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Market Commentary


 
Today's Coupons
 
  10-Year Notes   99-17.5 (+12)  
 
  FN 3.5% Coupon   102-30 (+04.5)  
 
  Support   2.397%  
 
  Resistance   2.035%  
 
 
 
 
Thursday, October 19, 2017
 
 
Treasuries are higher across the curve this morning from yesterday’s close. The UST 10-Year yield is currently at 2.303% after closing at 2.347% prior.

Treasuries rallied overnight and into the open as Catalan tensions resurfaced after the Spanish government sought to put an end on the Catalan separatist movement by threatening to suspend Catalonia’s autonomy and to call for new regional elections. In response, the Catalan President threatened to declare a formal declaration of independence from Spain, forcing global investors to flee to safe-haven assets, pushing treasury yields lower and causing stocks to drop.

In economic news, we received the Initial Jobless Claims for the week ending on October 14th which fell 22k to 222k from an upwardly revised 244k the week prior. Continuing Claims for the week ending on October 7th fell 16k to 1888k from an upwardly revised 1904k the week prior. We also received the Philadelphia Fed Business Outlook for October which unexpectedly rose to 27.90 from an unrevised 23.80 reading in September; consensus called for a decline to 22.00. Later today at 10:00 AM (PT), U.S. will sell $5 Billion 30-Year TIPS Reopening.

The curve has bull-flattened with the UST 10-Year down 4.4 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% 0.70% 0.60% -  
                   
  10/17 Import Price Index YoY 05:30 Sep 2.60% 2.70% 2.10% -  
                   
  10/17 Export Price Index MoM 05:30 Sep 0.50% 0.80% 0.60% 0.70%  
                   
  10/17 Export Price Index YoY 05:30 Sep - 2.90% 2.30% 2.40%  
                   
  10/17 Industrial Production MoM 06:15 Sep 0.30% 0.30% -0.90% -0.70%  
                   
  10/17 Capacity Utilization 06:15 Sep 76.20% 76.00% 76.10% 75.80%  
                   
  10/17 NAHB Housing Market Index 07:00 Oct 64.00 68.00 64.00 -  
                   
  10/17 Total Net TIC Flows 13:00 Aug - $125.00b -$7.30b -  
                   
  10/17 Net Long-term TIC Flows 13:00 Aug - $67.20b $1.30b $1.20b  
                   
  10/18 MBA Mortgage Applications 04:00 13 Oct - 3.60% -2.10% -  
                   
  10/18 Housing Starts 05:30 Sep 1175k 1127k 1180k 1183k  
                   
  10/18 Housing Starts MoM 05:30 Sep -0.40% -4.70% -0.80% -0.20%  
                   
  10/18 Building Permits 05:30 Sep 1245k 1215k 1300k 1272k  
                   
  10/18 Building Permits MoM 05:30 Sep -2.10% -4.50% 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 222k 243k 244k  
                   
  10/19 Philadelphia Fed Business Outlook 05:30 Oct 22.00 27.90 23.80 -  
                   
  10/19 Continuing Claims 05:30 7 Oct 1890k 1888k 1889k 1904k  
                   
  10/19 Bloomberg Consumer Comfort 06:45 15 Oct - 51.10 49.50 -  
                   
  10/19 Leading Index 07:00 Sep 0.10% -0.20% 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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  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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