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Market Commentary

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Market Commentary


Monday
July 28, 2014
10-YEAR NOTES   100-07 (+00)
2.472%
FN 3.5% COUPON   102-13.5 (+00)
SUPPORT   2.800%
RESISTANCE   2.470%
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We have a light calendar today, ahead of the FOMC rate decisions and Nonfarm Payrolls, with Pending Home Sales (MoM) expected to edge up +0.5% for June, following May’s +6.1% jump. The Dallas Fed Manufacturing is expected to rise to 12.8 vs. 11.4 prior. Treasuries are opening flat to Friday’s 2:00 PM PDT close and the curve has slightly bull steepened with 2s10s up 0.5 bps.

This Week's Events:

DATE EVENT TIME PERIOD SURVEY ACTUAL PRIOR REVISED
07/28 Markit US Services PMI 06:45 July P 59.8 61.0 61.0 -
07/28 Pending Home Sales MoM 07:00 June 0.5% -1.1% 6.1% 6.0%
07/28 Pending Home Sales YoY 07:00 June -5.2% -4.5% -6.9% -
07/28 Dallas Fed Manufacturing Activity 07:30 July 12.8 - 11.4 -
07/29 Case Schiller Home Price Index 06:00 May 171.25 - 168.71 -
07/29 Consumer Confidence Index 07:00 July 85.4 - 85.2 -
07/30 MBA Mortgage Applications 04:00 July 25 - - 2.4% -
07/30 ADP Employment Change 05:15 July 230 K - 281 K -
07/30 GDP Annualized QoQ 05:30 2Q A 3.0% - -2.9% -
07/30 Personal Consumption 05:30 2Q A 1.9% - 1.0% -
07/30 Fed QE3 Pace 11:00 July $25 Billion - $35 Billion -
07/30 FOMC Rate Decision 11:00 July 30 0.25% - 0.25% -
07/31 Employment Cost Index 05:30 2Q 0.5% - 0.3% -
07/31 Jobless Claims 05:30 July 26 300 K - 284 K -
07/31 Continuing Claims 05:30 July 19 2491 K - 2500 K -
08/01 Nonfarm Payrolls 05:30 July 231 K - 288 K -
08/01 Unemployment Rate 05:30 July 6.1% - 6.1% -
08/01 Personal Income 05:30 June 0.4% - 0.4% -
08/01 Personal Spending 05:30 June 0.4% - 0.2% -
08/01 Markit US Manufacturing PMI 06:45 July F 56.5 - 56.3 -
08/01 ISM Manufacturing 07:00 July 56.0 - 55.3 -

 

 

 
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