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Market Commentary


 
Today's Coupons
 
  10-Year Notes   97-29 (-08.5)  
 
  FN 3.5% Coupon   102-06.5 (-04.5)  
 
  Support   2.493%  
 
  Resistance   2.310%  
 
 
 
 
Wednesday, December 20, 2017
 
 
Today’s session opened with Treasuries lower than yesterday. The yield on the UST 10-Year is currently at 2.491% after closing at 2.465% during the prior session.

Treasuries continued to fall on Wednesday as the Senate approved early this morning the tax reform bill that promises a significant overhaul to the tax code not seen in nearly three decades. At the core of the legislation remain permanent reductions of corporate taxation to 21 percent for most corporations, allowable deductions for capital investments, temporary relief for middle class individuals, and changes to levies for repatriating overseas profits. However, due to changes in language and certain provisions, the legislation must once again be presented for a vote in the House of Representatives.

The economic calendar for the week continued today with MBA Mortgage Applications falling 4.90% for the week ended December 15, following a previous mark of -2.30%. Also in today, Existing Home Sales reached 5.81m during November, beating estimates of 5.53m and its 5.50m revised prior; and month-over-month Existing Home Sales for November increased by 5.60%; beating estimates of 0.90% and its 2.40% revised prior.  

The curve has bear-steepened with the UST 10-Year yield up 2.6 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 - -4.90% -2.30% -  
                   
  12/20 Existing Home Sales 07:00 Nov 5.53m 5.81m 5.48m 5.50m  
                   
  12/20 Existing Home Sales MoM 07:00 Nov 0.90% 5.60% 2.00% 2.40%  
                   
  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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