Archive for the ‘Uncategorized’ Category

Consumer Spending

Wednesday, June 29th, 2016

Via TDSecurities: US: Consumer Spending Back on Track - For Now ·         Personal spending rose at a very respectable 0.4% m/m pace in May, coming on the heels of the upwardly revised 1.1% m/m surge the month before. ·         The inflation picture, however, remained relatively benign with core inflation unchanged at 1.6% y/y. ·         The ...

Near Term Course of FOMC Policy

Wednesday, June 29th, 2016

Via Bloomberg: Forget December. Forget Next Year. Fed Done Hiking Until 2018 Liz McCormick mccormickliz Matthew Boesler boes_ June 28, 2016 — 7:00 PM EDT Updated on June 29, 2016 — 12:42 AM EDT   Circle Jan. 31, 2018, on the calendar. That’s the soonest the Federal Reserve hikes next.   At least if money market derivatives are to be believed. Traders, ...

Don’t Sweat Higher Rates

Wednesday, June 29th, 2016

Via Barron's: Why Bond Investors Don’t Have to Fear Higher Rates Generally, the greater yield earned in a rising-rate environment offsets the fall in bond prices those rates cause. By Mark Hulbert June 29, 2016 6:12 a.m. ET   Are you avoiding bonds because of the near certainty that interest rates will be higher in the future? Welcome ...

Could Sterling Lose Reserve Currency Status?

Wednesday, June 29th, 2016

Via WSJ: By Mike Bird Updated June 28, 2016 8:09 p.m. ET 3 COMMENTS Britain’s vote to leave the European Union knocked sterling to the lowest in decades and could now erase a distinction that is centuries-old: its status as a reserve currency. In the two sessions after last Thursday’s Brexit vote, the pound fell ...

FX

Wednesday, June 29th, 2016

Via Bloomberg: Dollar Softer as Calm Remains in the Markets Markets remain calm as warnings of a Lehman moment appear overdone We are in a consolidative market now as the foreign currencies claw back some of their recent losses During the North American session, the US reports May personal income and ...

Some Corporate Bond Stuff

Wednesday, June 29th, 2016

Via Bloomberg: IG CREDIT: Strong Volume, Spreads Tighter as Issuance Reopens 2016-06-29 09:36:24.875 GMT By Robert Elson (Bloomberg) -- Secondary IG trading ended with a Trace count of $16.7b vs $12.7b Monday, $14.6b last Tuesday. 10-DMA $13b; 10-Tuesday moving avg $16.5b. * 144a trading added $2.7b of IG volume vs $1.5b, $2.8b last Tuesday * Most active issues: * ABIBB ...

Credit Pipeline

Wednesday, June 29th, 2016

Via Bloomberg: IG CREDIT PIPELINE: Deals Lined Up as Gates Have Opened 2016-06-29 09:27:12.864 GMT By Robert Elson (Bloomberg) -- LATEST UPDATES * Adient Ltd filing shows it expects to incur $3.5b of debt related to Johnson Controls; has bank meeting scheduled for today * Microsoft (MSFT) Aaa/AAA, added to list of possible issuers, says Morningstar; also notes PG, DOV ...

Fed Governor Powell Muses on the Economy

Tuesday, June 28th, 2016

Via Bloomberg: Declan Harty DeclanHarty Jeanna Smialek jeannasmialek June 28, 2016 — 7:00 PM EDT Powell says it is far too early to judge effects of U.K. vote Important to assess appropriate U.S. policy stance post-Brexit   Federal Reserve Governor Jerome Powell said global risks have shifted further to the downside after Britain’s vote to exit the European Union, ...

“Don’t Delude Yourself”

Tuesday, June 28th, 2016

Via Bloomberg: Merkel Tells Cameron Before EU Summit: Don’t Delude Yourself 2016-06-28 10:00:39.101 GMT By Ian Wishart, John Follain and Jonathan Stearns (Bloomberg) -- German Chancellor Angela Merkel warned the U.K. to have no illusions about life outside the European Union, hardening her stance ahead of Prime Minister David Cameron’s first meeting with fellow EU leaders since ...

Consumer Confidence

Tuesday, June 28th, 2016

Via TDSecurities:                US: Consumer Confidence Rebounds Strongly ·         The headline consumer confidence index surged to an 8-month high in June, up to 98.0 from 92.4. ·         This was a far stronger performance than the market consensus expectation for a far more muted rebound to 93.5. ·         The overall tone of this report was encouraging, pointing ...