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Market Commentary


 
Today's Coupons
 
  10-Year Notes   98-26.5 (-16)  
 
  FN 3.5% Coupon   102-21.5 (-06)  
 
  Support   2.472%  
 
  Resistance   2.302%  
 
 
 
 
Wednesday, November 29, 2017
 
 
Treasuries are lower across the curve this morning from yesterday’s close. The UST 10-Year yield is currently at 2.380% after closing at 2.329% during the prior session.

Gross Domestic Product grew at a 3.30% annual rate during the third quarter according to the Commerce Department this morning. The result comes against expected growth for the quarter of 3.20% and a prior mark of 3.00%. The economic expansion during the quarter marked the fastest growth rate in three years and was aided by non-residential fixed investment, government spending and private inventory investment. Personal Consumption rose by 2.30% during the quarter, while the market expected a 2.50% increase after its previous 2.40% mark. Mortgage Applications on the other hand fell 3.10% for the week ended November 24 following a 0.10% increase in application activities the week prior.

In other economic news, the Senate is set to vote this week on its version of the tax reform bill. The bill now appears to be more aligned with the House version and should include deep corporate tax cuts. However, some experts argue the cuts can come with little or no relief for middle class tax payers and it could add $1.70 Trillion to the deficit over the next 10 years.

The curve has bear-steepened with the UST 10-Year yield up 5.1 bps 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% -0.40% 0.30% 0.10%  
                   
  11/28 FHFA House Price Index MoM 06:00 Sep 0.50% 0.30% 0.70% 0.80%  
                   
  11/28 S&P CoreLogic CS 20-City MoM SA 06:00 Sep 0.30% 0.52% 0.45% 0.44%  
                   
  11/28 S&P CoreLogic CS 20-City YoY NSA 06:00 Sep 6.04% 6.19% 5.92% 5.82%  
                   
  11/28 Richmond Fed Manufact. Index 07:00 Nov 14.00 30.00 12.00 -  
                   
  11/29 MBA Mortgage Applications 04:00 24 Nov - -3.10% 0.10% -  
                   
  11/29 GDP Annualized QoQ 05:30 3Q S 3.20% 3.30% 3.00% -  
                   
  11/29 Personal Consumption 05:30 3Q S 2.50% 2.30% 2.40% -  
                   
  11/29 GDP Price Index 05:30 3Q S 2.20% 2.10% 2.20% -  
                   
  11/29 Core PCE QoQ 05:30 3Q S 1.30% 1.40% 1.30% -  
                   
  11/29 Pending Home Sales MoM 07:00 Oct 1.00% 3.50% 0.00% -0.40%  
                   
  11/29 Pending Home Sales NSA YoY 07:00 Oct 3.00% 1.20% -5.40% -5.70%  
                   
  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 0.30% - 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 1890k - 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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  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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