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Market Commentary


 
Today's Coupons
 
  10-Year Notes   98-31 (+02.5)  
 
  FN 3.5% Coupon   102-23.5 (-01)  
 
  Support   2.472%  
 
  Resistance   2.213%  
 
 
 
 
Wednesday, November 01, 2017
 
 
Treasuries are slightly lower across the curve this morning from yesterday's close. The UST 10-Year yield is currently at 2.388% after closing at 2.380% during the prior session.

The session opened with a 2.60% decrease in the MBA mortgage applications for the week ended on October 27. It represented a reduction for the second consecutive week and marked the lowest level in the index since February. Results moved the week's average 30-Year fixed rate to 4.220% from 4.180% during the prior week. The ADP National Employment Report released an increase of 235k for the month of October; beating survey estimates of 200k jobs and its prior mark of 110k revised. The FOMC decision on short term interest rates will also be released today at 11:00 AM (PT).

In other economic news, the Treasury Department announced $62 Billion in bonds and notes sales to hit the market during the first week of November. The issuance aims at stabilizing the weighted average maturity of outstanding debt, according to the Treasury Department. Finally, the week is expected to end with an announcement of the next Fed chair. 

The curve has bear-flattened as the UST 10-Year yield modestly picked up 0.8 bp 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% 0.70% 0.50% -  
                   
  10/31 S&P CoreLogic CS 20-City MoM SA 06:00 Aug 0.40% 0.45% 0.35% 0.38%  
                   
  10/31 S&P CoreLogic CS 20-City YoY NSA 06:00 Aug 5.93% 5.92% 5.81% 5.83%  
                   
  11/01 MBA Mortgage Applications 04:00 27 Oct - -2.60% -4.60% -  
                   
  11/01 ADP Employment Change 05:15 Oct 200k 235k 135k 110k  
                   
  11/01 Markit US Manufacturing PMI 06:45 Oct F 54.50 54.60 54.50 -  
                   
  11/01 ISM Manufacturing 07:00 Oct 59.50 58.70 60.80 -  
                   
  11/01 ISM Prices Paid 07:00 Oct 67.80 68.50 71.50 -  
                   
  11/01 Construction Spending MoM 07:00 Sep -0.20% 0.30% 0.50% 0.10%  
                   
  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 2.60% - 1.50% -  
                   
  11/02 Unit Labor Costs 05:30 3Q P 0.40% - 0.20% -  
                   
  11/02 Initial Jobless Claims 05:30 28 Oct 235k - 233k -  
                   
  11/02 Continuing Claims 05:30 21 Oct 1894k - 1893k -  
                   
  11/02 Bloomberg Consumer Comfort 06:45 29 Oct - - 51.00 -  
                   
  11/03 Change in Nonfarm Payrolls 05:30 Oct 313k - -33k -  
                   
  11/03 Unemployment Rate 05:30 Oct 4.20% - 4.20% -  
                   
  11/03 Average Hourly Earnings MoM 05:30 Oct 0.20% - 0.50% -  
                   
  11/03 Average Hourly Earnings YoY 05:30 Oct 2.70% - 2.90% -  
                   
  11/03 Labor Force Participation Rate 05:30 Oct 63.10% - 63.10% -  
                   
  11/03 Trade Balance 05:30 Sep -$43.20b - -$42.40b -  
                   
  11/03 Factory Orders 07:00 Sep 1.20% - 1.20% -  
                   
  11/03 Durable Goods Orders 07:00 Sep F - - 2.20% -  
                   
  11/03 Durables Ex Transportation 07:00 Sep F - - 0.70% -  
                   
  11/03 Markit US Services PMI 07:45 Oct F 55.90 - 55.90 -  
                   
  11/03 Markit US Composite PMI 07:45 Oct F - - 55.70 -  
                   
 
 
 
 
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