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Market Commentary


 
Today's Coupons
 
  10-Year Notes   98-30 (+03)  
 
  FN 3.5% Coupon   102-23.5 (+02.5)  
 
  Support   2.397%  
 
  Resistance   2.125%  
 
 
 
 
Monday, October 23, 2017
 
 
Treasuries are higher across the curve this morning from Friday's close. The UST 10-Year yield is currently at 2.366% after closing at 2.385% prior.

This week's economic calendar kicks off quietly with only the September Chicago Fed Nat Activity Index report, which rebounded from a downwardly revised -0.37 reading to 0.17; consensus called for the reading to remain negative at -0.13. Investors will primarily focus their attention on the ongoing geopolitical tensions in Spain, President Trump's possible unveiling of the next Fed Chair, and any news on the progress of the tax reform process.

The remainder of this week's economic calendar consists of Tuesday's October Markit US Manufacturing PMI, Services PMI and Composite PMI, Wednesday's September Durable Goods Orders and September New Home Sales, Thursday's September Wholesale and Retail Inventories, and Friday's 3Q GDP Annualized QoQ, Personal Consumption and GDP Price Index. The ECB will hold a policy meeting on Thursday and is expected to announce its stimulus plan for 2018.

The curve has bull-flattened with the UST 10-Year down 1.9 bps from prior closing.
 
 
   
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  10/23 Chicago Fed Nat Activity Index 05:30 Sep -0.13 0.17 -0.31 -0.37  
                   
  10/24 Markit US Manufacturing PMI 06:45 Oct P 53.50 - 53.10 -  
                   
  10/24 Markit US Services PMI 06:45 Oct P 55.20 - 55.30 -  
                   
  10/24 Markit US Composite PMI 06:45 Oct P - - 54.80 -  
                   
  10/24 Richmond Fed Manufact. Index 07:00 Oct 17.00 - 19.00 -  
                   
  10/25 MBA Mortgage Applications 04:00 20 Oct - - 3.60% -  
                   
  10/25 Durable Goods Orders 05:30 Sep P 1.00% - 2.00% -  
                   
  10/25 Durables Ex Transportation 05:30 Sep P 0.50% - 0.50% -  
                   
  10/25 FHFA House Price Index MoM 06:00 Aug 0.40% - 0.20% -  
                   
  10/25 New Home Sales 07:00 Sep 555k - 560k -  
                   
  10/25 New Home Sales MoM 07:00 Sep -0.90% - -3.40% -  
                   
  10/26 Wholesale Inventories MoM 05:30 Sep P 0.40% - 0.90% -  
                   
  10/26 Initial Jobless Claims 05:30 21 Oct 235k - 222k -  
                   
  10/26 Continuing Claims 05:30 14 Oct 1895k - 1888k -  
                   
  10/26 Bloomberg Consumer Comfort 06:45 22 Oct - - 51.10 -  
                   
  10/26 Pending Home Sales MoM 07:00 Sep - - -2.60% -  
                   
  10/26 Kansas City Fed Manf. Activity 08:00 Oct - - 17.00 -  
                   
  10/27 GDP Annualized QoQ 05:30 3Q A 2.00% - 3.10% -  
                   
  10/27 Personal Consumption 05:30 3Q A - - 3.30% -  
                   
  10/27 GDP Price Index 05:30 3Q A - - 1.00% -  
                   
  10/27 Core PCE QoQ 05:30 3Q A - - 0.90% -  
                   
  10/27 U. of Mich. Sentiment 07:00 Oct F - - - -  
                   
 
 
 
 
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