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Market Commentary


Friday
October 31, 2014
10-YEAR NOTES   100-13.5 (-06)
2.329%
FN 3.5% COUPON   103-12.5 (-02.5)
SUPPORT   2.32%
RESISTANCE   1.86%
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Overnight, Treasuries declined in response to the Bank of Japan adding stimulus to boost their economy pushing 10's from 100-22.5 to 100-05. In response to the stimulus Japanese stocks (Nikkei) closed at levels unseen in 7 Years (+4.8%). It took the 10-Year a whopping 2.5 hours to return to yesterday’s close level on overnight buying. In today’s data, Personal Income edged up +0.2% (consensus +0.3%) vs. +0.3% prior while Personal Spending declined -0.2% (consensus +0.1%) vs. +0.5% prior. Anyone paying off debt from last month’s spending/income mismatch? Disposable Personal Income (DPI) increased +0.1% vs. +0.3% prior and Real DPI rose less than +0.1% vs. +0.3% prior. Private wages and salaries increased +$12.6 billion in September following +$36.3 billion in August. MBS closed the day yesterday outperforming 2-3 ticks to treasury hedges and today are opening still on the tights. The curve has bear flattened with 2s10s down -2.6 bps.  

Happy Halloween Everyone!

Today's Events:

DATE EVENTS TIME (PDT) PERIOD SURVEY ACTUAL PRIOR REVISED
10/31 Personal Income 05:30 September 0.30% 0.20% 0.30% -
10/31 Personal Spending 05:30 September 0.10% -0.20% 0.50% -

 

 

 
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