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Market Commentary

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Market Commentary


Tuesday
September 16, 2014
10-YEAR NOTES   98-09 (+04) 2.572%
FN 3.5% COUPON   101-23.5 (+04)
SUPPORT   2.660%
RESISTANCE   2.200%
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Treasuries gained for the first time in eight days yesterday, ending the longest decline in over a year, as Industrial Production unexpectedly declined in August; this is the first decline in Industrial Production in seven months. The Producer Price Index for final demand was flat in August, following a +0.1% advanced in July and +0.4% in June. Within intermediate demand, prices for processed goods fell -0.3%, the index for unprocessed goods declined -3.3%, and prices for services edged up +0.2%. Today the FOMC begins their meeting to discuss short term interest rates, and we await tomorrow’s asset purchase/rate decision. Treasuries are opening slightly higher, continuing the momentum from yesterday’s unexpected production decline, and the curve has bull flattened with 2s10s down -0.8 bps.

This Week's Events:

DATE EVENTS TIME (PDT) PERIOD SURVEY ACTUAL PRIOR REVISED
09/16 PPI Final Demand MoM 05:30 August 0.0% 0.0% 0.1% -
09/16 PPI Final Demand YoY 05:30 August 1.8% 1.8% 1.7% -
09/16 Net Long-Term TIC Flows 13:00 July $25.0 Billion - -$18.7 Billion -
09/17 MBA Mortgage Applications 04:00 September 12 - - -7.2% -
09/17 CPI MoM 05:30 August 0.0% - 0.1% -
09/17 CPI YoY 05:30 August 1.9% - 2.0% -
09/17 NAHB Housing Market Index 07:00 September 56 - 55 -
09/17 Fed QE3 Pace 11:00 September $15.0 Billion - $25.0 Billion -
09/17 FOMC Rate Decision 11:00 September 17 0.25% - 0.25% -
09/18 Jobless Claims 05:30 September 13 305K - 315K -
09/18 Continuing Claims 05:30 September 6 2466K - 2487K -
09/18 Housing Starts 05:30 August 1039K - 1093K -
09/18 Housing Starts MoM 05:30 August -4.9% - 15.7% -
09/18 Building Permits 05:30 August 1040K - 1052K 1057K
09/18 Building Permits MoM 05:30 August -1.6% - 8.1% 8.6%
09/18 Phili Fed 07:00 September 23.0 - 28.0 -
09/19 Leading Index 07:00 August 0.4% - 0.9% -

 

 

 
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