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Market Commentary


 
Today's Coupons
 
  10-Year Notes   99-18.5 (-06.5)  
 
  FN 3.5% Coupon   103-02.5 (-03)  
 
  Support   2.397%  
 
  Resistance   2.016%  
 
 
 
 
Monday, October 16, 2017
 
 
Treasuries are moderately lower across the curve this morning from Friday’s close. The UST 10-Year yield is currently at 2.302% after closing at 2.274% prior.

This week’s economic calendar kicks off quietly with just the October Empire Manufacturing on deck today. The New York Fed’s Empire Survey came in well above expectations at 30.20 versus 20.40 per consensus as the survey showed strong manufacturing activity in the beginning of the fourth quarter on stronger shipments and number of employees.

The remainder of the week will consist of a handful of housing reports beginning with Tuesday’s NAHB Housing Market Index. On Wednesday, we will receive the Housing Starts and Building Permits for the month of September. On Thursday we will have the Philadelphia Fed Business Outlook for October, and then on Friday we will have the Existing home Sales for the month of September.

The curve has bear-steepened with the UST 10-Year up 2.8 bps from prior closing.
 
 
   
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  10/16 Empire Manufacturing 05:30 Oct 20.40 30.20 24.40 -  
                   
  10/17 Import Price Index MoM 05:30 Sep 0.60% - 0.60% -  
                   
  10/17 Import Price Index YoY 05:30 Sep 2.60% - 2.10% -  
                   
  10/17 Export Price Index MoM 05:30 Sep 0.50% - 0.60% -  
                   
  10/17 Export Price Index YoY 05:30 Sep - - 2.30% -  
                   
  10/17 Industrial Production MoM 06:15 Sep 0.30% - -0.90% -  
                   
  10/17 Capacity Utilization 06:15 Sep 76.20% - 76.10% -  
                   
  10/17 NAHB Housing Market Index 07:00 Oct 64.00 - 64.00 -  
                   
  10/17 Total Net TIC Flows 13:00 Aug - - -$7.30b -  
                   
  10/17 Net Long-term TIC Flows 13:00 Aug - - $1.30b -  
                   
  10/18 MBA Mortgage Applications 04:00 13 Oct - - -2.10% -  
                   
  10/18 Housing Starts 05:30 Sep 1175k - 1180k -  
                   
  10/18 Housing Starts MoM 05:30 Sep -0.40% - -0.80% -  
                   
  10/18 Building Permits 05:30 Sep 1243k - 1300k 1272k  
                   
  10/18 Building Permits MoM 05:30 Sep -2.30% - 5.70% 3.40%  
                   
  10/18 U.S. Federal Reserve Releases Beige Book 11:00 - - - - -  
                   
  10/19 Initial Jobless Claims 05:30 14 Oct 240k - 243k -  
                   
  10/19 Philadelphia Fed Business Outlook 05:30 Oct 22.00 - 23.80 -  
                   
  10/19 Continuing Claims 05:30 7 Oct 1890k - 1889k -  
                   
  10/19 Bloomberg Consumer Comfort 06:45 15 Oct - - 49.50 -  
                   
  10/19 Leading Index 07:00 Sep 0.10% - 0.40% -  
                   
  10/20 Existing Home Sales 07:00 Sep 5.30m - 5.35m -  
                   
  10/20 Existing Home Sales MoM 07:00 Sep -0.90% - -1.70% -  
                   
 
 
 
 
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