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Market Commentary

Market Commentary

December 22, 2014
10-YEAR NOTES   100-20 (-03)
FN 3.5% COUPON   104-04 (-01)
SUPPORT   2.42%
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This week we get data on Home Sales, Durable Goods, GDP, Personal Consumption, House Prices and Personal Income/Spending. Existing Home Sales continued to rise in October, up +1.5%, following a +2.6% jump in September, and market expectations for November are for a -1.1% decline. On Friday the coupon stack compressed, tightening 1-3 ticks in the production coupons, and MBS underperformed treasury hedges by 2-3 ticks. The curve bull flattened with 2s10s down -4.9 bps to 152.1 pulling the 20-day average to 165. The 30-Year current coupon declined -4 bps on the day to 2.83% and the 15-Year followed suite, down -4 bps to 2.08%. The GN/FN swap compressed 2-3 ticks in the belly along 3.0s through 4.5s at 0-23 vs. 0-21.5 prior. Today treasuries are opening near flat to yesterday�s close and 2s10s continues to flatten, down -0.4 bps.

Have a Great Weekend!

Today's Events:

12/19 Kansas City Fed Manufacturing Activity 08:00 December 7 - 7 -



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