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Market Commentary


 
Today's Coupons
 
  10-Year Notes   98-09.5 (-03)  
 
  FN 3.5% Coupon   102-12.5 (-01.5)  
 
  Support   2.463%  
 
  Resistance   2.176%  
 
 
 
 
Thursday, October 26, 2017
 
 
Treasuries are nearly unchanged across the curve this morning from yesterday's close. The UST 10-Year yield is currently at 2.435% after closing at 2.433% prior.

This morning the European Central Bank announced that it was leaving its key interest rates unchanged. Moreover, the ECB met market expectations for reducing its bond purchase program after ECB President Mario Draghi provided details on the central bank's plan to reduce stimulus beginning on January 2018. Despite the details of ECB's announcements meeting expectations, the market reacted dovishly.

In economic news, we received the Initial Jobless Claims for the week ending on October 21st which rose 10k to 233k from an upwardly revised 223k the week prior. Continuing Claims for the week ending on October 14th fell 3k to 1893k from an upwardly revised 1896k the week prior. We also received the Wholesale Inventories for September which rose 0.30% following a downwardly revised 0.80% increase in August. Retail Inventories for September fell 1.00% following a downwardly revised 0.60% increase prior. The September Pending Home Sales came in weaker than expected, unchanged MoM, versus a 0.50% increase per consensus; Pending Home Sales YoY is down 5.40%.

The curve has bear-flattened with the UST 10-Year up 0.2 bp 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 - -4.60% 3.60% -  
                   
  10/25 Durable Goods Orders 05:30 Sep P 1.00% 2.20% 2.00% -  
                   
  10/25 Durables Ex Transportation 05:30 Sep P 0.50% 0.70% 0.50% 0.70%  
                   
  10/25 FHFA House Price Index MoM 06:00 Aug 0.40% 0.70% 0.20% 0.40%  
                   
  10/25 New Home Sales 07:00 Sep 554k 667k 560k 561k  
                   
  10/25 New Home Sales MoM 07:00 Sep -1.10% 18.90% -3.40% -3.60%  
                   
  10/26 Wholesale Inventories MoM 05:30 Sep P 0.40% 0.30% 0.90% 0.80%  
                   
  10/26 Initial Jobless Claims 05:30 21 Oct 235k 233k 222k 223k  
                   
  10/26 Continuing Claims 05:30 14 Oct 1890k 1893k 1888k 1896k  
                   
  10/26 Bloomberg Consumer Comfort 06:45 22 Oct - 51.00 51.10 -  
                   
  10/26 Pending Home Sales MoM 07:00 Sep 0.50% 0.00% -2.60% -2.80%  
                   
  10/26 Kansas City Fed Manf. Activity 08:00 Oct 17.00 23.00 17.00 -  
                   
  10/27 GDP Annualized QoQ 05:30 3Q A 2.60% - 3.10% -  
                   
  10/27 Personal Consumption 05:30 3Q A 2.10% - 3.30% -  
                   
  10/27 GDP Price Index 05:30 3Q A 1.70% - 1.00% -  
                   
  10/27 Core PCE QoQ 05:30 3Q A 1.30% - 0.90% -  
                   
  10/27 U. of Mich. Sentiment 07:00 Oct F 100.70 - 101.10 -  
                   
 
 
 
 
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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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