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Market Commentary

Market Commentary

Today's Coupons
  10-Year Notes   95-14.5 (+05.5)  
  FN 3.5% Coupon   100-18.5 (+04)  
  Support   2.841%  
  Resistance   2.405%  
Wednesday, February 07, 2018
Treasuries are higher than yesterday at the opening of today’s session. The yield on the UST 10-Year is currently at 2.788% after closing at 2.803% during the prior session.

MBA Mortgage Applications for the week ended February 2 rose by 0.70% versus a -2.60% print during the previous period. Also today, the Federal Reserve Consumer Credit Report for December is scheduled to be released at 9:00 AM (PT). Estimates for the period stand at $20.00 Billion while the prior mark registered a $27.95 Billion.   

The House of Representatives approved yesterday a bill that funds the federal government until March 23 and Pentagon operations through September. The bill will now be considered by the Senate; while negotiations are still underway as the current bill also could be replaced by a longer-term funding plan if an agreement is reached before Friday.

A three-day Treasury refunding auction continues today with $24 Billion of 10-Year notes and concludes tomorrow with $16 Billion of 30-Year bonds. Finally, Fed Presidents Kaplan, Dudley, Evans and Williams are scheduled to address various forums abroad and at home today.

The curve has bull-flattened with the UST 10-Year yield down 1.5 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 - 0.70% -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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  This information is provided solely for informational use and is not intended as trading or investment advice in any manner whatsoever. Sun West Mortgage Company, Inc. is not a licensed or registered broker or dealer and cannot provide investment strategies or recommendations. This information is provided to licensed brokers/lenders only and may not be copied or distributed to customers or potential customers. All loans are subject to approval. Certain restrictions may apply. Listed pricing is a morning indication only. Program rates, prices, guidelines, fees, costs, terms and conditions are subject to change without notice  
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