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Market Commentary


 
Today's Coupons
 
  10-Year Notes   96-10 (-03)  
 
  FN 3.5% Coupon   102-18.5 (-01)  
 
  Support   2.488%  
 
  Resistance   2.338%  
 
 
 
 
Friday, December 9, 2016
 
 
The UST 10-Year yield is at 2.419% this morning after closing at 2.414% yesterday.

This morning, U.S. Treasury yields opened higher following the Euro-zone bond markets, where the curve spreads surged as a result of yesterdays’ announcement. The European Central Bank said it would not only scale back the bond-buying program from the original 80 Billion to 60 Billion Euros monthly, but would extend the program through December 2017. As result, the euro had the biggest drop against the dollar since June.

OPEC will have a meeting today with 9 other non-members in Vienna to discuss the proposed cuts in oil output. OPEC currently produces 1/3 of global oil and has pledged to reduce output by 1.20 Million bpd starting January 2017. If agreed, this will remove 2.00% of the world’s oil supply.

In economic releases, Wholesale Inventories Index was released as expected at -0.40%. Consumer Sentiment increased in the month of December according to the U. of Mich. Sentiment Survey; it was released better than expected at 98.00, the highest since January 2015.

The curve has bear-steepened with the UST 10-Year 0.5 bp up from prior closing.

Have A Wonderful Weekend!

 
 
   
 
   
 
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 - -0.70% -9.40% -  
                   
  12/07 JOLTS Job Openings 07:00 Oct 5500 5534 5486 5631  
                   
  12/08 Initial Jobless Claims 05:30 3 Dec 255K 258K 268K -  
                   
  12/08 Continuing Claims 05:30 26 Nov 2048K 2005K 2081K 2084K  
                   
  12/08 Bloomberg Consumer Comfort 06:45 4 Dec - 45.10 44.90 -  
                   
  12/09 Wholesale Inventories MoM 07:00 Oct F -0.40% -0.40% -0.40% -  
                   
  12/09 U. of Mich. Sentiment 07:00 Dec P 94.50 98.00 93.80 -  
                   
 
 
 
 
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