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Market Commentary


 
Today's Coupons
 
  10-Year Notes   98-27 (-05.5)  
 
  FN 3.5% Coupon   102-25 (-02.5)  
 
  Support   2.431%  
 
  Resistance   2.304%  
 
 
 
 
Friday, December 08, 2017
 
 
Treasuries are marginally lower across the curve this morning from yesterday’s close. The UST 10-Year yield is currently at 2.372% after closing at 2.364% during the prior session.

Nonfarm Payroll figures for November rose by 228k representing more jobs added to the economy than an expected 195k, but below its revised mark of 244k for the previous month. Unemployment Rate for November remained at 4.10%, matching both market survey and its previous monthly mark. Average Hourly Earnings for November increased by 0.20%, below a survey of 0.30% but above a revised mark of -0.10% for the preceding period.

We also received the Wholesale Inventories for October which fell 0.50% MoM versus an expected 0.40% drop per consensus. Lastly, we received the Preliminary University of Michigan Sentiment print for December which dropped to 96.80 from 98.50 prior. Attention will shift next week to the two-day FOMC meeting which will conclude on Wednesday December 13th with a possible announcement of another rate hike.

The curve has bear-steepened with the UST 10-Year yield up 0.8 bp from prior closing.

Have A Lovely Weekend!
 
 
   
 
   
 
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 $20.519 b $20.830 b $19.211 b  
                   
  12/08 Change in Nonfarm Payrolls 05:30 Nov 195k 228k 261k 244k  
                   
  12/08 Unemployment Rate 05:30 Nov 4.10% 4.10% 4.10% -  
                   
  12/08 Average Hourly Earnings MoM 05:30 Nov 0.30% 0.20% 0.00% -0.10%  
                   
  12/08 Average Hourly Earnings YoY 05:30 Nov 2.70% 2.50% 2.40% 2.30%  
                   
  12/08 Labor Force Participation Rate 05:30 Nov - 62.70% 62.70% -  
                   
  12/08 Underemployment Rate 05:30 Nov - 8.00% 7.90% -  
                   
  12/08 Wholesale Inventories MoM 07:00 Oct F -0.40% -0.50% -0.40% -  
                   
  12/08 Wholesale Trade Sales MoM 07:00 Oct 0.30% 0.70% 1.30% 1.40%  
                   
  12/08 U. of Mich. Sentiment 07:00 Dec P 99.00 96.80 98.50 -  
                   
 
 
 
 
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