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Market Commentary

Market Commentary

October 02, 2014
10-YEAR NOTES   99-20 (-08) 2.416%
FN 3.5% COUPON   102-22 (-05)
SUPPORT   2.660%
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We don't have too much data today ahead of tomorrow's Unemployment report and Nonfarm Payrolls. Initial Jobless Claims, for the week ending September 27th, fell to 287K vs. 293K prior and Continuing Claims fell to 2398K vs. 2439K prior. Factory Orders are expected to decline -9.5% following the prior week’s +10.5% advance. Treasuries sold-off this morning, giving back some of the biggest gains in the past 8 months, following another data release that points to continued improvement in the labor market. The curve has bear steepened with 2s10s up +1.6 bps.

This Week's Events:

10/02 Initial Jobless Claims 05:30 September 27 297K 287K 293K 295K
10/02 Continuing Claims 05:30 September 20 2425K 2398K 2439K 2443K
10/02 Factory Orders 07:00 August -9.50% - 10.50% -
10/03 Trade Balance 05:30 August -$40.80 Billion - -$40.50 Billion -
10/03 Nonfarm Payrolls 05:30 September 215K - 142K -
10/03 Unemployment Rate 05:30 September 6.10% - 6.10% -
10/03 Markit Services PMI 06:45 September F 58.50 - 58.50 -



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