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Market Commentary


 
Today's Coupons
 
  10-Year Notes   98-28 (-01.5)  
 
  FN 3.5% Coupon   102-21 (-01.5)  
 
  Support   2.472%  
 
  Resistance   2.304%  
 
 
 
 
Tuesday, December 05, 2017
 
 
Treasuries are lower across the curve this morning from yesterday’s close. The UST 10-Year yield is currently at 2.386% after closing at 2.373% during the prior session.

The U.S. Trade Deficit increased in October to $48.70 Billion according to data from the Commerce Department. The level marked a nine-month high and came in against market expectations of $47.50 Billion and a revised $44.90 Billion in the prior month. We also received the Markit U.S. Services PMI print for November which registered 54.50 versus a survey of 55.20 and a prior mark of 54.70; Markit U.S. Composite PMI for November registered 54.50 versus a prior mark of 54.60. Lastly, we received the ISM Non-Manufacturing Composite for November which came in at 57.40 versus a survey of 59.00 and a prior mark of 60.10.

The economic calendar continues tomorrow with the ADP Employment Change for November, Jobless and Continuing Claims on Thursday, and the November employment reports on Friday.

The curve has bear-flattened with the UST 10-Year yield up 1.3 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 -$48.70 b -$43.50 b -$44.90 b  
                   
  12/05 Markit US Services PMI 06:45 Nov F 55.20 54.50 54.70 -  
                   
  12/05 Markit US Composite PMI 06:45 Nov F - 54.50 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 1915k - 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 197k - 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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