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Market Commentary


 
Today's Coupons
 
  10-Year Notes   98-15.5 (+10.5)  
 
  FN 3.5% Coupon   102-15 (+06.5)  
 
  Support   2.472%  
 
  Resistance   2.206%  
 
 
 
 
Friday, October 27, 2017
 
 
Treasuries are slightly higher across the curve this morning from yesterday's close. The UST 10-Year yield is currently at 2.436% after closing at 2.462% prior.

Yesterday the market was driven lower by multiple factors throughout the day beginning with ECB's announcement of its reduced extension of its QE program. Treasuries sold off further as corporate earnings continued to show strength in numbers, and speculations surfaced that current Fed Chairwoman Yellen would not be considered for reappointment.

In economic news, we received the first estimate of 3Q GDP, which shows that the economy expanded at a faster pace than expected at 3.00% QoQ annualized growth rate versus 2.60% growth rate per consensus. Personal Consumption improved at a 2.40% pace versus a 2.10% pace per consensus, and GDP Price Index showed a 2.20% pace versus a 1.70% pace per consensus. The Core PCE QoQ rebounded from 0.90% in 2Q to 1.30% in 3Q, which came in line with expectations. We also received the University of Michigan Sentiment Final reading for October, which came in line with expectations at 100.70, down from 101.10 prior.

The curve has bull-flattened with the UST 10-Year down 2.6 bps from prior closing.

Have A Lovely Weekend!
 
 
   
 
   
 
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% 3.00% 3.10% -  
                   
  10/27 Personal Consumption 05:30 3Q A 2.10% 2.40% 3.30% -  
                   
  10/27 GDP Price Index 05:30 3Q A 1.70% 2.20% 1.00% -  
                   
  10/27 Core PCE QoQ 05:30 3Q A 1.30% 1.30% 0.90% -  
                   
  10/27 U. of Mich. Sentiment 07:00 Oct F 100.70 100.70 101.10 -  
                   
 
 
 
 
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