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Market Commentary


 
Today's Coupons
 
  10-Year Notes   100-15 (+00) 1.948%  
  FN 3.5% Coupon   104-29 (+02.5)  
  Support   2.40%  
 
  Resistance   1.62%  
 
 
 
 
 
Today's Blurb Monday, March 30, 2015
 
 
    This week we get data on Personal Income/Spending, Home Prices, the Trade Balance, Manufacturing, Nonfarm Payrolls, and the Unemployment Rate. Focus will be on Friday's Payrolls/Employment report to glimpse the current state of the labor market following the Federal Reserve's most recently released downward revisions to their short term growth projections. Consumer Spending rose less than expected in February, up +0.1% vs. -0.2% prior (consensus +0.2%). Adjusted for inflation, this is the first decline in consumer spending in almost a year. Personal Income rose more than expected, up +0.4% and the prior was revised up from +0.3% to +0.4% (consensus +0.3%). The saving rate increased to +5.8% vs. +5.5% prior, the highest level since December 2012. Core PCE (MoM) rose in line with expectations, up +0.1% vs. +0.1% prior (+1.4%YoY). Pending Home Sales rose +3.1% in February and the prior month was revised down from +1.7% to +1.2%. Treasuries are getting a small boost this morning following the disappointing consumer spending data and the curve has bull steepened with 2s10s up +1.0 bps.
 
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  03/30 Personal Income 05:30 Feb 0.30% 0.40% 0.30% 0.40%  
                   
  03/30 Personal Spending 05:30 Feb 0.20% 0.10% -0.20% -  
                   
  03/31 S&P/Case-shiller US HPI MoM 06:00 Jan 0.80% - 0.73% -  
                   
  03/31 S&P/Case-shiller US HPI YoY 06:00 Jan - - 4.62% -  
                   
  04/01 MBA Mortgage Applications 04:00 Mar 27 - - 9.50% -  
                   
  04/01 ADP Employment Change 05:15 Mar 225K - 212K -  
                   
  04/01 Markit US Manufacturing PMI 06:45 Mar F 55.30 - 55.30 -  
                   
  04/01 Construction Spending MoM 07:00 Feb -0.10% - -1.10% -  
                   
  04/01 ISM Manufacturing 07:00 Mar 52.50 - 52.90 -  
                   
  04/02 Initial Jobless Claims 05:30 Mar 28 285K - 282K -  
                   
  04/02 Continuing Claims 05:30 Mar 21 2405K - 2416K -  
                   
  04/02 Trade Balance 05:30 Feb -$41.30 Bn - -$41.80 Bn -  
                   
  04/02 Factory Orders 07:00 Feb -0.40% - -0.20% -  
                   
  04/03 Nonfarm Payrolls 05:30 Mar 245K - 295K -  
                   
  04/03 Unemployment Rate 05:30 Mar 5.50% - 5.50% -  
                   
 
 
 
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