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Market Commentary

Market Commentary

November 26, 2014
10-YEAR NOTES   100-03 (+05)
FN 3.5% COUPON   104-00(+00)
SUPPORT   2.42%
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MBA Mortgage Applications fell -4.3%, for the week ending November 21st (-16.9% YoY), following a strong prior week at +4.9%. Purchases declined -4.8% vs. +11.7% prior (-10.5% YoY), Refinancing declined -3.5% vs. +0.9% prior (-20.3% YoY) and the average interest rate for a conforming conventional 30-Year mortgage fell -3 bps to 4.15% (4.48% a year ago). New orders for durable goods in October increased 0.4% to $243.8 Billion following two consecutive monthly declines; durables decreased -1.1% in September after dropping -18.3% in August. Personal income advanced +0.2% in September, following +0.3% in August, and for October income posted another +0.3% gain (consensus +0.4%). Personal spending gained +0.2% after posting flat in September. More than forecasted filed for jobless claims last week with Initial Claims coming in at 313K vs. 291K prior (consensus 288K) and continuing claims fell to 2316K vs. 2330K prior (consensus 2348K). Pending home sales were up +0.3% in September after a -1.0% drop in August, and for October expectations are for a +0.5% advance. Treasuries advanced, pushing 10-Year yields to a one-month low, following today’s data and the curve has bull flattened with 2s10s down -2.5 bps.

Happy Thanksgiving Everyone!

This Week's Events:

11/26 MBA Mortgage Applications 04:00 November 21 - -4.3% 4.9% -
11/26 Durable Goods Orders 05:30 October -0.6% 0.4% -1.3% -0.9%
11/26 Initial Jobless Claims 05:30 November 22 288K 313K 291K 292K
11/26 Continuing Claims 05:30 November 15 2348K 2316K 2330K 2333K
11/26 Personal Income 05:30 October 0.4% 0.2% 0.2% -
11/26 Personal Spending 05:30 October 0.3% 0.2% -0.2% 0.0%
11/26 New Home Sales 07:00 October 471K 458K 467K 455K
11/26 New Home Sales MoM 07:00 October 0.8% 0.7% 0.2% 0.4%
11/27 MARKET CLOSED - - - - - -
11/28 NA - - - - - -



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