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Market Commentary

Market Commentary

Today's Coupons
  10-Year Notes   99-13.5 (+0.5)  
  FN 3.5% Coupon   103-02.5 (-0.5)  
  Support   2.472%  
  Resistance   2.236%  
Tuesday, November 07, 2017
Treasuries declined across the curve this morning from yesterday's close. The UST 10-Year yield is currently at 2.323% after closing at 2.317% during the prior session.

President Trump extended an invitation to the North Korean regime to work on a deal on nuclear weapons, thus not ruling out direct negotiations and further diverting from his previous “fire and fury” stance. Amid current international tensions with the regime, the President stated he was open to engage with Pyongyang. On the other hand, the House Ways and Means Committee is reviewing some of the key provisions that the House Tax Bill included on offshore corporate earnings after private sector stakeholders reacted with surprise to the language on the legislation.

The economic calendar remains quiet, and only includes the JOLTS jobs openings report and consumer credit report today. While the market expected a slight drop to 6,075 in September from 6,090 revised prior, JOLTS reflected an increase to 6,093. On consumer credit, there is a survey of $17.500 Billion for September, which represents a considerable expected increase from its prior mark of $13.065 Billion. The report will be published later today at 12:00 PM (PT).

The curve has bear-flattened as the UST 10-Year yield is 0.6 bp higher from prior closing.
This Week's Events
  11/06 No Data - - - - - -  
  11/07 JOLTS Job Openings 07:00 Sep 6075 6093 6082 6090  
  11/08 MBA Mortgage Applications 04:00 3 Nov - - -2.60% -  
  11/09 Initial Jobless Claims 05:30 4 Nov 231k - 229k -  
  11/09 Continuing Claims 05:30 28 Oct 1885k - 1884k -  
  11/09 Bloomberg Consumer Comfort 06:45 5 Nov - - 51.70 -  
  11/09 Wholesale Trade Sales MoM 07:00 Sep 0.90% - 1.70% -  
  11/09 Wholesale Inventories MoM 07:00 Sep F 0.30% - 0.30% -  
  11/10 U. of Mich. Sentiment 07:00 Nov P 100.80 - 100.70 -  
  11/10 Monthly Budget Statement 11:00 Oct -$50.00b - -$45.80b -  
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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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