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Market Commentary


 
Today's Coupons
 
  10-Year Notes   98-24 (+03)  
 
  FN 3.5% Coupon   102-16 (+02)  
 
  Support   2.472%  
 
  Resistance   2.271%  
 
 
 
 
Monday, November 13, 2017
 
 
Treasuries are slightly higher across the curve this morning from Friday’s close. The UST 10-Year yield is currently at 2.397% after closing at 2.413% during the prior session.

A political crisis for British Prime Minister May, where a large number of the country’s lawmakers appear to be withdrawing their confidence in their leader, reported over the weekend appears to have resulted in a risk-off mode for global markets pushing Treasuries higher at the start of Monday’s session. Further, differences between the U.S. Senate and House tax bills appears to be creating skepticism in the markets on whether a comprehensive tax overhaul may be attainable. Both versions continue in parallel tracks and the House bill is set to be voted on this week.

The economic calendar for the week opens today with the U.S. monthly budget statement for October at 11:00 AM (PT). A survey of -$59 Billion dollars is in place after the index reflected -$45.80 Billion during its prior period. Also in sight this week will be PPI Final Demand tomorrow, mortgage applications and U.S. inflation on Wednesday, manufacturing production on Thursday, and housing starts together with building permits on Friday.

The curve has bull-flattened with the UST 10-Year yield down 1.6 bps from prior closing.
 
 
   
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  11/13 Monthly Budget Statement 11:00 Oct -$59.00 b - -$45.80 b -  
                   
  11/14 NFIB Small Business Optimism 03:00 Oct 104.00 - 103.00 -  
                   
  11/14 PPI Final Demand MoM 05:30 Oct 0.10% - 0.40% -  
                   
  11/14 PPI Final Demand YoY 05:30 Oct 2.40% - 2.60% -  
                   
  11/15 MBA Mortgage Applications 04:00 10 Nov - - 0.00% -  
                   
  11/15 CPI MoM 05:30 Oct 0.10% - 0.50% -  
                   
  11/15 CPI YoY 05:30 Oct 2.00% - 2.20% -  
                   
  11/15 Empire Manufacturing 05:30 Nov 25.00 - 30.20 -  
                   
  11/15 Retail Sales Advance MoM 05:30 Oct 0.00% - 1.60% -  
                   
  11/15 Business Inventories 07:00 Sep 0.00% - 0.70% -  
                   
  11/15 Total Net TIC Flows 01:00 Sep - - $125.00 b -  
                   
  11/15 Net Long-term TIC Flows 01:00 Sep - - $67.20 b -  
                   
  11/16 Initial Jobless Claims 05:30 11 Nov 235k - 239k -  
                   
  11/16 Continuing Claims 05:30 4 Nov 1905k - 1901k -  
                   
  11/16 Philadelphia Fed Business Outlook 05:30 Nov 24.10 - 27.90 -  
                   
  11/16 Import Price Index MoM 05:30 Oct 0.30% - 0.70% -  
                   
  11/16 Import Price Index YoY 05:30 Oct 2.50% - 2.70% -  
                   
  11/16 Export Price Index MoM 05:30 Oct 0.40% - 0.80% -  
                   
  11/16 Export Price Index YoY 05:30 Oct - - 2.90% -  
                   
  11/16 Industrial Production MoM 06:15 Oct 0.50% - 0.30% -  
                   
  11/16 Capacity Utilization 06:15 Oct 76.30% - 76.00% -  
                   
  11/16 Bloomberg Consumer Comfort 06:45 12 Nov - - 51.50 -  
                   
  11/16 NAHB Housing Market Index 07:00 Nov 67.00 - 68.00 -  
                   
  11/17 Housing Starts 05:30 Oct 1193k - 1127k -  
                   
  11/17 Housing Starts MoM 05:30 Oct 5.80% - -4.70% -  
                   
  11/17 Building Permits 05:30 Oct 1250k - 1215k 1225k  
                   
  11/17 Building Permits MoM 05:30 Oct 2.00% - -4.50% -3.70%  
                   
  11/17 Kansas City Fed Manf. Activity 08:00 Nov 21.00 - 23.00 -  
                   
 
 
 
 
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