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Market Commentary

Market Commentary

December 30, 2013
10-YEAR NOTES   98-00.5 (+5.5) 2.984%
FN 3.5% COUPON   99-14.5 (+5.5)
SUPPORT   3.01%
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The 10-Year yield advanced two basis points, or 0.02 percentage point, to 3.01 percent at last Friday’s close breaking through prior support and even flirting with 3.02% (highest since July 26, 2011). Todaywe have pending home sales MoM expected at a positive 1% following five down months in a row. The Dallas Fed general business activity index in November posted its sixth consecutive positive reading and this month is expected to come in at 2 vs. 1.9 prior. Overnight we saw a bull flattening in the yield curve with mortgage spreads tightening roughly 6 bps.

This Week's Key Events

12/30 Pending Home Sales MoM 10:00 November 1.0% 0.2% -0.6% -1.2%
12/30 Dallas FedManufacture Activity 10:30 December  4.0% - 1.9% -
12/31 S&P/CaseShiller Home Price Index 09:00 October 165.76 - 165.66 -
12/31 Consumer Confidence 10:00 December 76.2   70.4  
01/01 *Market Closed - - - - - -
01/02 Initial Jobless Claims 08:30 December 28 344K - 338K -
01/02 Continuing Claims 08:30 December 21 2900K - 2923K -
01/02 ISM Manufacturing 10:00 December 56.9 - 57.3 -
01/02 Construction Spending MoM 10:00 November 0.7% - 0.8% -
01/03 Total Vehicle Sales 17:00 December 16 Million - 16.31 Million -
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