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Market Commentary


 
Today's Coupons
 
  10-Year Notes   99-06.5 (+04)  
 
  FN 3.5% Coupon   102-26.5 (+02)  
 
  Support   2.397%  
 
  Resistance   2.035%  
 
 
 
 
Wednesday, October 11, 2017
 
 
Treasuries are slightly higher across the curve this morning from yesterday’s close. The UST 10-Year yield is currently at 2.334% after closing at 2.362% prior.

Chicago Fed President Charles Evans spoke early this morning on the economy and monetary policy, where his tone on economic activity resounded confidence but remained skeptical that the Fed’s inflation target of 2.00% could be reached. Treasury yields inched higher this morning as investors await the FOMC Meeting Minutes from the Fed’s most recent meeting in September. The Minutes will be released later this morning at 11:00 AM (PT).

On our economic calendar, we received the MBA Mortgage Applications for the week ending on October 6th which fell 2.10% following a 0.40% drop the week prior. Mortgage applications have fallen four consecutive weeks with purchase applications down 0.10% after rising 1.00% the week prior, and refinancing activities down 4.20% after falling 1.80% the week prior. Later this morning at 8:30 AM (PT), Treasury will auction $24 Billion in new 3-Year Notes, and then at 10:00 AM (PT), Treasury will auction $20 Billion in re-opened 10-Year Notes.

The curve has bull-flattened with the UST 10-Year down 2.8 bps 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 - -2.10% -0.40% -  
                   
  10/11 JOLTS Job Openings 07:00 Aug 6125 6082 6170 6140  
                   
  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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  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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