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Market Commentary

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Market Commentary


Tuesday
November 18, 2014
10-YEAR NOTES   99-08 (+01.5)
2.335%
FN 3.5% COUPON   103-14.5 (+02)
SUPPORT   2.42%
RESISTANCE   2.00%
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The Producer Price Index (PPI) for Final Demand in September slipped 0.1% following a flat August reading and for October PPI Final Demand posted a gain of +0.2% (consensus -0.1%). Excluding food and energy PPI jumped +0.4% for an annual gain of +1.8%. The NAHB Housing Market Index fell -5 Points in October to 54 and for September expectations are for an edge up to 55. Treasuries rallied this morning despite the hotter than expected PPI data and the curve has bull flattened with 2s10s down -0.7 bps.

This Week's Events:

DATE EVENTS TIME (PST) PERIOD SURVEY ACTUAL PRIOR REVISED
11/18 PPI Final Demand MoM 05:30 October -0.1% 0.2% -0.1% -
11/18 PPI Final Demand YoY 05:30 October 1.3% 1.5% 1.6% -
11/18 NAHB Housing Market Index 07:00 November 55 58 54 -
11/18 Total Net TIC Flows 13:00 September - - $74.5 Billion -
11/19 MBA Mortgage Applications 04:00 November 14 - - -0.9% -
11/19 Housing Starts 05:30 October 1025K - 1017K -
11/19 Housing Starts MoM 05:30 October 0.8% - 6.3% -
11/19 Building Permits 05:30 October 1040K - 1018K 1031K
11/19 Building Permits MoM 05:30 October 0.9% - 1.5% 2.8%
11/19 FOMC Minutes  11:00 October 28-29 - - - -
11/20 CPI MoM 05:30 October -0.1% - 0.1% -
11/20 CPI YoY 05:30 October 1.6% - 1.7% -
11/20 Initial Jobless Claims 05:30 November 15 283K - 290K -
11/20 Continuing Claims 05:30 November 8 2370K - 2392K -
11/20 Markit Manufacturing PMI 06:45 November P 56.3 - 55.9 -
11/20 Existing Home Sales 07:00 October 5.15 Million - 5.17 Million -
11/20 Existing Home Sales MoM 07:00 October -0.4% - 2.4% -
11/20 Leading Index 07:00 October 0.6% - 0.8% -
11/21 Kansas City Fed Manufacturing Activity 08:00 November 6 - 4 -

 

 

 
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