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Market Commentary

Market Commentary

September 18, 2014
10-YEAR NOTES   97-27 (-07) 2.623%
FN 3.5% COUPON   101-14 (-04)
SUPPORT   2.660%
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Initial Jobless Claims fell to 280K vs. 316K prior (revised) and Continuing Claims fell to 2429K vs. 2492K prior (revised). Housing Starts fell to 956K vs. 1117K prior (revised), down -14.4% MoM. Building Permits fell to 998K vs. 1057K prior (revised), down -5.6% MoM. The Philadelphia Fed is expected to decline to 23 for September, following a reading of 28 in August. Yesterday the Federal Reserve released updates to their economic projections and rate decisions; they dialed back asset purchases by the expected $10 Billion and left the Fed Funds rate at a quarter. The Fed maintained their position that considerable monetary policy would be necessary for quite some time post-QE and recognized the continued slack in both the labor markets and inflation. Treasuries are opening lower today, and the curve has bear flattened with 2s10s down -0.6 bps.

This Week's Events:

09/18 Jobless Claims 05:30 September 13 305K 280K 315K 316K
09/18 Continuing Claims 05:30 September 6 2466K 2429K 2487K 2492K
09/18 Housing Starts 05:30 August 1037K 956K 1093K 1117K
09/18 Housing Starts MoM 05:30 August -5.2% -14.4% 15.7% 22.9%
09/18 Building Permits 05:30 August 1040K 998K 1052K 1057K
09/18 Building Permits MoM 05:30 August -1.6% -5.6% 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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