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Market Commentary

Market Commentary

August 29, 2014
10-YEAR NOTES   100-09 (-03)
FN 3.5% COUPON   102-27 (-02.5)
SUPPORT   2.660%
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Personal Income increased +0.2% to $28.6 Billion for July, with disposable income up +0.1% to $17.7 Billion. July’s Personal Consumption expenditures (PCE) unexpectedly dropped for the first time in six months against consensus of a +0.2% increase, down -0.1%. Private wages and salaries increased $12.9 Billion in July following a $25.6 Billion increase in June. Treasuries are on their biggest monthly gain since January in response to tensions in Ukraine and speculation that the European Central Bank will add monetary stimulus. The curve has bear steepened today with 2s10s up +1.2 bps.

Enjoy the long weekend everyone.

08/29 Personal Income 05:30 July 0.3% 0.2% 0.4% 0.5%
08/29 Personal Spending 05:30 July 0.2% -0.1% 0.4% -



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