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Market Commentary

Market Commentary

Today's Coupons
  10-Year Notes   95-24 (-10.5)  
  FN 3.5% Coupon   100-21.5 (-03)  
  Support   2.841%  
  Resistance   2.405%  
Tuesday, February 06, 2018
Treasuries are lower than yesterday at the opening of today’s session. The yield on the UST 10-Year is currently at 2.778% after closing at 2.707% during the prior session.

The economic calendar today features the U.S. Trade Balance for December reaching -$53.10 Billion, below the estimated -$52.10 Billion and declining from its previous mark of -$50.40 Billion revised. Also in today, the JOLTS Job Openings’ print for December came in at 5811, below survey of 5961 and lower from its previous mark of 5978 revised.

A three-day Treasury refunding auction begins today at 10:00 AM (PT) with $26 Billion of 3-Year notes today, $24 Billion of 10-Year notes tomorrow, and $16 Billion of 30-Year bonds on Thursday. Further, Congress needs to approve a federal government funding bill before midnight on Thursday, February 8 to avoid a second government shutdown this year. Finally, St. Louis Fed President James Bullard speaks today on the U.S. Economy and Monetary Policy in Lexington, Kentucky; while Fed Presidents Kaplan, Dudley, Evans and Williams are scheduled to address various forums abroad and at home tomorrow

The curve has bear-steepened with the UST 10-Year yield up 7.1 bps from prior closing.
This Week's Events
  02/05 Markit US Services PMI 06:45 Jan F 53.30 53.30 53.30 -  
  02/05 Markit US Composite PMI 06:45 Jan F - 53.80 53.80 -  
  02/06 Trade Balance 05:30 Dec -$52.10b -$53.10b -$50.50b -$50.40b  
  02/06 JOLTS Job Openings 07:00 Dec 5961 5811 5879 5978  
  02/07 MBA Mortgage Applications 04:00 2 Feb - - -2.60% -  
  02/07 Consumer Credit 12:00 Dec $20.000b - $27.951b -  
  02/08 Initial Jobless Claims 05:30 3 Feb 232k - 230k -  
  02/08 Continuing Claims 05:30 27 Jan 1940k - 1953k -  
  02/08 Bloomberg Consumer Comfort 06:45 4 Feb - - 54.60 -  
  02/09 Wholesale Trade Sales MoM 07:00 Dec 0.40% - 1.50% -  
  02/09 Wholesale Inventories MoM 07:00 Dec F 0.20% - 0.20% -  
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