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Market Commentary


Friday
February 13, 2015
10-YEAR NOTES   99-28.5 (-07)
2.012%
FN 3.5% COUPON   104-18.5 (+02.5)
SUPPORT   2.40%
RESISTANCE   1.62%

 

 

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    The Import Price Index fell -2.8% in January for a year-over-year contraction of -8.0%. The decline in Import Prices reflects contributions from an increasingly strong dollar, declining export prices (-2.0%), and a drop in Petroleum Import Prices (-17.7%). With negative price growth the Federal Reserve will have a difficult time raising rates as it could spur deflation. The University of Michigan's consumer sentiment Index ended strong in January at 98.1 and is expected to remain at the same elevated level for the month of February. Treasuries down a couple ticks following today‚Äôs data, pushing the 10-Year note back above 2.0% and the curve has bear steepened with 2s10s up +2.2 bps.
 
Have A Great Weekend!
 
Today's Events:
 
DATE EVENTS TIME (PST) PERIOD SURVEY ACTUAL PRIOR REVISED
02/13 Import Price Index MoM 05:30 January -3.2% -2.8% -2.5% -1.9%
02/13 Import Price Index YoY 05:30 January -8.9% -8.0% -5.5% -5.0%
 
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