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Market Commentary


Tuesday
March 03, 2015
10-YEAR NOTES   99-03.5 (-05)
2.101%
FN 3.5% COUPON   104-14 (-03.5)
SUPPORT   2.40%
RESISTANCE   1.62%
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     Manufacturing in New York is looking to bounce back from the January’s low of 44.5 with a strong February print; the Index has been above 55 since June 2014. Treasuries declined yesterday and U.S. stocks rose following gains in consumer purchases, pushing the NASDAQ above 5,000 for the first time since March 2000. The 10-Year note declined -25 ticks pushing yields up +8.9 bps to 2.085%, and today 10-Year notes are continuing their downward trajectory. The curve has bear steepened with 2s10s up +1.7 bps and MBS is underperforming treasury hedges by 1-2 ticks.
 
This Week's Events:
 
DATE EVENTS TIME (PST) PERIOD SURVEY ACTUAL PRIOR REVISED
03/03 ISM New York 06:45 February - 63.1 44.5 -
03/04 MBA Mortgage Applications 04:00 February 27 - - -3.5% -
03/04 ADP Employment Change 05:15 February 220K - 213K -
03/04 Markit US Composite PMI 06:45 February F - - 56.8 -
03/04 Markit US Services PMI 06:45 February F 57.0 - 57.0 -
03/05 Jobless Claims 05:30 February 28 295K - 313K -
03/05 Continuing Claims 05:30 February 21 2395K - 2401K -
03/05 Factory Orders 07:00 January 0.2% - -3.4% -
03/06 Nonfarm Payrolls 05:30 February 235K - 257K -
03/06 Unemployment Rate 05:30 February 5.6% - 5.7% -
03/06 Labor Force Participation Rate 05:30 February - - 62.9% -
03/06 Trade Balance 05:30 January -$41.5 Billion - -$46.6 Billion -
 
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