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Market Commentary

Market Commentary

September 12, 2014
10-YEAR NOTES   98-03.5 (-04)
FN 3.5% COUPON   101-17.5 (-10)
SUPPORT   2.660%
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Retail Sales Advance for August rose in line with expectations, up +0.6% vs. +0.3% prior (revised) and up +5.0% YoY. Excluding Auto Sales, the index rose +0.3% vs. +0.3% prior (revised). This is the fastest growth pace for Retail Sales in the past four months and with the prior upward revisions to the prior months, this could boost prospects for economic growth this quarter. Prices for imports decreased -0.9% in August, the largest monthly drop in import prices since November 2013, following a -0.3% decline in July. Export prices declined -0.5% in August, after ticking up +0.1% the previous month. Treasuries are pressing session lows following the retail sales data, and are heading for their biggest two-week loss in 14 months ahead for next week’s FOMC's rate decision. The curve has bear steepened with 2s10s up +4.8 bps.

Have a nice weekend everyone!

Today's Events:

09/12 Retail Sales Advance MoM 05:30 August 0.6% 0.6% 0.0% 0.3%
09/12 Import Price Index MoM 05:30 August -1.0% -0.9% -0.2% -0.3%
09/12 Import Price Index YoY 05:30 August -0.6% -0.4% 0.8% -
09/12 University of Michigan Confidence 06:55 September P 83.3 - 82.5 -



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