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Market Commentary

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Market Commentary


Monday
July 21, 2014
10-YEAR NOTES   100-08 (+03)
2.474%
FN 3.5% COUPON   102-17 (+04)
SUPPORT   2.800%
RESISTANCE   2.470%
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On Friday the Leading Indicators rose to, a lower than expected, +0.3% for June. The Index posted gains led by the yield spread, which reflects the Fed's stimulative monetary policy, and the credit component which shows an increase in lending. Last week on Thursday a Malaysia Airlines passenger plane was shot down over eastern Ukraine killing 295 people and Israel began a ground invasion of Gaza leading to a flight to quality for US Treasuries and this morning they test resistance levels at 2.474. With no events on the calendar for today we watch the market for further reactions to these global events, and the curve has bull flattened with 2s10s down -2.7 bps.

This Week's Events:

DATE EVENT TIME PERIOD SURVEY ACTUAL PRIOR REVISED
07/21 NO DATA - - - - - -
07/22 CPI MoM 05:30 June 0.3% - 0.4% -
07/22 CPI YoY 05:30 June 2.1% - 2.1% -
07/22 FHFA House Price Index MoM 06:00 May 0.2% - 0.0% -
07/22 Richmond Fed Manufacturing 07:00 July 5 - 3 -
07/22 Existing Home Sales 07:00 June 4.99 Million - 4.89 Million -
07/22 Existing Home Sales MoM 07:00 June 2.0% - 4.9% -
07/23 04:00 July 18 - - -3.6% -
07/24 Jobless Claims 05:30 July 19 307K - 302K -
07/24 Markit PMI 06:45 July P 57.5 - 57.3 -
07/24 New Home Sales 07:00 June 475K - 504K -
07/24 New Home Sales MoM 07:00 June -5.8% - 18.6% -
07/24 08:00 July 6 - 6 -
07/25 Durable Goods Order 05:30 June 0.5% - -1.0% -0.9%

 

 

 
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