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Market Commentary

Market Commentary

Today's Coupons
  10-Year Notes   99-08 (-02.5)  
  FN 3.5% Coupon   100-02.5 (-01)  
  Support   2.854%  
  Resistance   2.405%  
Friday, February 09, 2018
Treasuries are lower across the curve this morning from yesterday’s close. The UST 10-Year yield is currently at 2.854% after closing at 2.825% prior.

A brief partial government shutdown began and ended overnight after President Trump signed a two-year budget agreement that will boost federal spending by nearly $300 Billion. The partial government shutdown began at midnight when lawmakers missed the funding deadline, but lasted only a few hours as the Senate passed the bill early Friday morning.

This week’s quiet economic calendar concludes with the Wholesale Inventories print for December which rose 0.40%, following a 0.20% rise in November. The December Wholesale Trade Sales rose 1.20% following an upwardly revised increase of 1.90% in sales prior. The Trade Sales print came in above expectations as consensus called for a 0.40% increase.

The curve has bear-steepened with the UST 10-Year yield up 2.9 bps from prior closing.

Have A Nice Weekend!
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% 1.20% 1.50% 1.90%  
  02/09 Wholesale Inventories MoM 07:00 Dec F 0.20% 0.40% 0.20% -  
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