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Market Commentary


 
Today's Coupons
 
  10-Year Notes   98-10.5 (-15.5) 2.191%  
 
  FN 3.5% Coupon   104-06 (-06.5)  
 
  Support   2.400%  
 
  Resistance   1.620%  
 
 
 
 
Today's Blurb Tuesday, May 05, 2015
 
 
        The Trade Deficit in March rose to the highest level since October 2008, widening +$16 Billion to $51.4 Billion vs. $35.4 Billion in February (consensus $41.7 Billion). March Exports totaled $187.8 Billion, up +$1.6 Billion (+0.9%) from February, and March Imports totaled $239.2 Billion, up +$17.1 Billion (+7.7%). The jump in Imports is largely reflective of the conclusion to the labor standoff at West Coast ports which allowed stockpiles of goods sitting on the docks to be processed and shipped domestically. Consequently, with First-Quarter GDP hovering barely above zero at +0.2%, we could see the next revision move into the negative following this morning’s much higher than expected deficit. Markit US Services PMI held at a very strong 57.4 in April vs. an even higher 59.2 in March. With Housing flat and Manufacturing on the decline, service is currently the backbone sector of the economy. Tomorrow we’ll get a sneak peak at Friday’s Employment Data with ADP and consensus is for a rebound from March’s tepid release. Treasuries slipped this morning on the strong PMI data and the curve has bear steepened with 2s10s up +2.6 bps.
 
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  05/04 Factory Orders 07:00 Mar 2.00% 2.10% 0.20% -0.10%  
                   
  05/05 Trade Balance 05:30 Mar -$41.70 Bn -$51.40 Bn -$35.40 Bn -$35.90 BN  
                   
  05/05 Markit US Composite PMI 06:45 Apr F - 57.00 57.40 -  
                   
  05/05 Markit US Services PMI 06:45 Apr F 57.80 57.40 57.80 -  
                   
  05/06 MBA Mortgage Applications 04:00 May 1 - - -2.30% -  
                   
  05/06 ADP Employment Change 05:15 Apr 200K - 189K -  
                   
  05/07 Initial Jobless Claims 05:30 May 2 278K - 262K -  
                   
  05/07 Continuing Claims 05:30 Apr 25 2270K - 2253K -  
                   
  05/08 Nonfarm Payrolls 05:30 Apr 230K - 126K -  
                   
  05/08 Unemployment Rate 05:30 Apr 5.40% - 5.50% -  
                   
  05/08 Labor Force Participation Rate 05:30 Apr - - 62.70% -  
                   
  05/08 Wholesale Inventories MoM 07:00 Mar 0.30% - 0.30% -  
                   
  05/08 Wholesale Trade Sales MoM 07:00 Mar 0.50% - -0.20% -  
                   
 
 
 
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