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Market Commentary

Market Commentary

November 13, 2014
10-YEAR NOTES   99-01 (+06) 2.358%
FN 3.5% COUPON   103-04 (+00)
SUPPORT   2.42%
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Initial Jobless claims and Continuing Claims both posted higher than expected today with Initial Claims at 290K vs. 278K prior (consensus 280K) and Continuing Claims at 2392K vs. 2348K prior (consensus 2346K). The Monthly Budget report for September showed an 8.9% rise in receipts vs. a 1.3% rise in spending pushing the deficit to $483.4 Billion. The deficit is expected to decline again for the month of October. Treasuries rose off session lows in response to the claims data, and the curve is opening flat to yesterday's 2:00 PM (PST) close.

This Week's Events:

11/13 Initial Jobless Claims 05:30 November 8 280K 290K 278K -
11/13 Continuing Claims 05:30 November 1 2346K 2392K 2348K 2356K
11/13 Monthly Budget 11:00 October -$122.0 Billion - -$90.6 Billion -
11/14 Retail Sales Advance MoM 05:30 October 0.2% - -0.3% -
11/14 Import Price Index MoM 05:30 October -1.5% - -0.5% -
11/14 Import Price Index YoY 05:30 October -1.6% - -0.9% -



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