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Market Commentary

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Market Commentary


Monday
April 14, 2014
10-YEAR NOTES   100-30.5 (-05)
2.641%
FN 3.5% COUPON   101-08.5 (-05.5)
SUPPORT   2.825%
RESISTANCE   2.60%
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Retail sales for the March month advanced +1.1% vs. +0.7% prior, surpassing the market consensus of +0.9%. Much of the advance is attributed to the jump in motor vehicle sales, up +3.1% vs. 2.5% prior. Excluding motor sales, retail sales increased a solid +0.7% vs. +0.3% in February. Gasoline sales held back the total, declining -1.3% vs. +0.1% prior. Retail sales excluding autos and gas increased +1.0% vs. +0.4% prior. Treasuries are slipping off their highs in response to the better than expected retail sales data with the the 2s10s spread approaching Fridays 2:00 PM PDT close.

This Week's Events:

DATE EVENTS TIME PERIOD SURVEY ACTUAL PRIOR REVISED
04/14 Retail Sales 08:30 March 0.90% 1.10% 0.30% 0.70%
04/14 Retail Sales Ex Auto 08:30 March 0.50% 0.70% 0.30% -
04/14 Retail Sales Ex Auto and Gas 08:30 March 0.40% 1.00% 0.30% 0.40%
04/15 Empire Manufacturing 08:30 April 8.00 - 5.61 -
04/15 CPI MoM 08:30 March 0.10% - 0.10% -
04/15 CPI YoY 08:30 March 1.40% - 1.10% -
04/15 NAHB Housing Market Index 10:00 April 50 - 47 -
04/16 MBA Mortgage Applications 07:00 April 11 - - -1.60% -
04/16 Housing Starts 08:30 March 975 K - 907 K -
04/16 Industrial Production MoM 09:15 March 0.50% - 0.60% -
04/16 Beige Book 14:00 - - - - -
04/17 Jobless Claims 08:30 April 12 315 K - 300 K -
04/17 Continuing Claims 08:30 April 5 2778 K - 2776 K -
04/17 Philadelphia Fed  10:00 April 10.00 - 9.00 -

 

 

 
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