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Market Commentary


 
Today's Coupons
 
  10-Year Notes   99-11 (+04)  
 
  FN 3.5% Coupon   103-03 (+02.5)  
 
  Support   2.368%  
 
  Resistance   2.213%  
 
 
 
 
Monday, October 02, 2017
 
 
Treasuries are slightly higher across the curve this morning from Friday's close. The UST 10-Year yield is currently at 2.330% after closing at 2.334% prior.

This morning we received the final reading of the Markit US Manufacturing PMI for September, which came in slightly higher than previously released at 53.10 versus 53.00 prior. We also received the ISM Manufacturing print for September which came in above expectations at 60.80 versus 58.10 per consensus. The September ISM Prices Paid also rose above expectations at 71.50 reading versus 63.00 per consensus. Lastly, we received the Construction Spending for August, which rose 0.50% following a downwardly revised drop of 1.20% in July.

The remainder of this week's calendar will be fairly quiet leading up to Friday's jobs data. Tomorrow we will have the Wards Total Vehicle Sales and Domestic Vehicle Sales for September, on Wednesday we will receive the Markit US Services PMI and Markit US Composite PMI for September, on Thursday we will have the Factory Orders and Durable Goods Orders for August, and on Friday we will receive the Nonfarm Payrolls, Unemployment Rate and Hourly Earnings reports for September.

The curve has bull-flattened with the UST 10-Year down 0.4 bp from prior closing.
 
 
   
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  10/02 Markit US Manufacturing PMI 06:45 Sep F 53.00 53.10 53.00 -  
                   
  10/02 ISM Manufacturing 07:00 Sep 58.10 60.80 58.80 -  
                   
  10/02 ISM Prices Paid 07:00 Sep 63.00 71.50 62.00 -  
                   
  10/02 Construction Spending MoM 07:00 Sep 0.40% 0.50% -0.60% -1.20%  
                   
  10/03 No Data - - - - - -  
                   
  10/04 MBA Mortgage Applications 04:00 29 Sep - - -0.50% -  
                   
  10/04 ADP Employment Change 05:15 Sep 138k - 237k -  
                   
  10/04 Markit US Services PMI 06:45 Sep F 55.10 - 55.10 -  
                   
  10/04 Markit US Composite PMI 06:45 Sep F - - 54.60 -  
                   
  10/05 Challenger Job Cuts YoY 04:30 Sep - - 5.10% -  
                   
  10/05 Initial Jobless Claims 05:30 30 Sep 265k - 272k -  
                   
  10/05 Continuing Claims 05:30 23 Sep 1949k - 1934k -  
                   
  10/05 Trade Balance 05:30 Aug -$42.70b - -$43.70b -  
                   
  10/05 Bloomberg Consumer Comfort 06:45 1 Oct - - 51.60 -  
                   
  10/05 Factory Orders 07:00 Aug 1.00% - -3.30% -  
                   
  10/05 Durable Goods Orders 07:00 Aug F 1.70% - 1.70% -  
                   
  10/05 Durables Ex Transportation 07:00 Aug F - - 0.20% -  
                   
  10/06 Change in Nonfarm Payrolls 05:30 Sep 85k - 156k -  
                   
  10/06 Unemployment Rate 05:30 Sep 4.40% - 4.40% -  
                   
  10/06 Average Hourly Earnings MoM 05:30 Sep 0.30% - 0.10% -  
                   
  10/06 Average Hourly Earnings YoY 05:30 Sep 2.50% - 2.50% -  
                   
  10/06 Labor Force Participation Rate 05:30 Sep - - 62.90% -  
                   
  10/06 Underemployment Rate 05:30 Sep - - 8.60% -  
                   
  10/06 Wholesale Trade Sales MoM 07:00 Aug - - -0.10% -  
                   
  10/06 Wholesale Inventories MoM 07:00 Aug F 1.00% - 1.00% -  
                   
 
 
 
 
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