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Market Commentary


 
Today's Coupons
 
  10-Year Notes   98-25.5 (-06.5)  
 
  FN 3.5% Coupon   102-19.5 (-02.5)  
 
  Support   2.472%  
 
  Resistance   2.304%  
 
 
 
 
Monday, December 04, 2017
 
 
Treasuries are lower across the curve this morning from Friday’s close. The UST 10-Year yield is currently at 2.395% after closing at 2.362% during the prior session.

Treasuries fell after the Senate voted early Saturday to approve tax-cut legislation which propelled risk assets around the world. Formal negotiations between the House and the Senate will kick off today with the formation of a conference committee that will attempt to harmonize differences between each of the bodies’ legislative bills. This headline also helped steer attention away from the ongoing investigation of potential connections between President Trump’s campaign and Russian meddling in the 2016 U.S. elections.

In other economic news, today we received Factory Orders and Durable Goods Orders for October. The former reflected a -0.10% change beating expectations of -0.40% but lower than its previous 1.70% revised mark; while the latter reflected a -0.80% forecast change beating both expectations of -1.10% and its previous -1.20% mark. The remainder of this week’s calendar consists of Tuesday’s Markit US Services and Composite PMI for November, Wednesday’s ADP Employment Change for November, Thursday’s Jobless and Continuing Claims, and Friday’s employment reports for November.

The curve has bear-steepened with the UST 10-Year yield up 3.3 bps from prior closing.
 
 
   
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  12/04 Factory Orders 07:00 Oct -0.40% -0.10% 1.40% 1.70%  
                   
  12/04 Durable Goods Orders 07:00 Oct F -1.10% -0.80% -1.20% -  
                   
  12/04 Durables Ex Transportation 07:00 Oct F - 0.90% 0.40% -  
                   
  12/05 Trade Balance 05:30 Oct -$47.50 b - -$43.50 b -  
                   
  12/05 Markit US Services PMI 06:45 Nov F 55.20 - 54.70 -  
                   
  12/05 Markit US Composite PMI 06:45 Nov F - - 54.60 -  
                   
  12/06 MBA Mortgage Applications 04:00 1 Dec - - -3.10% -  
                   
  12/06 ADP Employment Change 05:15 Nov 190k - 235k -  
                   
  12/06 Nonfarm Productivity 05:30 3Q F 3.30% - 3.00% -  
                   
  12/06 Unit Labor Costs 05:30 3Q F 0.20% - 0.50% -  
                   
  12/07 Challenger Job Cuts YoY 04:30 Nov - - -3.00% -  
                   
  12/07 Initial Jobless Claims 05:30 2 Dec 240k - 238k -  
                   
  12/07 Continuing Claims 05:30 25 Nov 1900k - 1957k -  
                   
  12/07 Bloomberg Consumer Comfort 06:45 3 Dec - - 51.60 -  
                   
  12/07 Consumer Credit 12:00 Oct $17.000 b - $20.830 b -  
                   
  12/08 Change in Nonfarm Payrolls 05:30 Nov 198k - 261k -  
                   
  12/08 Unemployment Rate 05:30 Nov 4.10% - 4.10% -  
                   
  12/08 Average Hourly Earnings MoM 05:30 Nov 0.30% - 0.00% -  
                   
  12/08 Average Hourly Earnings YoY 05:30 Nov 2.70% - 2.40% -  
                   
  12/08 Labor Force Participation Rate 05:30 Nov - - 62.70% -  
                   
  12/08 Underemployment Rate 05:30 Nov - - 7.90% -  
                   
  12/08 Wholesale Inventories MoM 07:00 Oct F -0.40% - -0.40% -  
                   
  12/08 Wholesale Trade Sales MoM 07:00 Oct 0.30% - 1.30% -  
                   
  12/08 U. of Mich. Sentiment 07:00 Dec P 99.00 - 98.50 -  
                   
 
 
 
 
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