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Market Commentary


 
Today's Coupons
 
  10-Year Notes   97-27 (00)  
 
  FN 3.5% Coupon   102-04.5 (-0.5)  
 
  Support   2.497%  
 
  Resistance   2.310%  
 
 
 
 
Thursday, December 21, 2017
 
 
Today’s session opened with Treasuries marginally higher than yesterday. The yield on the UST 10-Year is currently at 2.494% after closing at 2.498% during the prior session.

A third estimate of the annualized quarter-over-quarter GDP was published today for the third quarter. The print came in at 3.20%; slightly below estimates of 3.30% and a 3.30% prior. Also in today, Initial Jobless Claims for the week ended December 16 rose to 245k, exceeding survey of 233k and its prior 225k mark; while Continuing Claims for the week ended December 9 rose to 1932k, also exceeding survey of 1898k and a prior mark of 1889k revised. Further, a third release for the third quarter Personal Consumption reflected a 2.20% change; slightly below estimates of 2.30% and 2.30% prior. Finally, the Philadelphia Fed Business Outlook for December reached 26.20, beating survey of 21.00 and a prior mark of 22.70.   

In Washington, the Republican majority is celebrating a major legislative victory with the approval in both Chambers yesterday of the tax reform bill and the President’s imminent stamp on the legislation. 

The curve has bull-flattened with the UST 10-Year yield down 0.4 bp 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 26.20 22.70 -  
                   
  12/21 GDP Annualized QoQ 05:30 3Q T 3.30% 3.20% 3.30% -  
                   
  12/21 Personal Consumption 05:30 3Q T 2.30% 2.20% 2.30% -  
                   
  12/21 GDP Price Index 05:30 3Q T 2.10% 2.10% 2.10% -  
                   
  12/21 Core PCE QoQ 05:30 3Q T 1.40% 1.30% 1.40% -  
                   
  12/21 Initial Jobless Claims 05:30 16 Dec 233k 245k 225k -  
                   
  12/21 Continuing Claims 05:30 9 Dec 1898k 1932k 1886k 1889k  
                   
  12/21 Chicago Fed Nat Activity Index 05:30 Nov 0.50 0.15 0.65 0.76  
                   
  12/21 FHFA House Price Index MoM 06:00 Oct 0.40% 0.50% 0.30% 0.50%  
                   
  12/21 Bloomberg Consumer Comfort 06:45 17 Dec - 50.80 51.30 -  
                   
  12/21 Leading Index 07:00 Nov 0.40% 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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