Archive for March, 2017
Thursday, March 9th, 2017
Via Marc Chandler at Brown Brothers Harriman:
Pre-ECB Squaring Lifts Euro in a Strong USD Context
Sandwiched in between the ADP estimate and the US jobs data, the ECB meets today
Falling commodity prices and rising US rates have helped take the shine off the Australian dollar
Chinese producer prices ...
Posted in Uncategorized | Comments Off on FX
Wednesday, March 8th, 2017
Via Stephen Stanley at Amherst Pierpont Securities:
The productivity, compensation, and unit labor costs readings for the nonfarm business sector in Q4 were exactly unrevised. Productivity increased at a 1.3% annualized pace, leaving the Q4/Q4 rise unrevised at 1.0% for 2016 (and the average pace since 2011 also held steady at ...
Posted in Uncategorized | Comments Off on Morning Musings
Monday, March 6th, 2017
Via Marc Chandler at Brown Brothers Harriman:
Drivers for the Week Ahead
The week ahead features the ECB meeting and the US February jobs report
Yellen confirmed the likelihood of a rate hike on March 15
Anxiety over European politics remains elevated, but it has eased by nearly any metric one ...
Posted in Uncategorized | Comments Off on FX
Saturday, March 4th, 2017
Via Stephen Stanley at Amgerst Pierpont Securities:
What a difference a week makes. Last Monday, the market was pricing in less than 50-50 odds of a March rate hike and only 1 primary dealer economist (along with myself) was projecting a Fed move this month. By the end of the week, ...
Posted in Uncategorized | Comments Off on Upcoming Week
Friday, March 3rd, 2017
Via Stephen Stanley at Amherst Pierpont Securities:
Today at 1:54 PM
While the newswire headlines are perhaps a bit more emphatic than the actual text of Chair Yellen’s speech, the thrust of her guidance is supportive of a March rate hike. She repeats the framework that she laid out in mid-February to ...
Posted in Uncategorized | Comments Off on Yellen Speech
Friday, March 3rd, 2017
Via Bloomberg:
IG CREDIT PIPELINE: A Dollop of MS to Top off ~$56b Week
2017-03-03 10:57:15.569 GMT
By Robert Elson
(Bloomberg) -- Friday sessions YTD have not followed the
2016 mode of being live for issuance. Not clear that the MS re-
opening will be the start of a return to the new normal. Last
year even ...
Posted in Uncategorized | Comments Off on Credit Pipeline
Friday, March 3rd, 2017
Via Bloomberg:
Macron Overtakes Le Pen in France as Juppe Looms Over Fillon Bid
2017-03-03 11:31:49.221 GMT
By Mark Deen and Gregory Viscusi
(Bloomberg) -- Emmanuel Macron overtook the anti-euro
candidate Marine Le Pen for the first time in polling for the
French presidential election as the clamor grew for Republican
Francois Fillon to step aside.
Macron’s support ...
Posted in Uncategorized | Comments Off on French Polling
Friday, March 3rd, 2017
Via Marc Chandler at Brown Brothers Harriman:
Yellen and Jobs Report Last Two Hurdles to US Hike
The US dollar is narrowly mixed as Yellen's speech in Chicago is awaited
The failure of the Fed to raise rates in March would be potentially more destabilizing than raising rates
Japan reported a ...
Posted in Uncategorized | Comments Off on FX
Thursday, March 2nd, 2017
This is an interesting (at least to me) article from Bloomberg on the possibility that the confluence of huge shorts and an equivocating Ms Yellen might lead to a sharp turn around in bond prices.
Via Bloomberg:
You Should Be Nervous About Janet Yellen’s Speech: Macro View
2017-03-02 20:11:30.972 GMT
By Vincent Cignarella
(Bloomberg) -- ...
Posted in Uncategorized | Comments Off on Will Janet Panic the Shorts