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Market Commentary


 
Today's Coupons
 
  10-Year Notes   98-21 (-09.5)  
 
  FN 3.5% Coupon   102-20 (-04.5)  
 
  Support   2.408%  
 
  Resistance   2.153%  
 
 
 
 
Tuesday, October 24, 2017
 
 
Treasuries are modestly lower across the curve this morning from yesterday's close. The UST 10-Year yield is currently at 2.403% after closing at 2.367% prior.

Treasury yields climbed higher after solid corporate earnings data were released from U.S. blue chips. Caterpillar Inc. and 3M delivered results that topped estimates per consensus while General Motors and Fiat Chrysler also rallied on earnings. With another quiet economic calendar day, the market will continue its focus on digesting the corporate earnings data, prospects for the U.S. tax reform, and President Trump's choice as the next Fed Reserve leader.

This morning we received the Markit US Manufacturing PMI for October which came in above expectations at 54.50 versus 53.40 per consensus. The Markit US Services PMI also bested expectations coming in at 55.90 versus 55.20 per consensus, and Markit US Composite PMI rose to 55.70 in October from 54.80 prior. We also received the Richmond Fed Manufacturing Index, which fell to a reading of 12.00 from an unrevised index reading of 19.00 prior. Later today at 10:00 AM (PT), U.S. will sell $26 Billion of 2-Year Notes.

The curve has bear-steepened with the UST 10-Year up 3.6 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 53.40 54.50 53.10 -  
                   
  10/24 Markit US Services PMI 06:45 Oct P 55.20 55.90 55.30 -  
                   
  10/24 Markit US Composite PMI 06:45 Oct P - 55.70 54.80 -  
                   
  10/24 Richmond Fed Manufact. Index 07:00 Oct 17.00 12.00 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 554k - 560k -  
                   
  10/25 New Home Sales MoM 07:00 Sep -1.10% - -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 0.40% - -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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  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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