Archive for August, 2016
Monday, August 29th, 2016
Via TDSecurities:
TD SECURITIES DATAFLASH
US: Spending Momentum Steadies, While Inflation Still Subdued
· Personal spending rose at respectable 0.3% m/m in July, following the upwardly revised 0.5% m/m advance the month before. In real terms, spending rose 0.3% m/m.
· The inflationary picture, however, remained quite benign with the headline PCE deflation unchanged, while ...
Posted in Uncategorized | Comments Off on Personal Spending Data
Monday, August 29th, 2016
There are several excellent graphs in this article from Bloomberg which do not translate well to me blog. Click here to view the full article with graphs.
The Return of Inflation and the Bond Market
Calls for fiscal stimulus spur renewed bets on inflation gains
Pimco, Pioneer position for spending-fueled economic growth
There have ...
Posted in Uncategorized | Comments Off on Fiscal Elixir
Monday, August 29th, 2016
Via Bloomberg:
IG CREDIT: Client Flows in 5Y Issues Led Trading Volume
2016-08-29 09:57:35.607 GMT
By Robert Elson
(Bloomberg) -- Secondary IG trading ended with a Trace
count of $9.4b Friday vs $14.6b Thursday, $9b the previous
Friday. 10-DMA $13.3b; 10-Friday moving avg $10.8b.
* 144a trading added $1.1b of IG volume Friday vs $1.8b
Thursday, $1b last ...
Posted in Uncategorized | Comments Off on Some Corporate Bond Stuff
Monday, August 29th, 2016
Via Bloomberg:
IG CREDIT PIPELINE: CBAAU to Price 4-Part Deal
2016-08-29 09:31:26.530 GMT
By Robert Elson
(Bloomberg) -- Expected to rice today:
* Commonwealth Bank of Australia (CBAAU) Aa1/AA-, to price
$bench 144a/Reg-S 4-part deal, via managers C/CBA/GS/JPM
* 2Y, IPT +70 area
* 5Y, IPT +90-95
* 5Y FRN, IPT equiv
* 10Y, IPT +125 area
LATEST UPDATES
* Kingdom of ...
Posted in Uncategorized | Comments Off on Credit Pipeline
Monday, August 29th, 2016
Via Marc Chandler at Brown Brothers Harriman:
Yellen Pushes Divergence Front and Center
Risks of a Fed hike increased sharply after signals from Jackson Hole
US jobs data at the end of the week have added significance
Reports that the Saudi oil minister denied the need for OPEC action is weighing ...
Posted in Uncategorized | Comments Off on FX
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 ...
Posted in Uncategorized | Comments Off on Hilsenrath Story
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, ...
Posted in Uncategorized | Comments Off on Central Bankers Despair
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 ...
Posted in Uncategorized | Comments Off on Abolish Cash
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 ...
Posted in Uncategorized | Comments Off on BOJ’s Kuroda Coos Dovishly at Jackson Hole
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 ...
Posted in Uncategorized | Comments Off on Logorrhea at the Fed