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Market Commentary

Market Commentary

Today's Coupons
  10-Year Notes   98-28 (-175)  
  FN 3.5% Coupon   103-28 (-08.5)  
  Support   2.119%  
  Resistance   1.715%  
Thursday, November 10, 2016
    The UST 10-Year yield is at 2.105% after closing at 2.050% yesterday.

   Treasury yields continue to move higher this morning even after yesterday's 20 bps rise, the largest in five years, while mortgage rates rose by the most in three years. Investors are buying equities and commodities and dumping bonds on the expectation that Trump's policies will spur growth and inflation. Later today the US Treasury will auction off $15 Billion of UST 30-Year bonds which should give more data on the global appetite for US debt under Trump.

   The economic data today continued to be positive with Initial Jobless Claims at 254K vs. 260K expected and Continuing Claims at 2041K vs. 2025K expected. Later today we have Bloomberg Consumer Comfort and Monthly Budget Statement. Friday just has the University of Michigan Sentiment survey.

    The curve has bear-steepened with the UST 10-Year 5.5 bps higher from prior closing.

This Week's Events
  11/07 Labor Market Conditions Index 07:00 Oct -1.50 0.70 -2.20 -0.10  
  11/08 NFIB Small Business Optimism 03:00 Oct 94.10 94.90 94.10 -  
  11/08 JOLTS Job Openings 07:00 Sep 5488 - 5443 -  
  11/09 MBA Mortgage Applications 04:00 4 Nov - -1.20% -1.20% -  
  11/09 Wholesale Inventories MoM 07:00 Sep F 0.20% - 0.20% -  
  11/09 Wholesale Trade Sales MoM 07:00 Sep 0.50% - 0.70% -  
  11/10 Initial Jobless Claims 05:30 5 Nov 260K 254K 265K -  
  11/10 Continuing Claims 05:30 29 Oct 2025K 2041K 2026K 2023K  
  11/10 Bloomberg Consumer Comfort 06:45 6 Nov - - 44.60 -  
  11/10 Monthly Budget Statement 11:00 Oct -$70.00 B - -$136.60 B -  
  11/11 U. of Mich. Sentiment 07:00 Nov P 87.90 - 87.20 -  
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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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