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Market Commentary


 
Today's Coupons
 
  10-Year Notes   99-03 (+06.5)  
 
  FN 3.5% Coupon   102-22 (+02.5)  
 
  Support   2.472%  
 
  Resistance   2.271%  
 
 
 
 
Friday, November 17, 2017
 
 
Treasuries are higher across the curve this morning from yesterday’s close. The UST 10-Year yield is currently at 2.348% after closing at 2.376% prior.

The House passed their tax bill yesterday afternoon, but The Senate approved a far different version hours after House Republicans passed their bill. One of the differences from The Senate’s plan includes provisions to delay a corporate tax-rate cut by one year. The Senate version of the tax reform is currently going through the Senate Finance Committee and is expected to be available for debate within the next few weeks.

In economic news, we received the Housing Starts for October, which rose 13.70% MoM to a 1290k unit rate following an upwardly revised 1135k unit rate in September. The increase was mainly driven by a solid month of single family starts and multi-family starts. Building Permits rose 5.90% in October to a 1297k unit rate following an upwardly revised 1225k unit rate in September. Later today at 8:00 AM (PT), we will receive the Kansas City Fed Manufacturing Activity Index which is expected to drop to 21.00 from 23.00 prior.

The curve has bull-flattened with the UST 10-Year yield down 2.8 bps from prior closing.

Have A Nice Weekend!
 
 
   
 
   
 
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 - 3.10% 0.00% -  
                   
  11/15 CPI MoM 05:30 Oct 0.10% 0.10% 0.50% -  
                   
  11/15 CPI YoY 05:30 Oct 2.00% 2.00% 2.20% -  
                   
  11/15 Empire Manufacturing 05:30 Nov 25.10 19.40 30.20 -  
                   
  11/15 Retail Sales Advance MoM 05:30 Oct 0.00% 0.20% 1.60% 1.90%  
                   
  11/15 Business Inventories 07:00 Sep 0.00% 0.00% 0.70% 0.60%  
                   
  11/15 Total Net TIC Flows 01:00 Sep $75.00 b -$51.30 b $125.00 b $130.20 b  
                   
  11/15 Net Long-term TIC Flows 01:00 Sep - $80.90 b $67.20 b $73.20 b  
                   
  11/16 Initial Jobless Claims 05:30 11 Nov 235k 249k 239k -  
                   
  11/16 Continuing Claims 05:30 4 Nov 1900k 1860k 1901k 1904k  
                   
  11/16 Philadelphia Fed Business Outlook 05:30 Nov 24.60 22.70 27.90 -  
                   
  11/16 Import Price Index MoM 05:30 Oct 0.40% 0.20% 0.70% 0.80%  
                   
  11/16 Import Price Index YoY 05:30 Oct 2.50% 2.50% 2.70% -  
                   
  11/16 Export Price Index MoM 05:30 Oct 0.40% 0.00% 0.80% 0.70%  
                   
  11/16 Export Price Index YoY 05:30 Oct - 2.70% 2.90% 2.80%  
                   
  11/16 Industrial Production MoM 06:15 Oct 0.50% 0.90% 0.30% 0.40%  
                   
  11/16 Capacity Utilization 06:15 Oct 76.30% 77.00% 76.00% 76.40%  
                   
  11/16 Bloomberg Consumer Comfort 06:45 12 Nov - 52.10 51.50 -  
                   
  11/16 NAHB Housing Market Index 07:00 Nov 67.00 70.00 68.00 -  
                   
  11/17 Housing Starts 05:30 Oct 1190k 1290k 1127k 1135k  
                   
  11/17 Housing Starts MoM 05:30 Oct 5.60% 13.70% -4.70% -3.20%  
                   
  11/17 Building Permits 05:30 Oct 1250k 1297k 1215k 1225k  
                   
  11/17 Building Permits MoM 05:30 Oct 2.00% 5.90% -4.50% -3.70%  
                   
  11/17 Kansas City Fed Manf. Activity 08:00 Nov 21.00 16.00 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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