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Market Commentary

Market Commentary

August 08, 2014
10-YEAR NOTES   100-31 (+10)
FN 3.5% COUPON   102-23 (+05)
SUPPORT   2.800%
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Nonfarm Productivity rose +2.5% in the second quarter following a -3.2% drop prior (consensus +1.6%) and Unit Labor Costs edged up +0.6% vs. +5.7% prior (consensus +1.0%). Wholesale Inventories rose +0.5% in May, with a +0.7% gain, leaving the stocks-to-sales ratio unchanged at 1.18. For June Wholesale Inventories are expected to increase by another +0.7%. Yesterday Russia Imposed Sanctions against Imports from the US and EU engendering a flight to quality in treasuries and pushing 10-Year yields below resistance to 2.418%. This morning the demand for safe haven assets has further increased following President Barack Obama‚Äôs authorization of U.S. air strikes in Iraq. The authorization of the air strike coupled with the geopolitical tensions in Ukraine and Gaza have pushed 10-Year yields further past resistance to the lowest levels of the year at 2.398%. The FNMA 30-Year current coupon fell -2.7 bps to 2.893 vs. 2.920 prior and the curve has bull flattened with 2s10s down 1.1 bps.

Today's Events:

08/08 Nonfarm Productivity 05:30 2Q P 1.6% 2.5% -3.2% -4.5%
08/08 Unit Labor Costs 05:30 2Q P 1.0% 0.6% 5.7% 11.8%
08/08 Wholesale Inventories MoM 07:00 June 0.7% - 0.5% -



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