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Market Commentary


 
Today's Coupons
 
  10-Year Notes   99-11 (+10)  
 
  FN 3.5% Coupon   103-02 (+04.5)  
 
  Support   2.397%  
 
  Resistance   2.016%  
 
 
 
 
Tuesday, October 10, 2017
 
 
Treasuries are slightly higher across the curve this morning from prior close. The UST 10-Year yield is currently at 2.354% after closing at 2.360% prior.

This week's calendar kicked off quietly given the shortened week with only the September NFIB Small Business Optimism print this morning, which came in below expectations at 103.00 versus 105.00 per consensus. The 10-month low was significantly impacted by Hurricanes Irma and Harvey as small business optimism fell to its lowest level since late 2016. In Fedspeak, Fed Kashkari will speak at Regional Economic Conference this morning at 7:00 AM (PT), and Fed Kaplan will speak at Stanford Institute this evening at 5:00 PM (PT). Then at 10:00 AM (PT), U.S. will sell $35 Billion 4-week Bills and $20 Billion 52-week Bills.

The remainder of this week's economic calendar will consist of Wednesday's JOLTS Job Openings for August and the release of the FOMC Meeting Minutes from the Fed's most recent meeting in September. Thursday we will receive the Producer Price Index Final Demand for September and the Monthly Budget Statement for September. Then on Friday, we will receive the CPI data for September, Retail Sales Advance for September, and the University of Michigan Sentiment for October.

The curve has bull-flattened with the UST 10-Year down 0.6 bp from prior closing.
 
 
   
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  10/09 No Data - - - - - -  
                   
  10/10 NFIB Small Business Optimism 03:00 Sep 105.00 103.00 105.30 -  
                   
  10/11 MBA Mortgage Applications 04:00 6 Oct - - -0.40% -  
                   
  10/11 JOLTS Job Openings 07:00 Aug 6143 - 6170 -  
                   
  10/11 FOMC Meeting Minutes 11:00 20 Sep - - - -  
                   
  10/12 PPI Final Demand MoM 05:30 Sep 0.40% - 0.20% -  
                   
  10/12 PPI Final Demand YoY 05:30 Sep 2.60% - 2.40% -  
                   
  10/12 Initial Jobless Claims 05:30 7 Oct 250k - 260k -  
                   
  10/12 Continuing Claims 05:30 30 Sep 1930k - 1938k -  
                   
  10/12 Bloomberg Consumer Comfort 06:45 8 Oct - - 49.90 -  
                   
  10/13 CPI MoM 05:30 Sep 0.60% - 0.40% -  
                   
  10/13 CPI YoY 05:30 Sep 2.30% - 1.90% -  
                   
  10/13 Retail Sales Advance MoM 05:30 Sep 1.40% - -0.20% -  
                   
  10/13 U. of Mich. Sentiment 07:00 Oct P 95.00 - 95.10 -  
                   
  10/13 Business Inventories 07:00 Aug 0.40% - 0.20% -  
                   
 
 
 
 
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