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Market Commentary


 
Today's Coupons
 
  10-Year Notes   98-25 (+07)  
 
  FN 3.5% Coupon   102-23 (+04)  
 
  Support   2.472%  
 
  Resistance   2.213%  
 
 
 
 
Monday, October 30, 2017
 
 
Treasuries are slightly higher across the curve this morning from Friday's close. The UST 10-Year yield is currently at 2.389% after closing at 2.407% during the prior session.

Today's session opened with the release of the personal spending and personal income figures for September. The Bureau of Economic Analysis announced this morning a 1.00% MoM growth in personal spending and a 0.40% MoM growth in personal income for the month ended September 30. The former represented a 0.10% increase from market expectations, while the latter figure was in line with market surveys for the month.

In economic news, the FOMC meeting will be held from 10/31 to 11/01. Other important events to watch for include a possible House committee release for a tax bill and a Treasury announcement for more debt issuance. With increased probabilities of President Trump appointing Jerome Powell as the next Central Bank chair today marks the start of a busy week for the markets.

The curve has bull-flattened as the UST 10-Year remains down 2.0 bps from prior closing.
 
 
   
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  10/30 Personal Income 05:30 Sep 0.40% 0.40% 0.20% -  
                   
  10/30 Personal Spending 05:30 Sep 0.90% 1.00% 0.10% -  
                   
  10/30 PCE Deflator MoM 05:30 Sep 0.40% 0.40% 0.20% -  
                   
  10/30 PCE Deflator YoY 05:30 Sep 1.60% 1.60% 1.40% -  
                   
  10/30 PCE Core MoM 05:30 Sep 0.10% 0.10% 0.10% -  
                   
  10/30 PCE Core YoY 05:30 Sep 1.30% 1.30% 1.30% -  
                   
  10/31 Employment Cost Index 05:30 3Q 0.70% - 0.50% -  
                   
  10/31 S&P CoreLogic CS 20-City MoM SA 06:00 Aug 0.40% - 0.35% -  
                   
  10/31 S&P CoreLogic CS 20-City YoY NSA 06:00 Aug 5.95% - 5.81% -  
                   
  11/01 MBA Mortgage Applications 04:00 27 Oct - - -4.60% -  
                   
  11/01 ADP Employment Change 05:15 Oct - - 135k -  
                   
  11/01 Markit US Manufacturing PMI 06:45 Oct F - - - -  
                   
  11/01 ISM Manufacturing 07:00 Oct 58.50 - 60.80 -  
                   
  11/01 ISM Prices Paid 07:00 Oct - - 71.50 -  
                   
  11/01 Construction Spending MoM 07:00 Sep - - 0.50% -  
                   
  11/01 FOMC Rate Decision (Upper Bound) 11:00 1 Nov 1.25% - 1.25% -  
                   
  11/01 FOMC Rate Decision (Lower Bound) 11:00 1 Nov 1.00% - 1.00% -  
                   
  11/02 Challenger Job Cuts YoY 04:30 Oct - - -27.00% -  
                   
  11/02 Nonfarm Productivity 05:30 3Q P - - 1.50% -  
                   
  11/02 Unit Labor Costs 05:30 3Q P - - 0.20% -  
                   
  11/02 Initial Jobless Claims 05:30 28 Oct - - - -  
                   
  11/02 Continuing Claims 05:30 21 Oct - - - -  
                   
  11/02 Bloomberg Consumer Comfort 06:45 29 Oct - - - -  
                   
  11/03 Change in Nonfarm Payrolls 05:30 Oct 313k - -33k -  
                   
  11/03 Unemployment Rate 05:30 Oct - - 4.20% -  
                   
  11/03 Average Hourly Earnings MoM 05:30 Oct - - 0.50% -  
                   
  11/03 Average Hourly Earnings YoY 05:30 Oct - - 2.90% -  
                   
  11/03 Labor Force Participation Rate 05:30 Oct - - 63.10% -  
                   
  11/03 Trade Balance 05:30 Sep - - -$42.40b -  
                   
  11/03 Factory Orders 07:00 Sep - - 1.20% -  
                   
  11/03 Durable Goods Orders 07:00 Sep F - - - -  
                   
  11/03 Durables Ex Transportation 07:00 Sep F - - - -  
                   
  11/03 Markit US Services PMI 07:45 Oct F - - - -  
                   
  11/03 Markit US Composite PMI 07:45 Oct F - - - -  
                   
 
 
 
 
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