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Market Commentary


 
Today's Coupons
 
  10-Year Notes   98-26 (-10.5)  
 
  FN 3.5% Coupon   102-19 (-07)  
 
  Support   2.431%  
 
  Resistance   2.304%  
 
 
 
 
Thursday, December 14, 2017
 
 
Today’s session opened with Treasuries lower than yesterday. The yield on the UST 10-Year is currently at 2.379% after closing at 2.343% during the prior session.

The FOMC announced yesterday a 25 percentage points increase on the Fed Fund Target Rate to a range of 1.25% - 1.50%, a decision that was mostly anticipated and priced in by financial markets. The rate increase signals an economy in expansion and a strong labor market according to statements from exiting Fed Chair Janet Yellen.

Meanwhile, the economic calendar continued today with Initial Jobless Claims for the week ended December 9 of 225k, a decrease from its previous mark of 236k and below forecast of 236k; and Continuing Jobless Claims for the week ended December 2 of 1886k, also below a revised prior mark of 1913k and forecast for the period of 1900k. Also in today, month-over-month Retail Sales rose during November by 0.80%, exceeding expectations of 0.30% and above its revised prior mark of 0.50%. Finally, preliminary Manufacturing PMI for December rose to 55.00, above survey of 53.90 and prior of 53.90; and preliminary Services PMI for December dropped to 52.40, below survey of 54.70 and prior 54.50. 

The curve has bear-flattened with the UST 10-Year yield up 3.6 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 -$138.50 b -$136.70 b -  
                   
  12/13 MBA Mortgage Applications 04:00 8 Dec - -2.30% 4.70% -  
                   
  12/13 CPI MoM 05:30 Nov 0.40% 0.40% 0.10% -  
                   
  12/13 CPI YoY 05:30 Nov 2.20% 2.20% 2.00% -  
                   
  12/13 FOMC Rate Decision (Upper Bound) 11:00 13 Dec 1.50% 1.50% 1.25% -  
                   
  12/13 FOMC Rate Decision (Lower Bound) 11:00 13 Dec 1.25% 1.25% 1.00% -  
                   
  12/14 Initial Jobless Claims 05:30 9 Dec 236k 225k 236k -  
                   
  12/14 Continuing Claims 05:30 2 Dec 1900k 1886k 1908k 1913k  
                   
  12/14 Import Price Index MoM 05:30 Nov 0.70% 0.70% 0.20% 0.10%  
                   
  12/14 Import Price Index YoY 05:30 Nov 3.20% 3.10% 2.50% 2.30%  
                   
  12/14 Export Price Index MoM 05:30 Nov 0.30% 0.50% 0.00% 0.10%  
                   
  12/14 Retail Sales Advance MoM 05:30 Nov 0.30% 0.80% 0.20% 0.50%  
                   
  12/14 Export Price Index YoY 05:30 Nov - 3.10% 2.70% -  
                   
  12/14 Bloomberg Consumer Comfort 06:45 10 Dec - 51.30 52.30 -  
                   
  12/14 Markit US Manufacturing PMI 06:45 Dec P 53.90 55.00 53.90 -  
                   
  12/14 Markit US Services PMI 06:45 Dec P 54.70 52.40 54.50 -  
                   
  12/14 Markit US Composite PMI 06:45 Dec P - 53.00 54.50 -  
                   
  12/14 Business Inventories 07:00 Oct -0.10% -0.10% 0.00% -  
                   
  12/15 Empire Manufacturing 05:30 Dec 18.80 - 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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