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Market Commentary

Market Commentary

November 14, 2014
10-YEAR NOTES   98-31.5 (-05.5)
FN 3.5% COUPON   103-06 (-01)
SUPPORT   2.42%
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Retail Sales in September slipped -0.3%, following a +0.6% jump in August. Retail Sales came in higher than expected for October, despite downward pressure from lower gas prices. Retail Sales for October were $444.5 Billion, +0.3% MoM (consensus +0.2%) and +4.1% YoY. Excluding Autos and Gas, Retail Sales jumped +0.6% vs. -0.1% prior (consensus +0.4%). Import Prices fell -0.5% in September and for October the Index continues to decline for a fourth consecutive month posting a decline of -1.3% MoM (-1.8% YoY). The October drop was mostly led by falling fuel prices, which declined -6.5%. U.S. Export Prices fell -1.0% in October, after slipping -0.4% in September and -0.5% in August. Treasuries reversed three consecutive days of losses yesterday, and have given up some ground on the hotter than expected Retail Sales data, the curve has bear flattened with 2s10s down -0.6 bps.

Have a Great Weekend!

Today's Events:

11/14 Retail Sales Advance MoM 05:30 October 0.2% 0.3% -0.3% -
11/14 Import Price Index MoM 05:30 October -1.5% -1.3% -0.5% -0.6%
11/14 Import Price Index YoY 05:30 October -1.6% -1.8% -0.9% -1.1%



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