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Market Commentary

Market Commentary

August 22, 2014
10-YEAR NOTES   99-22 (+00) 2.408%
FN 3.5% COUPON   102-18 (+01)
SUPPORT   2.660%
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Yesterday’s Leading Indicators posted gains of +0.9% in July vs. a sharp upward revision in June to +0.6%. May’s Leading Index number was also revised up at +0.6%. Strength in the manufacturing sector is a key factor behind the month's gain, specifically the ISM's new orders index. There is no data on the calendar today and the Treasuries are opening flat to yesterday’s 2:00 PM (PDT) close with 2s10s down 0.5 bps.  

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