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Market Commentary


 
Today's Coupons
 
  10-Year Notes   98-18.5 (-06)  
 
  FN 3.5% Coupon   102-13.5 (-03.5)  
 
  Support   2.431%  
 
  Resistance   2.304%  
 
 
 
 
Tuesday, December 12, 2017
 
 
Treasuries are lower across the curve this morning from yesterday’s close. The UST 10-Year yield is currently at 2.404% after closing at 2.389% during the prior session.

The economic calendar for this week continued this morning with the November prints for the Producer Price Index (PPI) Final Demand month-over-month and the Producer Price Index (PPI) Final Demand year-over-year. PPI month-over-month increased by 0.40%, in line with its previous mark and slightly above an estimated 0.30% change; while PPI year-over-year increased by 3.10%, above a 2.90% survey and its 2.80% previous mark. Also in today, PPI Less Food and Energy year-over-year for November reflected a 2.40% increase, in line with estimates for the month and its previous mark. Finally, Small Business Optimism rose to 107.50 in November, above expectations of 104.00 and a previous mark of 103.80, registering its highest monthly level in 34 years.

The calendar for the rest of the week continues with Inflation readings and Mortgage Applications tomorrow, Initial and Continuing Jobless Claims on Thursday and Industrial Production on Friday. Meanwhile, the FOMC will announce their decision tomorrow on any potential increases in short-term interest rates. 

The curve has bear-flattened with the UST 10-Year yield up 1.5 bps from prior closing.
 
 
   
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  12/11 JOLTS Job Openings 07:00 Oct 6135 5996 6093 6177  
                   
  12/12 NFIB Small Business Optimism 03:00 Nov 104.00 107.50 103.80 -  
                   
  12/12 PPI Final Demand MoM 05:30 Nov 0.30% 0.40% 0.40% -  
                   
  12/12 PPI Final Demand YoY 05:30 Nov 2.90% 3.10% 2.80% -  
                   
  12/12 Monthly Budget Statement 11:00 Nov -$134.50 b - -$136.70 b -  
                   
  12/13 MBA Mortgage Applications 04:00 8 Dec - - 4.70% -  
                   
  12/13 CPI MoM 05:30 Nov 0.40% - 0.10% -  
                   
  12/13 CPI YoY 05:30 Nov 2.20% - 2.00% -  
                   
  12/13 FOMC Rate Decision (Upper Bound) 11:00 13 Dec 1.50% - 1.25% -  
                   
  12/13 FOMC Rate Decision (Lower Bound) 11:00 13 Dec 1.25% - 1.00% -  
                   
  12/14 Initial Jobless Claims 05:30 9 Dec 236k - 236k -  
                   
  12/14 Continuing Claims 05:30 2 Dec 1900k - 1908k -  
                   
  12/14 Import Price Index MoM 05:30 Nov 0.70% - 0.20% -  
                   
  12/14 Import Price Index YoY 05:30 Nov 3.30% - 2.50% -  
                   
  12/14 Export Price Index MoM 05:30 Nov 0.30% - 0.00% -  
                   
  12/14 Retail Sales Advance MoM 05:30 Nov 0.30% - 0.20% -  
                   
  12/14 Export Price Index YoY 05:30 Nov - - 2.70% -  
                   
  12/14 Bloomberg Consumer Comfort 06:45 10 Dec - - 52.30 -  
                   
  12/14 Markit US Manufacturing PMI 06:45 Dec P 54.00 - 53.90 -  
                   
  12/14 Markit US Services PMI 06:45 Dec P 55.00 - 54.50 -  
                   
  12/14 Markit US Composite PMI 06:45 Dec P - - 54.50 -  
                   
  12/14 Business Inventories 07:00 Oct -0.10% - 0.00% -  
                   
  12/15 Empire Manufacturing 05:30 Dec 18.70 - 19.40 -  
                   
  12/15 Industrial Production MoM 06:15 Nov 0.30% - 0.90% -  
                   
  12/15 Capacity Utilization 06:15 Nov 77.20% - 77.00% -  
                   
 
 
 
 
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