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Market Commentary


 
Today's Coupons
 
  10-Year Notes   96-19 (+04)  
 
  FN 3.5% Coupon   102-19 (+01)  
 
  Support   2.488%  
 
  Resistance   2.291%  
 
 
 
 
Tuesday, December 6, 2016
 
 

The UST 10-Year yield is at 2.385% this morning after closing at 2.395% yesterday.

In today's economic news, Non-Farm Productivity rose to a 3.10% annual rate during the 3rd quarter of 2016 as output and work hours increased 3.60% and 0.50%, respectively. Unit-labor costs, the cost to produce 1 unit of output, rose 0.70% and has increased a total of 3.00% over the last 4 quarters. Overall, productivity has only increased by 1.00% annually since 2007 vs. a 2.60% annual increase during 2000-2007.

The Trade Balance deficit widened to -$42.60 Billion in October from the previously revised -$36.20 Billion, the highest spike since March 2016. Contributing factors were a 1.80% decrease in American exports and a 1.30% increase in imports for equipment and consumer goods, the largest increase since September 2015. In the 3rd quarter, trade contributed 0.87% to the U.S. economic growth, the most since late 2013.

Factory Orders came in slightly higher than expected at 2.70%, a 2.10% increase from September. Durable Goods Orders had a slight decrease in October of 0.20% to 4.60%.

The curve has bull-flattened with the UST 10-Year 1 bp down from prior closing.

 
 
   
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  12/05 Markit US Services PMI 06:45 Nov F 54.90 54.60 54.70 -  
                   
  12/05 Markit US Composite PMI 06:45 Nov F - 54.90 54.90 -  
                   
  12/06 Nonfarm Productivity 05:30 3Q F 3.30% 3.10% 3.10% -  
                   
  12/06 Factory Orders 07:00 Oct 2.60% 2.70% 0.30% 0.60%  
                   
  12/06 Factory Orders Ex Trans 07:00 Oct - 0.80% 0.60% -  
                   
  12/06 Durable Goods Orders 07:00 Oct F 3.40% 4.60% 4.80% -  
                   
  12/06 Durables Ex Transportation 07:00 Oct F 0.50% 0.80% 1.00% -  
                   
  12/07 MBA Mortgage Applications 04:00 2 Dec - - -9.40% -  
                   
  12/07 JOLTS Job Openings 07:00 Oct 5500 - 5486 -  
                   
  12/08 Initial Jobless Claims 05:30 3 Dec 255K - 268K -  
                   
  12/08 Continuing Claims 05:30 26 Nov 2048K - 2081K -  
                   
  12/08 Bloomberg Consumer Comfort 06:45 4 Dec - - 44.90 -  
                   
  12/09 Wholesale Inventories MoM 07:00 Oct F -0.40% - -0.40% -  
                   
  12/09 U. of Mich. Sentiment 07:00 Dec P - - 93.80 -  
                   
 
 
 
 
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