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Market Commentary


 
Today's Coupons
 
  10-Year Notes   97-29.5 (-01)  
 
  FN 3.5% Coupon   102-08 (00)  
 
  Support   2.497%  
 
  Resistance   2.310%  
 
 
 
 
Friday, December 22, 2017
 
 
Today’s session opened with Treasuries marginally lower from yesterday. The yield on the UST 10-Year is currently at 2.487% after closing at 2.484% during the prior session.

The economic calendar for this week concludes with plenty of new data. Month-over-month Personal Income for November rose 0.30%, marginally below survey of 0.40% and prior of 0.40%. Month-over-month Personal Spending for November on the other hand rose by 0.60%, exceeding estimates of 0.50% and its 0.20% prior revised. Durable Goods Orders for November preliminary rose by 1.30%, falling short of 2.00% survey but exceeding its -0.40% prior revised. New Home Sales for November came in at 733k, above survey of 655k and well above its 624k prior revised; while month-over-month New Home Sales for November rose 17.50%, widely exceeding survey of -4.40% and its -1.70% prior revised. Finally, University of Michigan’s Consumer Expectations forecast for December came in at 84.30 from 84.60 prior; 1-Year Inflation Expectations forecast for December came in at 2.70% from 2.80% prior; and 5-10 Years Inflation Expectations forecast for December came in at 2.40% from 2.50% prior.

Investors await a $45 Billion three-month treasury bills auction on December 26, which should provide a gauge as to how confident the market feels about lawmakers in Washington reaching an agreement to avoid a debt-ceiling breach in March.

The curve has bear-flattened with the UST 10-Year yield up 0.3 bp from prior closing.

Have A Lovely Weekend!
 
 
   
 
   
 
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% 0.30% 0.40% -  
                   
  12/22 Personal Spending 05:30 Nov 0.50% 0.60% 0.30% 0.20%  
                   
  12/22 PCE Deflator MoM 05:30 Nov 0.30% 0.20% 0.10% -  
                   
  12/22 PCE Deflator YoY 05:30 Nov 1.80% 1.80% 1.60% -  
                   
  12/22 PCE Core MoM 05:30 Nov 0.10% 0.10% 0.20% -  
                   
  12/22 PCE Core YoY 05:30 Nov 1.50% 1.50% 1.40% -  
                   
  12/22 Durable Goods Orders 05:30 Nov P 2.00% 1.30% -0.80% -0.40%  
                   
  12/22 Durables Ex Transportation 05:30 Nov P 0.50% -0.10% 0.90% 1.30%  
                   
  12/22 New Home Sales 07:00 Nov 655k 733k 685k 624k  
                   
  12/22 New Home Sales MoM 07:00 Nov -4.40% 17.50% 6.20% -1.70%  
                   
  12/22 U. of Mich. Sentiment 07:00 Dec F 97.20 95.90 96.80 -  
                   
  12/22 Kansas City Fed Manf. Activity 08:00 Dec 15.00 14.00 16.00 -  
                   
 
 
 
 
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