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Market Commentary


 
Today's Coupons
 
  10-Year Notes   99-10 (+03.5)  
 
  FN 3.5% Coupon   102-30 (+02.5)  
 
  Support   2.472%  
 
  Resistance   2.304%  
 
 
 
 
Thursday, December 07, 2017
 
 
Treasuries are marginally higher across the curve this morning from yesterday’s close. The UST 10-Year yield is currently at 2.332% after closing at 2.339% during the prior session.

The President is scheduled to hold initial negotiation meetings with Congress leaders from both parties today, where they would try to define overall levels for defense and non-defense spending for the next two years. The House is expected to vote today on a two-week spending bill that would allow some room for Congress and the President to agree on a two-year spending plan and avoid tomorrow’s debt ceiling deadline and a partial federal government shutdown; the Senate is expected to vote on the bill tomorrow.

On the economic calendar, we received Jobless Claims for the week ended December 2, which came in at 236k, below both a survey of 240k and a prior mark of 238k. We also received Continuing Claims for the week ended November 25, which decreased to 1908k from its previous revised mark of 1960k, and came in below expectations of 1919k. The calendar for the week concludes tomorrow with the employment report for November and Wholesale Inventories for October.

The curve remains 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  
  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 - 30.10% -3.00% -  
                   
  12/07 Initial Jobless Claims 05:30 2 Dec 240k 236k 238k -  
                   
  12/07 Continuing Claims 05:30 25 Nov 1919k 1908k 1957k 1960k  
                   
  12/07 Bloomberg Consumer Comfort 06:45 3 Dec - 52.30 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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