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Market Commentary


 
Today's Coupons
 
  10-Year Notes   99-13.5 (+10.5)  
 
  FN 3.5% Coupon   102-30.5 (+05)  
 
  Support   2.472%  
 
  Resistance   2.304%  
 
 
 
 
Wednesday, December 06, 2017
 
 
Treasuries are higher across the curve this morning from yesterday’s close. The UST 10-Year yield is currently at 2.320% after closing at 2.352% during the prior session.

Treasuries opened higher this morning as focus on the markets shifted from tax legislation headlines to U.S. Government shutdown concerns. A Republican plan over the debt ceiling to avoid a federal shutdown got dismantled last night by majority leaders sending markets into a risk-off mode. The U.S. continues to face a potential partial government shutdown if legislative leaders do not agree on a spending bill by December 8th.

The economic calendar continued today with the ADP Employment Change reporting 190k new jobs for November, which came in line with market expectations following a 235k gain in October. Also today, MBA Mortgage Applications rose 4.70% for the week ended December 1st, exceeding the -3.10% change during the prior week. Finally, Nonfarm Productivity for the 3Q stood unchanged from its previous mark at 3.00%, but came in below expectations of 3.30%. Unit Labor Costs fell 0.20% during the quarter following a 0.50% gain prior.

The curve has bull-flattened with the UST 10-Year yield down 3.2 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 - 4.70% -3.10% -  
                   
  12/06 ADP Employment Change 05:15 Nov 190k 190k 235k -  
                   
  12/06 Nonfarm Productivity 05:30 3Q F 3.30% 3.00% 3.00% -  
                   
  12/06 Unit Labor Costs 05:30 3Q F 0.20% -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 1919k - 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 195k - 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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  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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