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Market Commentary


 
Today's Coupons
 
  10-Year Notes   99-04.5 (00)  
 
  FN 3.5% Coupon   102-28 (+0.5)  
 
  Support   2.472%  
 
  Resistance   2.213%  
 
 
 
 
Friday, November 03, 2017
 
 
Treasuries are nearly unchanged across the curve this morning from yesterday's close. The UST 10-Year yield is currently at 2.347% after closing at 2.346% during the prior session.

This morning we received the Nonfarm Payrolls for the month of October which reported that employers added 261k jobs following an upwardly revised 18k addition in September. We also received the U.S. unemployment rate which fell to 4.10% from 4.20% prior. The employment report was aided in part by hurricane-related hiring while continuing overall trends, achieving the lowest unemployment rate since 2000. The September trade deficit widened to $43.50 Billion from a revised $42.80 Billion deficit prior. Lastly, we received the September Factory Orders which rose better than expected at 1.40% versus 1.20% per consensus, while the Durable Goods Orders came in line with expectations rising 2.00% in September.

In other economic news, Jerome Powell was appointed yesterday as the next fed chairman. Traders are expecting the appointee to remain true to the forecast of gradual monetary tightening for the rest of 2017 and early 2018.

The curve has flattened with the UST 10-year yield up 0.1 bp from prior closing.

Have A Nice Weekend!
 
 
   
 
   
 
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% 1.25% -  
                   
  11/01 FOMC Rate Decision (Lower Bound) 11:00 1 Nov 1.00% 1.00% 1.00% -  
                   
  11/02 Challenger Job Cuts YoY 04:30 Oct - -3.00% -27.00% -  
                   
  11/02 Nonfarm Productivity 05:30 3Q P 2.60% 3.00% 1.50% -  
                   
  11/02 Unit Labor Costs 05:30 3Q P 0.40% 0.50% 0.20% 0.30%  
                   
  11/02 Initial Jobless Claims 05:30 28 Oct 235k 229k 233k 234k  
                   
  11/02 Continuing Claims 05:30 21 Oct 1894k 1884k 1893k 1899k  
                   
  11/02 Bloomberg Consumer Comfort 06:45 29 Oct - 51.70 51.00 -  
                   
  11/03 Change in Nonfarm Payrolls 05:30 Oct 313k 261k -33k 18k  
                   
  11/03 Unemployment Rate 05:30 Oct 4.20% 4.10% 4.20% -  
                   
  11/03 Average Hourly Earnings MoM 05:30 Oct 0.20% 0.00% 0.50% -  
                   
  11/03 Average Hourly Earnings YoY 05:30 Oct 2.70% 2.40% 2.90% 2.80%  
                   
  11/03 Labor Force Participation Rate 05:30 Oct 63.10% 62.70% 63.10% -  
                   
  11/03 Trade Balance 05:30 Sep -$43.20b -$43.50b -$42.40b -$42.80b  
                   
  11/03 Markit US Services PMI 06:45 Oct F 55.90 55.30 55.90    
                   
  11/03 Markit US Composite PMI 06:45 Oct F   55.20 55.70    
                   
  11/03 Factory Orders 07:00 Sep 1.20% 1.40% 1.20% -  
                   
  11/03 Durable Goods Orders 07:00 Sep F 2.00% 2.00% 2.20% -  
                   
  11/03 Durables Ex Transportation 07:00 Sep F - 0.70% 0.70% -  
                   
 
 
 
 
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