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Market Commentary

Market Commentary

May 16, 2014
10-YEAR NOTES   99-30 (-05) 2.510%
FN 3.5% COUPON   102-14.5 (-02)
SUPPORT   2.825%
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Housing starts picked up in March, albeit less than expected, rising +2.8% following February’s gain of +1.9% (-5.9% YoY). Multifamily starts slipped -3.1% in March following February’s flat reading and overall permits dipped -2.4% following February’s surge of +7.3%. For April, the spring thaw continues with housing starts advancing a noticeable +13.2% jump. The surge can be attributed to multifamily which posted gains of +39.6% while the single-family component edged up +0.8%. Housing permits gained +8.0%. Housing appears to be on a dual track with the multifamily component more positive than the single-family component. The Reuter's/University of Michigan's consumer sentiment index for April was very strong, and for May consensus if 84.5 vs. 84.1 prior. Treasuries are seeing some selling in the belly of the curve following the strong housing starts and building permits data but little change in 2s10s.

Today's Events:

05/16 Housing Starts 05:30 April 980K 1072K 946K 947K
05/16 Building Permits 05:30 April 1010K 1080K 990K 1000K



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