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Market Commentary


Friday
February 20, 2015
10-YEAR NOTES   99-16 (+18)
2.053%
FN 3.5% COUPON   104-15 (+06)
SUPPORT   2.40%
RESISTANCE   1.62%
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    We have a light day on the calendar today with only Markit U.S. Manufacturing PMI. The Index ended January at 53.9 vs. 53.7 at the mid-month reading; December's reading was also 53.9. The preliminary reading for February showed the index outperformed expectations of 53.6, posting 54.3. Treasuries are getting a boost this morning as political tensions in Europe and rising uncertainty regarding Greece's debt talks spurred demand for safe haven U.S. assets. The Euro continued to decline for a third day today, down -0.4% to $1.1318 per Euro for a total dip of -0.7% for the week. The curve has bull flattened with 2s10s down -2.8 bps and MBS are underperforming treasury hedges by 3-4 ticks in the production coupons.    
 
Have a Great Weekend!
 
Today's Events:
 
DATE EVENTS TIME (PST) PERIOD SURVEY ACTUAL PRIOR REVISED
02/20 Markit US Manufacturing PMI 06:45 February P 53.60 54.30 53.90 -
 
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