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Market Commentary

Market Commentary

August 15, 2014
10-YEAR NOTES   99-27 (+02) 2.394%
FN 3.5% COUPON   102-24 (+02)
SUPPORT   2.800%
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The Empire State manufacturing index jumped to 25.60 in July, up from 18.36 in June. The August reading indicates that business conditions continue to improve, but are less widespread than last month coming in at 14.69 (consensus 20). The Producer Price Index for final demand rose 0.1% in July (+1.7% YoY) following a 0.4% advance in June and a -0.2% decline in May. July’s increase in final demand can be attributed to a rise in demand services, up +0.1%. Industrial Production advanced +0.2% in June and is expected to show a +0.3% rise for July. Treasuries continue the recent rally today in response to the disappointing Empire Manufacturing data and the curve has bull flattened with 2s10s down 2.1 bps.

Have a great weekend!

08/15 Empire Manufacturing 05:30 August 20.00 14.69 25.60 -
08/15 PPI Final Demand MoM 05:30 July 0.1% 0.1% 0.4% -
08/15 PPI Final Demand YoY 05:30 July 1.7% 1.7% 1.9%  
08/15 Industrial Production MoM 06:15 July 0.3% 0.4% 0.2% -
08/15 Capacity Utilization 06:15 July 79.2% 79.2% 79.1% -



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