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Market Commentary


 
Today's Coupons
 
  10-Year Notes   98-09 (+07.5)  
 
  FN 3.5% Coupon   102-12.5 (+02.5)  
 
  Support   2.497%  
 
  Resistance   2.310%  
 
 
 
 
Wednesday, December 27, 2017
 
 
Treasuries are slightly higher across the curve this morning from yesterday’s close. The UST 10-Year yield is currently at 2.449% after closing at 2.477% prior.

This week’s quiet economic calendar week continued with the release of the U.S. Consumer Confidence for December this morning which fell to 122.10 from a downwardly revised 128.60 reading prior. Consensus called for a December reading of 128.00, so the index came in well below expectations. We also received the Pending Home Sales report for November which rose 0.20% MoM after rising 3.50% prior. Pending Home Sales YoY is now at 0.60% versus 1.20% prior.

Later today at 8:30 AM (PT), U.S. will sell $13 Billion 2-Year Floating Rate Notes. Then at 10:00 AM (PT), Treasury will auction $34 Billion new 5-Year Notes. This year’s economic calendar will conclude with Thursday’s Wholesale and Retail Inventories for November and the Chicago Purchasing Manager print for December. There will be no economic data released on Friday heading into the New Year.

The curve has bull-flattened with the UST 10-Year yield down 2.8 bps from prior closing.
 
 
   
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  12/25 No Data - - - - - -  
                   
  12/26 S&P CoreLogic CS 20-City MoM SA 06:00 Oct 0.60% 0.70% 0.52% 0.97%  
                   
  12/26 S&P CoreLogic CS 20-City YoY NSA 06:00 Oct 6.25% 6.38% 6.19% 6.16%  
                   
  12/26 Richmond Fed Manufact. Index 07:00 Dec 21.00 20.00 30.00 -  
                   
  12/26 Dallas Fed Manf. Activity 07:30 Dec 20.00 29.70 19.40 -  
                   
  12/27 Pending Home Sales MoM 07:00 Nov -0.40% 0.20% 3.50% -  
                   
  12/27 Pending Home Sales NSA YoY 07:00 Nov - 0.60% 1.20% -  
                   
  12/28 Initial Jobless Claims 05:30 23 Dec 240k - 245k -  
                   
  12/28 Continuing Claims 05:30 16 Dec 1900k - 1932k -  
                   
  12/28 Wholesale Inventories MoM 05:30 Nov P 0.30% - -0.50% -  
                   
  12/28 Bloomberg Consumer Comfort 06:45 24 Dec - - 50.80 -  
                   
  12/29 No Data - - - - - -  
                   
 
 
 
 
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