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Market Commentary


 
Today's Coupons
 
  10-Year Notes   99-11.5 (-4)  
 
  FN 3.5% Coupon   103-05 (-01)  
 
  Support   2.357%  
 
  Resistance   2.213%  
 
 
 
 
Friday, September 29, 2017
 
 
Treasuries are lower across the curve this morning from yesterday's close. The UST 10-Year yield is currently at 2.330% after closing at 2.309% prior.

This morning we received the August Personal Income and Personal Spending both coming in-line with expectations. Personal Income rose 0.20% following a downwardly revised increase of 0.30% in July, and Personal Spending rose 0.10% following an unrevised 0.30% rise in July; Real Personal Spending fell 0.10% after rising 0.20% in July. The PCE inflation data for August was also released which showed that the PCE Deflator gained 0.20% MoM from 0.10% in July. PCE Core rose 0.10% MoM which was below expectations as consensus called for a 0.20% gain. PCE Core YoY dropped to 1.30% from 1.40% prior.

We also received the September Chicago Purchasing Manager which reported that business activity rose 65.20 following a rise of 58.90 prior; consensus called for a 58.70 increase. Later this morning at 8:00 AM (PT), Philadelphia Fed President Harker will wrap up this week's Fedspeak at his Fintech Event where he will discuss the impact of Consumers, Banking, and Regulatory Policy.

The curve has bear-flattened with the UST 10-Year up 2.1 bps from prior closing.

Have A Wonderful Weekend!
 
 
   
 
   
 
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 17.00 16.00 -  
                   
  09/29 Personal Income 05:30 Aug 0.20% 0.20% 0.40% -  
                   
  09/29 Personal Spending 05:30 Aug 0.10% 0.10% 0.30% -  
                   
  09/29 PCE Deflator MoM 05:30 Aug 0.30% 0.20% 0.10% -  
                   
  09/29 PCE Deflator YoY 05:30 Aug 1.50% 1.40% 1.40% -  
                   
  09/29 PCE Core MoM 05:30 Aug 0.20% 0.10% 0.10% -  
                   
  09/29 PCE Core YoY 05:30 Aug 1.40% 1.30% 1.40% -  
                   
  09/29 U. of Mich. Sentiment 07:00 Sep F 95.30 95.10 95.30 -  
                   
 
 
 
 
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