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Market Commentary


Thursday
March 05, 2015
10-YEAR NOTES   98-31 (+03.5)
2.114%
FN 3.5% COUPON   104-16 (+02.5)
SUPPORT   2.40%
RESISTANCE   1.62%
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     More people in the U.S. filed Jobless claims than expected last week, pushing the total to the highest level since April 2014. Initial Jobless Claims rose +7K to 320K vs. 313K prior (consensus 295K). Continuing Claims also moved higher, up +17K to 2.421 Million. Factory orders fell -3.4% in December for a fifth consecutive monthly decline; this is the longest losing streak since 2008. January disappointed expectations for another consecutive month of declines, slipping -0.2% (consensus +0.2%). Treasuries are holding onto their gains this morning in response to the very disappointing Initial Jobless Claims and Factory Orders reports. The curve is flat to yesterday’s close and MBS is 1-2 ticks wider to treasury hedges.     
 
This Week's Events:
 
DATE EVENTS TIME (PST) PERIOD SURVEY ACTUAL PRIOR REVISED
03/05 Jobless Claims 05:30 February 28 295K 320K 313K -
03/05 Continuing Claims 05:30 February 21 2395K 2421K 2401K 2404K
03/05 Factory Orders 07:00 January 0.2% -0.2% -3.4% -3.5%
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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