - -4.10% -
10/01 ADP Employment Change 05:15 September 207K - 204K -
10/01 Markit Manufacturing PMI 06:45 September F 57.90 - 57.90 -
10/01 ISM Manufacturing 07:00 September 58.50 - 59.00 -
10/01 Construction Spending MoM 07:00 August 0.50% - 1.80% -
10/02 Initial Jobless Claims 05:30 September 27 297K - 293K -
10/02 Continuing Claims 05:30 September 20 2428K - 2439K -
10/02 Factory Orders 07:00 August -9.50% - 10.50% -
10/03 Trade Balance 05:30 August -$40.80 Billion - -$40.50 Billion -
10/03 Nonfarm Payrolls 05:30 September 215K - 142K -
10/03 Unemployment Rate 05:30 September 6.10% - 6.10% -
10/03 Markit Services PMI 06:45 September F - - 58.50 -

 

 

 
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This information is provided solely for informational use and is not intended as a trading or investment advice in any manner whatsoever. Sun West Mortgage Company, Inc. is not liscensed or registered broker or dealer and cannot provide investment strategies or recommendations. This information is provided to 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, price, guidelines, fees, costs, terms and conditions are subject to change without notice.