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Market Commentary

Market Commentary

October 17, 2014
10-YEAR NOTES   101-19.5 (-11)
FN 3.5% COUPON   103-20.5 (-02.5)
SUPPORT   2.190%
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With fairly light data coming out today to end the week, recent volatility movements from housing data continued this morning. Housing starts for September bounced back to 1017K vs. 957K prior (revised), up +6.3% MoM, while the data for August had fell -14.4% after a huge jump of +22.9% in July. Building permits also increased to 1018K vs. 1003K prior (revised), up +1.5% MoM. Treasuries are opening lower today, pushing 10-Year yields up to 2.19% which is the highest increase in two weeks. The curve has bear steepened with 2s10s up +2.4 bps.

Have a great weekend!

Today's Events:

10/17 Housing Starts 05:30 September 1008K 1017K 956K 957K
10/17 Housing Starts MoM 05:30 September 5.4% 6.3% -14.4% -12.8%
10/17 Building Permits 05:30 September 1030K 1018K 998K 1003K
10/17 Building Permits MoM 05:30 September 2.7% 1.5% -5.6% -5.1%



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