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Market Commentary

Market Commentary

August 14, 2014
10-YEAR NOTES   99-26 (+00) 2.392%
FN 3.5% COUPON   102-21 (+06)
SUPPORT   2.800%
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Jobless Claims rose last week to 311K vs. 289K prior (consensus 295K), the highest level in six weeks. Continuing Claims, for the week ending August 2nd, rose to 2544K vs. 2518K prior (consensus 2507K). Import Prices declined -0.2% following two straight months of rising prices (+0.8% YoY). The July Import Price decrease was fueled by falling gas prices which fell -1.2% vs. +1.0% prior. Exports were flat in July, following a -0.4% decrease in June. Treasuries rallied after the larger than expected initial and continuing claims data, pushing the 10-Year below current resistance to 2.392%. MBS has widened 1-2 ticks (underperform) and the curve has bull flattened with 2s10s down 1.7 bps.

This Week's Events:

08/14 Jobless Claims 05:30 August 9 295 K 311 K 289 K 290 K
08/14 Import Price Index MoM 05:30 July -0.3% -0.2% 0.1% -
08/14 Continuing Claims 05:30 August 2 2507 K 2544 K 2518 K 2519 K
08/14 Import Price Index YoY 05:30 July 0.8% 0.8% 1.2% 1.1%
08/15 Empire Manufacturing 05:30 August 20.00 - 25.60 -
08/15 PPI Final Demand MoM 05:30 July 0.1% - 0.4% -
08/15 PPI Final Demand YoY 05:30 July 1.7% - 1.9%  
08/15 Industrial Production MoM 06:15 July 0.3% - 0.2% -
08/15 Capacity Utilization 06:15 July 79.2% - 79.1% -



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