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Market Commentary


Monday
January 12, 2015
10-YEAR NOTES   102-26 (+03)
1.935%
FN 3.5% COUPON   105-05.5 (+00.5)
SUPPORT   2.40%
RESISTANCE   1.86%
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We have a quiet day today with no data, and later this week we get releases for Import Price Index, Retail Sales, PPI, Manufacturing, CPI and Industrial Production. After a fairly uneventful overnight session treasuries are opening relatively flat, and the curve has bull flattened with 2s10s down -1.1 bps and MBS is underperforming led by the lower coupons. 10-Year notes continue to flirt with resistance levels, currently at 1.935%, and we watch for a break below 1.86%.
 
This Week's Events:
 
DATE EVENTS TIME (PST) PERIOD SURVEY ACTUAL PRIOR REVISED
01/12 No Data - - - - - -
01/13 Monthly Budget Statement 11:00 December $3.0 Billion - - -
01/14 MBA Mortgage Applications 04:00 January 9 - - 11.1% -
01/14 Retail Sales Advance MoM 05:30 December -0.1% - 0.7% -
01/14 Import Price Index MoM 05:30 December -2.6% - -1.5% -
01/14 Import Price Index YoY 05:30 December -5.2% - -2.3% -
01/15 Empire Manufacturing 05:30 January 5.00 - -3.58 -
01/15 PPI Final Demand MoM 05:30 December -0.4% - -0.2% -
01/15 PPI Final Demand YoY 05:30 December 1.0% - 1.4% -
01/15 Jobless Claims 05:30 January 10 291K - 294K -
01/15 Continuing Claims 05:30 January 3 2401K - 2452K -
01/16 CPI MoM 05:30 December -0.4% - -0.3% -
01/16 CPI YoY 05:30 December 0.7% - 1.3% -
01/16 Industrial Production MoM 06:15 December -0.1% - 1.3% -
01/16 Capacity Utilization 06:15 December 79.9% - 80.1% -
 
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