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Market Commentary

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Market Commentary


Tuesday
October 21, 2014
10-YEAR NOTES   101-11 (-11) 2.220%
FN 3.5% COUPON   103-21 (-6)
SUPPORT   2.400%
RESISTANCE   2.190%
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After the big move last week, the market was fairly orderly yesterday with lower coupons outperforming hedge ratios and G2/FN marching higher despite rumors of much better selling of the swaps. The market is opening lower this morning, led by 10-Year notes (bear steepening) and MBS are outperforming duration hedges. Risk assets received a boost in the overnight markets as news that the ECB is considering purchasing EU corporate bonds hit the tape.

This Week's Events:

DATE EVENTS TIME (PDT) PERIOD SURVEY ACTUAL PRIOR REVISED
10/21 Existing Home Sales 07:00 September 5.10 Million 5.17 Million 5.05 Million -
10/21 Existing Home Sales MoM 07:00 September 1.0% 2.4% -1.8% -
10/22 MBA Mortgage Applications 04:00 October‚Äč 17 - - 5.6% -
10/22 CPI MoM 05:30 September 0.0% - -0.2% -
10/22 CPI YoY 05:30 September 1.6% - 1.7% -
10/23 Initial Jobless Claims 05:30 October 18 280K - 264K -
10/23 Continuing Claims 05:30 October 11 2380K - 2389K -
10/23 FHFA House Price Index MoM 06:00 August 0.3% - 0.1% -
10/23 Leading Index 07:00 September 0.7% - 0.2% -
10/23 Kansas City Fed 08:00 October 6 - 6 -
10/24 New Home Sales 07:00 September 470K - 504K -
10/24 New Home Sales MoM 07:00 September -6.8% - 18.0% -

 

 

 
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