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Market Commentary

Market Commentary

Today's Coupons
  10-Year Notes   97-24.5 (+10.5) 2.380%  
  FN 3.5% Coupon   102-25 (+10)  
  Support   2.510%  
  Resistance   2.240%  
Today's Blurb Thursday, July 02, 2015
       Nonfarm Payrolls continued above 200K in June, the level associated with healthy job growth, posting just below expectations at 223K (consensus 233K). May’s Payroll print was revised down from 280K to 254K. The Unemployment Rate dropped to 5.3% (consensus 5.4%) vs. 5.5% prior as roughly 432K Americans left the Labor Force. The Labor Force Participation Rate dropped to the lowest level since 1977 in June, at 62.6% vs. 62.9% prior. Average Hourly Earnings held at $24.95 in June; earnings have increased only 2% over the past 12 months. Initial Jobless Claims rose to 281K last week vs. 271K prior and Continuing Claims rose to 2264K vs. 2249K prior. Treasuries rallied on the disappointing payrolls headline and dip in the Labor Force Participation Rate with yield on the 10-Year note currently down -5 bps @2.377. The curve has bull steepened with 2s10s up +1 bps.
Enjoy the long weekend and have a Happy and Safe Independence Day Everyone!
This Week's Events
  06/29 Pending Home Sales MoM 07:00 May 1.00% 0.90% 3.40% 2.70%  
  06/29 Pending Home Sales NSA YoY 07:00 May 11.80% 8.30% 13.40% 12.60%  
  06/30 S&P/Case-Shiller US HPI MoM 06:00 Apr - -0.02% 0.12% 0.15%  
  06/30 S&P/Case-Shiller US HPI YoY 06:00 Apr - 4.23% 4.14% 4.27%  
  06/30 Consumer Confidence Index 07:00 Jun 97.40 101.40 95.40 94.60  
  07/01 ADP Employment Change 05:15 Jun 218K 237K 201K 203K  
  07/01 ISM Manufacturing 07:00 Jun 53.20 53.50 52.80 -  
  07/02 Change in Nonfarm Payrolls 05:30 Jun 233K 223K 280K 254K  
  07/02 Unemployment Rate 05:30 Jun 5.40% 5.30% 5.50% -  
  07/02 Initial Jobless Claims 05:30 Jun 27 270K 281K 271K -  
  07/03 Market Closed - - - - - -  
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