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Market Commentary

Market Commentary

September 26, 2014
10-YEAR NOTES   98-22.5 (-03.5)
FN 3.5% COUPON   102-04 (-04)
SUPPORT   2.660%
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Real Gross Domestic Product increased at an annual rate of +4.6% (consensus 4.6%) in the second quarter of 2014, according to today’s third estimate release. In the first quarter, real GDP decreased -2.1%. The increase in real GDP in the second quarter primarily reflected positive contributions from Personal consumption expenditures (PCE), exports, private inventory investment, non-residential fixed investment, state and local government spending, and residential fixed investment. Treasuries are seeing little reaction to the in-line GDP data and the curve has bear steepened with 2s10s up +0.7 bps.

Today's Events:

09/26 GDP Annualized QoQ 5:30 2Q T 4.6% 4.6% 4.2% -
09/26 Personal Consumption 05:30 2Q T 2.9% 2.5% 2.5% -
09/26 Core PCE QoQ 05:30 2Q T 2.0% 2.0% 2.0% -
09/26 University of Michigan Confidence 06:55 September F 84.8 - 84.6 -



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