Archive for the ‘Uncategorized’ Category

Hilsenrath Story

Sunday, August 28th, 2016

Via WSJ: By Jon Hilsenrath and Harriet Torry Aug. 28, 2016 10:37 a.m. ET 14 COMMENTS JACKSON HOLE, Wyo.—When Janet Yellen laid out options here for U.S. interest-rate policy in the years ahead, the Federal Reserve chairwoman conspicuously left off her list a controversial idea being tried in Japan and much of Europe: Negative interest ...

Central Bankers Despair

Sunday, August 28th, 2016

This Reuters story carried by the NYTimes website details the frustration of central bankers who see less and less return from monetary policy and who pine for some sort of fiscal action to stimulate inflationary expectations amongst the hoi polloi. Via the NYTimes and Reuters: Business Day Global Central Bankers, Stuck at Zero, ...

Abolish Cash

Sunday, August 28th, 2016

Marvin Goodfriend was a long time economist at the Richmond Fed and if memory serves me well I recall him writing quite a few pieces (excellent) on monetary history. In this article Bloomberg reports that he favors deeply negative rates as cure for the next recession and to support that ...

BOJ’s Kuroda Coos Dovishly at Jackson Hole

Saturday, August 27th, 2016

Via Bloomberg: Jeff Black Jeffrey_Black Steve Matthews SteveMatthews12 August 27, 2016 — 2:52 PM EDT Updated on August 27, 2016 — 4:28 PM EDT   Bank of Japan Governor Haruhiko Kuroda said he won’t hesitate to boost monetary stimulus if needed, reiterating a pledge during an annual policy retreat in Jackson Hole, Wyoming, at which central bankers stressed ...

Logorrhea at the Fed

Saturday, August 27th, 2016

Reserve Bank Presidents Bullard and Lockhart take issue with some hawkish comments delivered by Vice Chairman yesterday. Via the WSJ: By Harriet Torry Aug. 27, 2016 12:18 p.m. ET 2 COMMENTS JACKSON HOLE, Wyo.—Two Fed officials have played down the likelihood of two rate increases this year beginning as soon as next month, after the ...

Thoughts on Yellen

Friday, August 26th, 2016

Via Millan Mulraine at TDSecurities: TD SECURITIES DATAFLASH                    US: Yellen Begins Hawkish Pivot ·         The tone of Yellen’s remarks was less dovish than we have come accustomed to, potentially signaling a shift in the Fed’s monetary policy stance. ·         Of particular note was the reference to the economy “nearing” its “statutory goals”. ·         Her inflation, ...

FX

Friday, August 26th, 2016

Via Marc Chandler at Brown Brothers Harriman: Dollar Still Rangebound Ahead of Yellen The highlight for today is Fed Chair Yellen’s Jackson Hole speech at 10 AM ET During the North American session, the US reports advanced trade and wholesale inventories for July, Q2 GDP revision, and University of Michigan ...

Some Corporate Bond Stuff

Friday, August 26th, 2016

Via Bloomberg: IG CREDIT: MSFT, GE Cap Long Bonds Topped Most Active List 2016-08-26 09:54:22.153 GMT By Robert Elson (Bloomberg) -- Secondary IG trading ended with a Trace count of $14.6b Thursday vs $16.1b Wednesday, $15b the previous Thursday. 10-DMA $13.4b. * 144a trading added $1.8b of IG volume vs $2.4b Wednesday, $1.5b last Thursday * The most active ...

QE in Sweden Damages Market Liquidity

Friday, August 26th, 2016

Via Bloomberg: August 25, 2016 — 11:24 AM EDT Updated on August 26, 2016 — 3:48 AM EDT The man in charge of managing Sweden’s state debt signaled the Riksbank may soon be reaching the limits of its government bond purchase program amid signs that liquidity is suffering. “What we’re saying to the Riksbank ...

Credit Pipeline

Friday, August 26th, 2016

Via Bloomberg: IG CREDIT PIPELINE: KOROIL Added, SAUDI Updated as List Grows 2016-08-26 09:33:10.669 GMT By Robert Elson (Bloomberg) -- LATEST UPDATES * Kingdom of Saudi Arabia (SAUDI), may raise more than $10b following roadshows in late Sept. * Said to have hired 6 banks to lead first intl bond sale (July 14) * Korea National Oil (KOROIL) Aa2/AA, ...