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Market Commentary


 
Today's Coupons
 
  10-Year Notes   98-26 (+06.5)  
 
  FN 3.5% Coupon   102-17.5 (+03.5)  
 
  Support   2.472%  
 
  Resistance   2.271%  
 
 
 
 
Tuesday, November 14, 2017
 
 
Treasuries are slightly higher across the curve this morning from yesterday’s close. The UST 10-Year yield is currently at 2.383% after closing at 2.406% prior.

This morning we received the NFIB Small Business Optimism data for October, which came in slightly below expectations at 103.80 versus 104.00 per consensus. We also received the PPI Final Demand for October which rose 0.40% versus 0.10% increase per consensus, and remained unchanged from the month prior. The core PPI which excludes Food and Energy also rose 0.40% in October and remained unchanged from prior. The PPI Final Demand is now up 2.80% YoY versus 2.60% prior, and the PPI Excluding Food and Energy YoY is now up 2.40% versus 2.20% prior.

Chicago Fed President Evans spoke overnight stating that the Fed should “rethink” its policy framework and that missing their 2.00% inflation target presents a credible challenge. Moreover, St. Louis Fed President Bullard spoke this morning questioning the Fed’s decision to increase rates with inflation below their target. Later this morning at 10:05 AM (PT), Atlanta Fed President Bostic will speak on the economic outlook and monetary policy at a forum in Montgomery, Alabama.

The curve has bull-flattened with the UST 10-Year yield down 2.3 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 -$63.20 b -$45.80 b -  
                   
  11/14 NFIB Small Business Optimism 03:00 Oct 104.00 103.80 103.00 -  
                   
  11/14 PPI Final Demand MoM 05:30 Oct 0.10% 0.40% 0.40% -  
                   
  11/14 PPI Final Demand YoY 05:30 Oct 2.40% 2.80% 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 25.50 - 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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  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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