Archive for the ‘Uncategorized’ Category

Hilsenrath Article

Sunday, August 30th, 2015

Jon Hilsenrath and Ben Leubsdorf of the WSJ report that the aftermath of Jackson Hole conference last week the FOMC remains on track to raise rates some time this year. Policy makers are undeterred by recent volatility and the problems of China. Via Jon Hilsenrath and ben Leubsdorf of the WSJ: By Jon ...

Weekend Miscellany

Saturday, August 29th, 2015

Stephen Stanley of Amherst Pierpont Securities has an interesting note which discusses inflation and then separately the state of Fed policy: 1)      Core inflation.  I have discussed the fact that the core PCE deflator has run unusually low relative to the core CPI and other measures of underlying inflation.  A few ...

Weekend Data Preview

Saturday, August 29th, 2015

Via Robert Sinche at Amherst Pierpont Securities: AUSTRALIA: The Private measure of CPI inflation for August, from TD Securities, will follow at 1.6% YOY rise in July that has been aided by the rising cost of imports as the AUD has fallen sharply, more than 20% versus last year at this ...

From the Oh Canada Department

Friday, August 28th, 2015

I have been headlining stories about our Northern neighbor this way since I began blogging again in October 2013. I had just retired from TD bank here in New York. It appears that Bloomberg has a headline writer with the same dry sense of humor as the story I will append ...

Lots to Watch Today

Friday, August 28th, 2015

Via Bloomberg: WHAT TO WATCH: * (All times New York) * Economic Data * 8:30am: Personal Income, July, est. 0.4% (prior 0.4%) * Personal Spending, July, est. 0.4% (prior 0.2%) * Real Personal Spending, July, est. 0.3% (prior 0%) * PCE Deflator m/m, July, est. 0.1% (prior 0.2%) * PCE Deflator y/y, July, est. 0.3% (prior 0.3%) * PCE ...

Dealer Positions

Friday, August 28th, 2015

Via Bloomberg: IG CREDIT: Dealer Positions in Corporates Fall, Led by 1Y-3Y 2015-08-28 10:54:31.565 GMT By Robert Elson (Bloomberg) -- Dealer positions in corporate bonds fell $1.6b to $21.7b as of Aug. 19. $21.1b, seen Feb. 11, is the low for the series Fed began in April 2013. $45.9b, seen March 5, 2014, is the high. * Investment ...

China Increases Margin Requirements

Friday, August 28th, 2015

Via Bloomberg: China Increases Margin Requirements on Stock-Index Futures 2015-08-28 10:47:36.531 GMT By Bloomberg News (Bloomberg) -- China increased the margin requirements on stock-index futures contracts to 30 percent and narrowed the number of contracts that traders can open before they are considered “abnormal trading.” Opening more than 100 contracts on a single index-futures product on the CSI 300, ...

FX

Friday, August 28th, 2015

Via Marc Chandler at Brown Brothers: Markets Debates Drivers of US Treasuries - There is growing speculation that China is selling US Treasuries during its FX operations, which is driving up yields in the US; but the reality may be more prosaic - UK preliminary GDP came in right on expectations at ...

Corporate Bonds

Friday, August 28th, 2015

Via Bloomberg: IG CREDIT: Highest Volume Since June; Spreads Inch Tighter 2015-08-28 09:56:25.213 GMT By Robert Elson (Bloomberg) -- Secondary IG trading ended with a Trace count of $17.6b vs $16.9b Wednesday, $12.6b the previous Thursday. Yesterday was the highest volume since $18.5b June 2. * 10-DMA $12.4b; 10-Thursday moving avg $13.7b * 144a trading added $3b of ...

Banks in a Bind in China

Friday, August 28th, 2015

Via the WSJ: By Chuin-Wei Yap Updated Aug. 28, 2015 5:19 a.m. ET BEIJING—China’s biggest lenders are scrambling to clear rising bad loans from their books, as a faltering economy weighs on loan repayments and sets banks on pace for their worst year since they began listing shares 13 years ago. The pace of ...