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Market Commentary

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Market Commentary


Tuesday
December 16, 2014
10-YEAR NOTES   101-22.5 (+16)
2.057%
FN 3.5% COUPON   104-11.5 (+08)
SUPPORT   2.42%
RESISTANCE   2.00%
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Housing Starts declined -2.8% in October following a +7.8% spike in September, and Housing Starts disappointed expectations for November down -1.6% vs. consensus +3.1%. Building Permits declined -5.2% (consensus -2.5%), following a 5.9% jump in October and a 2.8% boost in September. The November Markit PMI Manufacturing Index slowed to a 10-month low of 54.8 vs. 55.9 prior. Treasuries are testing resistance levels as the decline in crude oil prices weighs on inflation and growing turmoil in Russia fueled demand for safe haven assets. The curve has bull steepened with 2s10s up +0.3 bps.

This Week's Events:

DATE EVENTS TIME (PST) PERIOD SURVEY ACTUAL PRIOR REVISED
12/16 Housing Starts 05:30 November 1040K 1028K 1009K 1045K
12/16 Housing Starts MoM 05:30 November 3.1% -1.6% -2.8% 1.7%
12/16 Building Permits 05:30 November 1065K 1035K 1080K 1092K
12/16
Building Permits MoM
05:30 November -2.5% -5.2% 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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