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Market Commentary

Market Commentary

September 08, 2014
10-YEAR NOTES   99-16.5 (+08)
FN 3.5% COUPON   102-25 (+06.5)
SUPPORT   2.660%
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We have a light calendar this week with Wholesale Trade Inventories on Wednesday and Retail Sales/Import Price data on Friday. Today we have consumer credit, which is expected to post the most sluggish growth in credit in 5 months at $17.275 Billion. Friday’s disappointing jobs report fueled a rally in treasuries and increased speculation that the Fed will wait until the second half of 2015 to raise rates; and today the market continues to hover around yesterday’s highs. The curve has bull flattened with 2s10s down -2.4 bps.

This Week's Events:

09/08 Consumer Credit 12:00 July $17.275 Billion - $17.255 Billion -
09/09 No DATA - - - - - -
09/10 MBA Mortgage Applications 04:00 September 5 - - 0.2% -
09/10 Wholesale Trade Inventories 07:00 July 0.5% - 0.3% -
09/11 Jobless Claims 05:30 September 6 300K - 302K -
09/11 Continuing Claims 05:30 August 30 2490K - 2464K -
09/12 Retail Sales Advance MoM 05:30 August 0.6% - 0.0% -
09/12 Import Price Index MoM 05:30 August -1.0% - -0.2% -
09/12 Import Price Index YoY 05:30 August -0.4% - 0.8% -
09/12 University of Michigan Confidence 06:55 September P 83.3 - 82.5 -



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