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Market Commentary

Market Commentary

Today's Market Commentary

Thursday, February 21, 2013

Initial Jobless Claims came in at 362k vs. 355k expected, the first increase in three weeks. Continuing claims increased to 3148k vs. 3150k expected. On the inflation front, CPI MoM came in at 0 vs. 0.1% expected and CPI ex food and energy MoM was 0.3% vs. 0.2% expected. The YoY numbers were 1.6% (1.6% exp) and 1.9% (1.8% expected) for CPI and CPI ex food and energy, respectively.

The market is continuing its post FOMC minutes rally from yesterday as 10-year notes sit at 1.97% and equities are down across the board. Without any additional information from the minutes yesterday, all eyes are now on the economic data domestically and on overseas developments. Overnight, equity markets were down on the back of worse than expected PMI, as economic data has been worsening there. At 10:00 AM existing home sales will be released and at 11:00 AM there is a US Treasury buyback in the 11/18 to 2/20 sector of $3-3.75 Billion. /p>


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