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Market Commentary


 
Today's Coupons
 
  10-Year Notes   99-07.5 (-032)  
 
  FN 3.5% Coupon   102-28.5 (-02)  
 
  Support   2.472%  
 
  Resistance   2.271%  
 
 
 
 
Thursday, November 09, 2017
 
 
Treasuries are lower across the curve this morning from yesterday’s close. The UST 10-Year yield is currently at 2.341% after closing at 2.335% during the prior session.

Initial Jobless Claims released for the week ended November 4 reflected 239k, exceeding both market survey of 232k and its prior mark of 229k. Meanwhile, Continuing Jobless Claims for the week ended October 28 reflected 1,901k claims, also above the survey of 1,885k and it’s prior mark of 1,884k. Despite higher than expected marks, current levels remain along historical lows in several decades. Further, over the last four weeks, initial claims have averaged 231k, below the 256k average for the same period last year; and continuing claims are also well below last year’s 2,050k for the period. Wholesale Inventories remained unchanged for September with results of 0.30% in line with its prior mark and the 0.30% market survey. The economic calendar for the week wraps up tomorrow with the University of Michigan Consumer Sentiment, 1-Year Inflation and 5-10 Year Inflation reports.

In Washington, the House Ways and Means Committee enters its final day of crafting its tax-reform proposal as they anticipate a vote on the bill early next week. The Senate will also prepare to release their own proposal today.  

The curve has bear-flattened with the UST 10-Year yield up 0.6 bp from prior closing.
 
 
   
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  11/06 No Data - - - - - -  
                   
  11/07 JOLTS Job Openings 07:00 Sep 6075 6093 6082 6090  
                   
  11/08 MBA Mortgage Applications 04:00 3 Nov - -0.03% -2.60% -  
                   
  11/09 Initial Jobless Claims 05:30 4 Nov 232k 239k 229k -  
                   
  11/09 Continuing Claims 05:30 28 Oct 1885k 1901k 1884k -  
                   
  11/09 Bloomberg Consumer Comfort 06:45 5 Nov - 51.50 51.70 -  
                   
  11/09 Wholesale Trade Sales MoM 07:00 Sep 0.90% 1.30% 1.70% 1.90%  
                   
  11/09 Wholesale Inventories MoM 07:00 Sep F 0.30% 0.30% 0.30% -  
                   
  11/10 U. of Mich. Sentiment 07:00 Nov P 100.90 - 100.70 -  
                   
  11/10 Monthly Budget Statement 11:00 Oct -$50.00b - -$45.80b -  
                   
 
 
 
 
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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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