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Market Commentary

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Market Commentary


Monday
December 15, 2014
10-YEAR NOTES   101-06.5 (-03)
2.115%
FN 3.5% COUPON   101-05.5 (-02)
SUPPORT   2.42%
RESISTANCE   2.00%
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The Empire State Manufacturing Index in November rose +4 points to 10.16 with the new orders index up to 9.14 vs. -1.73 prior. For December, Empire State Manufacturing came in much lower than expected at -3.58 (consensus 12.4). Industrial Production is expected to rise +0.7% vs. -0.1% prior and Capacity Utilization is expected to rise to +79.4% vs. +78.9% prior. Treasuries reversed 5 consecutive rally days today in response to speculation that the economy is picking up the pace of recovery. The curve has bear flattened with 2s10s down -0.7 bps.

This Week's Events:

DATE EVENTS TIME (PST) PERIOD SURVEY ACTUAL PRIOR REVISED
12/15 Empire Manufacturing 05:30 December 12.40 -3.58 10.16 -
12/15 Industrial Production MoM 06:15 November 0.7% 1.3% -0.1% 0.1%
12/15 Capacity Utilization 06:15 November 79.4% 80.1% 78.9% 79.3%
12/16 Housing Starts 05:30 November 1040K - 1009K -
12/16 Housing Starts MoM 05:30 November 3.1% - -2.8% -
12/16 Building Permits 05:30 November 1065K - 1080K 1092K
12/16
Building Permits MoM
05:30 November -2.5% - 4.8% 5.9%
12/17 MBA Mortgage Applications 04:00 December 12 - - 7.3% -
12/17 CPI MoM 05:30 November -0.1% - 0.0% -
12/17 CPI YoY 05:30 November 1.4% - 1.7% -
12/17 FOMC Rate Decision 11:00 December 17 0.25% - 0.25% -
12/18 Initial Jobless Claims 05:30 December 13 295K - 294K -
12/18 Continuing Claims 05:30 December 6 2435K - 2514K -
12/18 Leading Index 07:00 November 0.5% - 0.9% -
12/19 Kansas City Fed Manufacturing Activity 08:00 December 7 - 7 -

 

 

 
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