According to the second estimate, GDP increased 4.2% annually in the second quarter of 2014 (consensus 3.9%), up 0.2% from the previous (advanced) estimate. The increase in real GDP can be attributed to positive contributions from personal consumption expenditures (+2.5%), private inventory investment (+1.39%), exports (+10.1%), nonresidential fixed investment (+8.4%), state and local government spending (+2.9%), and residential fixed investment (+7.2%). Jobless Claims were little changed last week at 298K vs. 299K prior (revised). Continuing Claims, for the week ending August 16th, rose to 2527K vs. 2502K prior (revised). Pending Home Sales came in at -1.1% for June (-4.5% YoY), following a +6.0% spike in May, and for July consensus is for a +0.5% advance. The Kansas City Fed manufacturing index edged higher in July posting at 9, up from 6 in June, and August consensus is for a slight decline to 7. There is a $29 Billion 7-Year note auction at 10:00 AM (PDT). Treasuries are opening higher this morning as geopolitical unrest continues in the Ukraine, following Poroshenko’s announcement that a Russian military invasion is underway, fueling the flight to quality. The curve has bull flattened with 2s10s down -2.4 bps.
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