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Market Commentary

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Market Commentary


 
Today's Coupons
 
  10-Year Notes   98-00 (-11)  
 
  FN 3.5% Coupon   105-07.5 (-03)  
 
  Support   1.713%  
 
  Resistance   1.534%  
 
 
 
 
Wednesday, October 5, 2016
 
 
     The UST 10-Year yield is at 1.700% this morning after closing at 1.680% yesterday.
 
    Several Fed officials have continued to express hawkish tones towards the US Economy in the past week, including Chicago‚Äôs Fed President Charles Evans who spoke yesterday supporting an interest rate hike before the end of this year.
 
    MBA Mortgage Applications rose 2.90% last week after a drop of 0.70% in the week prior. Refinances increased 4.70% after falling 1.60% prior. ADP Employment Change reported that businesses added 154k jobs in September versus 175k prior revised. The data came in 11k below consensus, resulting in the smallest employment increase since April. The international trade deficit increased 3.00% in August to $40.70 Billion versus $39.50 Billion in July. Exports rose 0.80% to $187.90 Billion and imports increased 1.20% to $228.60 Billion; increases in both categories reflect improving economic activity both in the US and abroad. Factory Orders rose 0.20% versus an increase of 1.40% prior revised, and Durable Goods Orders also saw an increase, rising 0.10% versus a 0.00% increase prior.
 
    The curve has bear-steepened with UST 10-Year up 2 bps from prior close.
 
 
   
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  10/03 Markit US Manufacturing PMI 06:45 Sep F 51.40 51.50 51.40 -  
                   
  10/03 Construction Spending MoM 07:00 Aug 0.30% -0.70% 0.00% -0.30%  
                   
  10/03 ISM Manufacturing 07:00 Sep 50.40 51.50 49.40 -  
                   
  10/03 ISM Prices Paid 07:00 Sep 53.50 53.00 53.00 -  
                   
  10/04 ISM New York 06:45 Sep - 49.60 47.50 -  
                   
  10/05 MBA Mortgage Applications 04:00 30 Sep - 2.90% -0.70% -  
                   
  10/05 ADP Employment Change 05:15 Sep 165K 154K 177K 175K  
                   
  10/05 Markit US Services PMI 06:45 Sep F 51.90 52.30 51.90 -  
                   
  10/05 Markit US Composite PMI 06:45 Sep F - 52.30 52.00 -  
                   
  10/05 Factory Orders 07:00 Aug -0.20% 0.20% 1.90% 1.40%  
                   
  10/05 Durable Goods Orders 07:00 Aug F 0.00% 0.10%   0.00% -  
                   
  10/05 Durables Ex Transportation 07:00 Aug F - -0.20% -0.40% -  
                   
  10/06 Challenger Job Cuts YoY 04:30 Sep - - -21.80% -  
                   
  10/06 Initial Jobless Claims 05:30 1 Oct 256K - 254K -  
                   
  10/06 Continuing Claims 05:30 24 Sep 2081K - 2062K -  
                   
  10/06 Bloomberg Consumer Comfort 06:45 2 Oct - - 41.60 -  
                   
  10/07 Change in Nonfarm Payrolls 05:30 Sep 174K - 151K -  
                   
  10/07 Unemployment Rate 05:30 Sep 4.90% - 4.90% -  
                   
  10/07 Average Hourly Earnings MoM 05:30 Sep 0.30% - 0.10% -  
                   
  10/07 Average Hourly Earnings YoY 05:30 Sep 2.60% - 2.40% -  
                   
  10/07 Underemployment Rate 05:30 Sep - - 9.70% -  
                   
  10/07 Wholesale Inventories MoM 07:00 Aug F -0.10% - -0.10% -  
                   
  10/07 Wholesale Trade Sales MoM 07:00 Aug - - -0.40% -  
                   
 
 
 
 
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  This information is provided solely for informational use and is not intended as trading or investment advice in any manner whatsoever. Sun West Mortgage Company, Inc. is not a licensed or registered broker or dealer and cannot provide investment strategies or recommendations. This information is provided to licensed 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, prices, guidelines, fees, costs, terms and conditions are subject to change without notice  
 
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