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Market Commentary


 
Today's Coupons
 
  10-Year Notes   98-11 (-12.5)  
 
  FN 3.5% Coupon   102-15.5 (-06)  
 
  Support   2.439%  
 
  Resistance   2.304%  
 
 
 
 
Tuesday, December 19, 2017
 
 
Today’s session opened with Treasuries lower than yesterday. The yield on the UST 10-Year is currently at 2.427% after closing at 2.395% during the prior session.

Housing Starts during November increased to 1297k, surpassing market survey of 1250k and its prior mark of 1256k revised; while month-over-month Housing Starts for November increased by 3.30%, higher than the estimated -3.10% but falling below its prior mark of 8.40% revised. Building Permits during November registered 1298k, surpassing market survey of 1270k but below its prior mark of 1316k revised; while month-over-month Building Permits for November registered a -1.40% change, better than the estimated -3.50% but falling below its prior mark of 7.40% revised. Finally, the Current Account Balance for the 3Q registered a deficit of $100.60 Billion, lower than an expected figure of $116.20 Billion deficit and below its revised previous reading of $124.40 Billion deficit.  

House Republicans are scheduled to hold a vote today in the early afternoon on tax reform after a floor debate takes place in the morning. The approved bill would then be considered in the Senate. 

The curve has bear-steepened with the UST 10-Year yield up 3.2 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 1250k 1297k 1290k 1256k  
                   
  12/19 Housing Starts MoM 05:30 Nov -3.10% 3.30% 13.70% 8.40%  
                   
  12/19 Building Permits 05:30 Nov 1270k 1298k 1297k 1316k  
                   
  12/19 Building Permits MoM 05:30 Nov -3.50% -1.40% 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 21.00 - 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 1898k - 1886k -  
                   
  12/21 Chicago Fed Nat Activity Index 05:30 Nov 0.50 - 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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