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Market Commentary

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Market Commentary


Thursday
September 25, 2014
10-YEAR NOTES   98-17 (+06) 2.544%
FN 3.5% COUPON   102-03.5 (+05)
SUPPORT   2.660%
RESISTANCE   2.200%
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Initial Jobless claims for the week of September 20th rose +12K to 293K (consensus 296K), with the prior week revised up by 1,000 to 281K. Continuing claims rose to 2439K (consensus 2440K) and the prior week was revised up by 3,000 to 2432K. Durable goods orders reversed two consecutive monthly increases in August, down $54.5 Billion (18.2%) to $245.4 Billion. Excluding transportation, New orders increased +0.7%, and excluding defense, New orders decreased -19.0%. Markit US Services PMI is expected to edge down to 59.2 vs. 59.5 prior. Treasuries are on session highs following this morning's mixed data and the curve has bull flattened with 2s10s down -2.1 bps.

There is a 7-Year note auction today at 10:00 AM (PDT).

This Week's Events:

DATE EVENTS TIME (PDT) PERIOD SURVEY ACTUAL PRIOR REVISED
09/25 Jobless Claims 05:30 September 20 296K 293K 280K 281K
09/25 Continuing Claims 05:30 September 13 2440K 2439K 2429K 2432K
09/25 Durable Goods Orders 05:30 August -18.0% -18.2% 22.6% 22.5%
09/26 GDP Annualized QoQ 5:30 2Q T 4.6% - 4.2% -
09/26 Personal Consumption 05:30 2Q T 2.9% - 2.5% -
09/26 Core PCE QoQ 05:30 2Q T 2.0% - 2.0% -
09/26 University of Michigan Confidence 06:55 September F 84.8 - 84.6 -

 

 

 
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