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Market Commentary

Market Commentary

Today's Coupons
  10-Year Notes   1.342%  
  Support   1.553%  
  Resistance   1.289%  
  FN 2.5% Coupon   103.516 (+0.078)  
  Wednesday, August 11, 2021

Futures Increases on Inflation Numbers, Dollar Weakens

The Market opened today's session with treasuries lower across all maturities. The 10-year Treasury yield is currently at 1.3506, 0.16 bps higher than prior closing of 1.3490.

U.S. equity futures increased along with treasuries after the consumer prices numbers are out. Contracts on the S&P 500 Index and the Stoxx Europe 600 Index edged higher. The consumer price index increased 0.50% from June and 5.40% from a year ago, The rise in the prices are at a moderate pace and are in line with the estimates. The prices are expected to rise in coming months due to the various challenges faced by businesses such as shortage of materials, shipping bottlenecks and hiring difficulties. Crude oil moved from a gain to a loss and Bitcoin was trading around $46,000. MBA mortgage applications index rose 2.80% in the week ended Aug 6 after falling 1.70% in prior week. Purchases were up 1.8% whereas Refinances increased 3.2%. Average 30 years fixed rate came out to 2.99%.

The curve has bear-steepened with the UST 10-Year yield up 0.16 bps.

This Week's Events
  08/09 JOLTS Job Openings 07:00 Jun 9270k 10073k 9209k 9483k  
  08/10 NFIB Small Business Optimism 03:00 Jul 102.00 99.7 102.50 -  
  08/11 MBA Mortgage Applications 04:00 6-Aug - 2.80% -1.70% -  
  08/11 CPI MoM 05:30 Jul 0.50% 0.50% 0.90% -  
  08/11 CPI YoY 05:30 Jul 5.30% 5.40% 5.40% -  
  08/12 Initial Jobless Claims 05:30 7-Aug 375k - 385k -  
  08/12 Continuing Claims 05:30 31-Jul 2900k - 2930k -  
  08/13 Import Price Index YoY 05:30 Jul 10.50% - 11.20% -  
  08/13 U. of Mich. Sentiment 07:00 Aug P 81.20 - 81.20 -  
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  This information is provided solely for informational use and is not intended as an advice for trading or investment purposes 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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