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Market Commentary


 
Today's Coupons
 
  10-Year Notes   98-26 (+01)  
 
  FN 3.5% Coupon   102-22.5 (+01.5)  
 
  Support   2.472%  
 
  Resistance   2.304%  
 
 
 
 
Thursday, November 30, 2017
 
 
Treasuries are marginally higher across the curve this morning from yesterday’s close. The UST 10-Year yield is currently at 2.382% after closing at 2.389% during the prior session.

Today we received Initial Jobless Claims for the week ended November 25. Results came at 238k, lower than a survey of 240k and a revised mark of 240k for the prior week. Continuing Claims for the week ended November 18 came in at 1957k, higher than a survey of 1890k and a revised mark of 1915k for the prior week. At 0.40%, Personal Income for October stayed in line with its previous mark and slightly beat a survey of 0.30% while Personal Spending for October registered a 0.30% increase which was in line with market survey and below its revised prior mark of 0.90%.

In Washington, Senate Republican leaders voted last night unanimously to bring the tax overhaul legislation to the floor for a final vote that could take place today or early tomorrow. However, discussions continue on whether to include a mechanism that would trigger tax increases in the future if economic growth and revenue targets are not met. Republicans now need 50 of their 52 delegation votes to approve the bill and send it to the House and Senate conference committee.

The curve has bull-flattened with the UST 10-Year yield down 0.7 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% -0.40% 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% 0.40% -  
                   
  11/30 Personal Spending 05:30 Oct 0.30% 0.30% 1.00% 0.90%  
                   
  11/30 PCE Deflator MoM 05:30 Oct 0.10% 0.10% 0.40% -  
                   
  11/30 PCE Deflator YoY 05:30 Oct 1.50% 1.60% 1.60% 1.70%  
                   
  11/30 Initial Jobless Claims 05:30 25 Nov 240k 238k 239k 240k  
                   
  11/30 Continuing Claims 05:30 18 Nov 1890k 1957k 1904k 1915k  
                   
  11/30 PCE Core MoM 05:30 Oct 0.20% 0.20% 0.10% 0.20%  
                   
  11/30 PCE Core YoY 05:30 Oct 1.40% 1.40% 1.30% 1.40%  
                   
  11/30 Bloomberg Consumer Comfort 06:45 26 Nov - 51.60 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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