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Market Commentary


 
Today's Coupons
 
  10-Year Notes   98-29.5 (-06)  
 
  FN 3.5% Coupon   102-22.5 (-02.5)  
 
  Support   2.431%  
 
  Resistance   2.304%  
 
 
 
 
Monday, December 18, 2017
 
 
Today’s session opened with Treasuries lower than Friday. The yield on the UST 10-Year is currently at 2.366% after closing at 2.354% during the prior session.

Equity markets rallied and treasuries dropped amid news late Friday that key Republican Senators would again support the tax reform bill, thus nearly sealing the needed majority to approve the legislation by mid-week and have the President sign it before Christmas. Agreement on some of the major roadblocks on the bill and the legislation’s current timeline appear to position the Republican majority in Washington on the brink of a political victory before the year comes to an end.

The economic calendar for the week features the Home Builders Market Index today. The Index reflected an increase to 74.00 for December, rising above a survey of 70.00 and a mark of 69.00 revised prior, while hitting an 18-Year high. The calendar continues tomorrow with Housing Starts and Building Permits, Mortgage Applications and Home Sales on Wednesday, GDP and Jobs Reports on Thursday, and Inflation, Income and Personal Spending on Friday. 

The curve has bear-steepened with the UST 10-Year yield up 1.2 bps from prior closing.
 
 
   
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  12/18 NAHB Housing Market Index 07:00 Dec 70.00 74.00 70.00 69.00  
                   
  12/19 Housing Starts 05:30 Nov 1249k - 1290k -  
                   
  12/19 Housing Starts MoM 05:30 Nov -3.20% - 13.70% -  
                   
  12/19 Building Permits 05:30 Nov 1275k - 1297k 1316k  
                   
  12/19 Building Permits MoM 05:30 Nov -3.10% - 5.90% 7.40%  
                   
  12/20 MBA Mortgage Applications 04:00 15 Dec - - -2.30% -  
                   
  12/20 Existing Home Sales 07:00 Nov 5.53m - 5.48m -  
                   
  12/20 Existing Home Sales MoM 07:00 Nov 0.90% - 2.00% -  
                   
  12/21 Philadelphia Fed Business Outlook 05:30 Dec 21.50 - 22.70 -  
                   
  12/21 GDP Annualized QoQ 05:30 3Q T 3.30% - 3.30% -  
                   
  12/21 Personal Consumption 05:30 3Q T 2.30% - 2.30% -  
                   
  12/21 GDP Price Index 05:30 3Q T 2.10% - 2.10% -  
                   
  12/21 Core PCE QoQ 05:30 3Q T 1.40% - 1.40% -  
                   
  12/21 Initial Jobless Claims 05:30 16 Dec 233k - 225k -  
                   
  12/21 Continuing Claims 05:30 9 Dec 1900k - 1886k -  
                   
  12/21 Chicago Fed Nat Activity Index 05:30 Nov 0.60 - 0.65 -  
                   
  12/21 FHFA House Price Index MoM 06:00 Oct 0.40% - 0.30% -  
                   
  12/21 Bloomberg Consumer Comfort 06:45 17 Dec - - 51.30 -  
                   
  12/21 Leading Index 07:00 Nov 0.40% - 1.20% -  
                   
  12/22 Personal Income 05:30 Nov 0.40% - 0.40% -  
                   
  12/22 Personal Spending 05:30 Nov 0.50% - 0.30% -  
                   
  12/22 PCE Deflator MoM 05:30 Nov 0.30% - 0.10% -  
                   
  12/22 PCE Deflator YoY 05:30 Nov 1.80% - 1.60% -  
                   
  12/22 PCE Core MoM 05:30 Nov 0.10% - 0.20% -  
                   
  12/22 PCE Core YoY 05:30 Nov 1.50% - 1.40% -  
                   
  12/22 Durable Goods Orders 05:30 Nov P 2.00% - -0.80% -  
                   
  12/22 Durables Ex Transportation 05:30 Nov P 0.50% - 0.90% -  
                   
  12/22 New Home Sales 07:00 Nov 651k - 685k -  
                   
  12/22 New Home Sales MoM 07:00 Nov -5.00% - 6.20% -  
                   
  12/22 U. of Mich. Sentiment 07:00 Dec F 97.20 - 96.80 -  
                   
  12/22 Kansas City Fed Manf. Activity 08:00 Dec 15.00 - 16.00 -  
                   
 
 
 
 
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