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Market Commentary


 
Today's Coupons
 
  10-Year Notes   99-05.5 (+04)  
 
  FN 3.5% Coupon   102-24 (+03.5)  
 
  Support   2.472%  
 
  Resistance   2.271%  
 
 
 
 
Wednesday, November 22, 2017
 
 
Treasuries moved marginally higher across the curve this morning from yesterday’s close. The UST 10-Year yield is currently at 2.369% after closing at 2.375% during the prior session.

This morning we received the MBA Mortgage Applications for the week ending November 17 which rose 0.10% after rising 3.10% during the previous week. We also received the Jobless Claims for the week ending November 18 which fell 13k to 239K from an upwardly revised 252k prior,  beating a survey of 240k. Continuing Jobless Claims for the week ending November 11 registered 1904k, above an expected 1880k and up 36k from an upwardly revised 1868k during its prior week.

The October Durable Goods Orders fell 1.20%, in contrast to an expected rise of 0.30%, following an upwardly revised 2.20% increase in September. Further, inflation forecast for November, as measured by the University of Michigan Expected Change in Price Index, registered a 2.50% change versus a prior 2.60% change for the 1-Year outlook, and a 2.40% change versus a prior 2.50% change for the 5-10 Year outlook. Later today at 11:00 AM (PT), the FOMC Minutes from the Fed’s latest meeting will be released.

The curve has bull-steepened with the UST 10-Year yield down 0.6 bp from prior closing

Happy Thanksgiving!
 
 
   
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  11/20 Leading Index 07:00 Oct 0.80% 1.20% -0.20% 0.10%  
                   
  11/21 Chicago Fed Nat Activity Index 05:30 Oct 0.20 0.65 0.17 0.36  
                   
  11/21 Existing Home Sales 07:00 Oct 5.40m 5.48m 5.39m 5.37m  
                   
  11/21 Existing Home Sales MoM 07:00 Oct 0.20% 2.00% 0.70% 0.40%  
                   
  11/22 MBA Mortgage Applications 04:00 17 Nov - 0.10% 3.10% -  
                   
  11/22 Initial Jobless Claims 05:30 18 Nov 240k 239k 249k 252k  
                   
  11/22 Continuing Claims 05:30 11 Nov 1880k 1904k 1860k 1868k  
                   
  11/22 Durable Goods Orders 05:30 Oct P 0.30% -1.20% 2.00% 2.20%  
                   
  11/22 Durables Ex Transportation 05:30 Oct P 0.50% 0.40% 0.70% 1.10%  
                   
  11/22 Bloomberg Consumer Comfort 06:45 19 Nov - 51.70 52.10 -  
                   
  11/22 U. of Mich. Sentiment 07:00 Nov F 98.00 98.50 97.80 -  
                   
  11/22 FOMC Meeting Minutes 11:00 1 Nov - - - -  
                   
  11/23 No Data - - - - - -  
                   
  11/24 Markit US Manufacturing PMI 06:45 Nov P 55.00 - 54.60 -  
                   
  11/24 Markit US Services PMI 06:45 Nov P 55.30 - 55.30 -  
                   
  11/24 Markit US Composite PMI 06:45 Nov P - - 55.20 -  
                   
 
 
 
 
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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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