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Market Commentary

Market Commentary

September 09, 2014
10-YEAR NOTES   99-27.5 (-10)
FN 3.5% COUPON   102-14.5 (-04.5)
SUPPORT   2.660%
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The NFIB Small Business Optimism Index posted a +0.7 point gain in July to 95.7, and for August the number edged up another +0.4 to 96.1 vs. a consensus of 96. The fundamentals were mixed with the component for current job openings up +2 points to 26, the component for capital outlay plans rose +4 points to 27, while plans to increase employment fell -3 points to 10. 10-Year notes declined for a fourth consecutive day yesterday, the longest negative run in three months, in response to speculation that the Fed may raise rates sooner than expected. Later this afternoon (10:00 AM PDT) the Treasury will auction $27 Billion in 3-Year notes. The curve has bear steepened with 2s10s up +0.4 bps and MBS is opening 1-2 ticks tighter to hedges.

This Week's Events:

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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