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Market Commentary

Market Commentary

December 09, 2014
10-YEAR NOTES   100-08.5 (+10)
FN 3.5% COUPON   104-08.5 (+07)
SUPPORT   2.42%
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Wholesale Inventories rose +0.3% in September with sales up only +0.2% in the month, keeping the stock-to-sales ratio in the sector unchanged at 1.19. For October, Wholesale Inventories are expected to continue the advance with a +0.2% (MoM) and wholesale Trade Sales are expected to edge up +0.1% (MoM). Treasuries rallied yesterday as falling commodity prices, and economic slowdown concerns surrounding China and the Eurozone led some to seek safer assets; China reported a 6.7% decline in imports in November and a weaker than expected 4.7% increase in exports along with Eurozone Inflation concerns. This morning treasuries are opening in-line with yesterday’s highs and the curve is unchanged from last night’s close.

This Week's Events:

12/09 Wholesale Inventories MoM 07:00 October 0.2% 0.4% 0.3% 0.4%
12/10 MBA Mortgage Applications 04:00 December 5 - - -7.3% -
12/10 Monthly Budget Statement 11:00 November -$65.0 Billion - -$135.2 Billion -
12/11 Retail Sales MoM 05:30 November 0.4% - 0.3% -
12/11 Import Price Index MoM 05:30 November -1.8% - -1.3% -
12/11 Import Price Index YoY 05:30 November -2.6% - -1.8% -
12/11 Initial Jobless Claims 05:30 December 6 296K - 297K -
12/11 Continuing Claims 05:30 November 29 2347K - 2362K -
12/11 Business Inventories 07:00 October 0.2% - 0.3% -
12/12 PPI Final Demand MoM 05:30 November -0.1% - 0.2% -
12/12 PPI Final Demand YoY 05:30 November 1.4% - 1.5% -



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