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Market Commentary


 
Today's Coupons
 
  10-Year Notes   99-04.5 (-02)  
 
  FN 3.5% Coupon   102-25 (-01)  
 
  Support   2.472%  
 
  Resistance   2.296%  
 
 
 
 
Monday, November 27, 2017
 
 
Treasuries are nearly unchanged across the curve this morning from Friday’s close. The UST 10-Year yield is currently at 2.341% after closing at 2.343% prior.

This morning we received the New Home Sales print for October which rose 6.20% MoM following a downwardly revised 14.20% rise in September. New Home Sales rose 40k to 685k from September’s revised 645k. Later this morning, Treasury will auction $26 Billion 2-Year Notes at 8:30 AM (PT), and will also auction $34 Billion in 5-Year Notes at 10:00 AM (PT). In Fedspeak, New York Fed President Dudley will speak on the US Economy this afternoon at 4:00 PM (PT).

The remainder of this week’s calendar will continue with Tuesday’s October Wholesale and Retail Inventories and September FHFA House Price Index, Wednesday’s October Pending Home Sales data and the release of the Fed’s latest Beige Book, Thursday’s Personal Income and Spending for October, and concludes with Friday’s November ISM Manufacturing reports and October Construction Spending.

The curve has bull-flattened with the UST 10-Year yield down 0.2 bp from prior closing
 
 
   
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  11/27 New Home Sales 07:00 Oct 627k 685k 667k 645k  
                   
  11/27 New Home Sales MoM 07:00 Oct -6.10% 6.20% 18.90% 14.20%  
                   
  11/27 Dallas Fed Manf. Activity 07:30 Nov 24.00 19.40 27.60 -  
                   
  11/28 Wholesale Inventories MoM 05:30 Oct P 0.40% - 0.30% -  
                   
  11/28 FHFA House Price Index MoM 06:00 Sep 0.50% - 0.70% -  
                   
  11/28 S&P CoreLogic CS 20-City MoM SA 06:00 Sep 0.30% - 0.45% -  
                   
  11/28 S&P CoreLogic CS 20-City YoY NSA 06:00 Sep 6.00% - 5.92% -  
                   
  11/28 Richmond Fed Manufact. Index 07:00 Nov 14.00 - 12.00 -  
                   
  11/29 MBA Mortgage Applications 04:00 24 Nov - - 0.10% -  
                   
  11/29 GDP Annualized QoQ 05:30 3Q S 3.20% - 3.00% -  
                   
  11/29 Personal Consumption 05:30 3Q S 2.50% - 2.40% -  
                   
  11/29 GDP Price Index 05:30 3Q S 2.20% - 2.20% -  
                   
  11/29 Core PCE QoQ 05:30 3Q S 1.30% - 1.30% -  
                   
  11/29 Pending Home Sales MoM 07:00 Oct 1.00% - 0.00% -  
                   
  11/29 Pending Home Sales NSA YoY 07:00 Oct 3.00% - -5.40% -  
                   
  11/29 U.S. Federal Reserve Releases Beige Book 11:00 - - - - -  
                   
  11/30 Personal Income 05:30 Oct 0.30% - 0.40% -  
                   
  11/30 Personal Spending 05:30 Oct 0.20% - 1.00% -  
                   
  11/30 PCE Deflator MoM 05:30 Oct 0.10% - 0.40% -  
                   
  11/30 PCE Deflator YoY 05:30 Oct 1.50% - 1.60% -  
                   
  11/30 Initial Jobless Claims 05:30 25 Nov 240k - 239k -  
                   
  11/30 Continuing Claims 05:30 18 Nov 1895k - 1904k -  
                   
  11/30 PCE Core MoM 05:30 Oct 0.20% - 0.10% -  
                   
  11/30 PCE Core YoY 05:30 Oct 1.40% - 1.30% -  
                   
  11/30 Bloomberg Consumer Comfort 06:45 26 Nov - - 51.70 -  
                   
  12/01 Markit US Manufacturing PMI 06:45 Nov F - - 53.80 -  
                   
  12/01 ISM Manufacturing 07:00 Nov 58.30 - 58.70 -  
                   
  12/01 ISM Prices Paid 07:00 Nov 67.30 - 68.50 -  
                   
  12/01 Construction Spending MoM 07:00 Oct 0.50% - 0.30% -  
                   
 
 
 
 
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