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Market Commentary

Market Commentary

December 02, 2014
10-YEAR NOTES   99-30 (-11)
FN 3.5% COUPON   103-31(-07)
SUPPORT   2.42%
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Construction spending fell -0.4% in September following a -0.5% decline in August. The decline was led by a dip in public outlays, which fell -1.3% vs. -1.0% prior. Consensus for October’s Construction Spending reading is for a +0.6% advance. Treasuries sold-off for the first time in seven days yesterday ahead of Friday’s Employment Report and MBS are opening 1 tick tighter to treasury hedges.

This Week's Events:

12/02 Construction Spending MoM 07:00 October 0.6% - -0.4% -
12/03 MBA Mortgage Applications 04:00 November 28 - - -4.3% -
12/03 ADP Employment Change 05:15 November 222K - 230K -
12/03 Markit US Services PMI 06:45 November F 56.5 - 56.3 -
12/03 Markit US Composite PMI 06:45 November F - - 56.1 -
12/04 Initial Jobless Claims 05:30 November 29 295K - 313K -
12/04 Continuing Claims 05:30 November 22 2318K - 2316K -
12/05 Nonfarm Payrolls 05:30 November 230K - 214K -
12/05 Unemployment Rate 05:30 November 5.8% - 5.8% -



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