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Market Commentary

Market Commentary

November 06, 2014
10-YEAR NOTES   100-01 (-06)
FN 3.5% COUPON   103-05 (-03)
SUPPORT   2.42%
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Initial Jobless Claims fell to 278K vs. 287K prior (consensus 285K) and Continuing Claims also declined -36K to 2348 vs. 2384K prior (consensus 285K). Nonfarm Productivity for the third quarter advanced +2.0% (+0.9% YoY), following a 2.9% increase in the second quarter. Unit labor costs edged up +0.3% (+2.4% YoY), following a -0.5% dip in the second quarter. Treasuries have slipped to this morning’s lows in response to the better than expected economic data, and the curve has bear steepened with 2s10s up +1.9 bps.

This Week's Events:

11/06 Initial Jobless Claims 05:30 November 01 285K 278K 287K 288K
11/06 Continuing Claims 05:30 October 25 2363K 2348K 2384K 2387K
11/07 Nonfarm Payrolls 05:30 October 235K - 248K -
11/07 Unemployment Rate 05:30 October 5.9% - 5.9% -



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