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Market Commentary

Market Commentary

Today's Coupons
  10-Year Notes   98-30.5 (-13.5)  
  FN 3.5% Coupon   99-29 (-10.5)  
  Support   2.881%  
  Resistance   2.405%  
Thursday, February 08, 2018
Treasuries are lower than yesterday at the opening of today’s session. The yield on the UST 10-Year is currently at 2.881% after closing at 2.823% during the prior session.

Initial Jobless Claims for the week ended February 3 reached 221k, below survey of 232k and dropping from its previous 230k mark; while Continuing Claims for the week ended January 27 reached 1923k, below survey of 1940k and dropping from its previous mark of 1956k revised. Also in today, Bloomberg Consumer Comfort for the week ended February 4 scored at 54.40, slightly below its previous 54.60 mark. Finally, Mortgage Delinquencies for the 4Q rose to 5.17% from 4.88% prior; while Mortgage Foreclosures for the 4Q dropped to 1.19% from 1.23% prior.   

The Senate seems to be ready to pass a bipartisan budget deal today that would avoid a federal government shutdown, temporarily suspend the debt ceiling and fund operations until the beginning of 2019. However, the same bill is facing roadblocks in the House of Representatives, where Democrats are claiming there is no agreement on an immigration debate and the more conservative Republican wing believes it increases domestic spending.

Fed Presidents Kaplan, Harker, Kashkari and George are scheduled to address various forums today on monetary policy and economic outlook.

The curve has bear-steepened with the UST 10-Year yield up 5.8 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 $18.447b $27.951b $31.019b  
  02/08 Initial Jobless Claims 05:30 3 Feb 232k 221k 230k -  
  02/08 Continuing Claims 05:30 27 Jan 1940k 1923k 1953k 1956k  
  02/08 Bloomberg Consumer Comfort 06:45 4 Feb - 54.40 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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