Archive for November, 2013
Thursday, November 21st, 2013
So much for tepid demand for TIPS. I guess I am speaking to the wrong crowd on that one. The auction was steamy and stopped more than 4 basis points through 100PM levels. Here is a note from dealer firm CRT on the results :
*** The 10-year TIPS auction was ...
Posted in Uncategorized | Comments Off on Steamy Auction Bidding
Thursday, November 21st, 2013
The Treasury market has experienced a nice bounce off the lows established earlier. However, it will take a bit of time to know if this is the market imitating a moribund feline or if there is real demand for the market with 10 year notes changing hands around 2.80. The ...
Posted in Uncategorized | Comments Off on Mid Day Update
Thursday, November 21st, 2013
Corporate bond spreads about 1 basis point to 2 basis points tighter today. One participant noted that any paper with a modicum of quality and modicum of spreads gets scooped up quickly. He said that finance paper was probably the best performer and was 2 basis points to 3 basis ...
Posted in Uncategorized | Comments Off on Miscellany
Thursday, November 21st, 2013
MBS spreads a little wider to Treasuries this morning. One trader said that the street is still long from bonds they absorbed from clients yesterday. Fifteen year paper is unchanged and there is light selling from originators.
Posted in Uncategorized | Comments Off on MBS
Thursday, November 21st, 2013
Market News Service reported in a recent posting that a West Coast Money manager sold $30 billion 5 year notes yesterday. That would be a remarkable achievement to move that many bonds in a market undergoing the transformation that Treasuries witnessed yesterday. In addition, if that actually did happen then ...
Posted in Uncategorized | 2 Comments »
Thursday, November 21st, 2013
The Senate Banking Committee will hold a vote on the confirmation of Janet Yellen (1000AM this morning) as the next head of the Federal Reserve. The expectation is that she will garner overwhelming support from this group and her nomination will be forwarded to the full Senate.
Posted in Uncategorized | Comments Off on Yellen Confirmation
Thursday, November 21st, 2013
Several Federal Reserve chieftains will speak today. Governor Powell will discourse on financial regulation while Lacker and Bullard attack the meaty stuff. Lacker will opine on the economy and Bullard will offer his two cents (no pun intended) on monetary policy.
Posted in Uncategorized | Comments Off on Logorrhea
Thursday, November 21st, 2013
Draghi is speaking and here are some of his comments as compiled by the good folks at Bloomberg.
(BFW) Draghi Says ECB Aware Latest Interest-Rate Cut Raised Conc
erns
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Draghi Says ECB Aware Latest Interest-Rate Cut Raised Concerns
2013-11-21 11:38:08.705 GMT
By Jeff Black
Nov. 21 (Bloomberg) -- European Central Bank President
Mario Draghi comments in speech ...
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Thursday, November 21st, 2013
Prices of Treasury coupon securities have continued their bifurcated price pattern in overnight trading but in contrast to yesterday the longer dated maturities are registering modest gains and the shorter maturities are registering small losses. The Treasury yield curve is a smidgeon flatter on that price action. The 5 year ...
Posted in Uncategorized | Comments Off on November 21 2013 Opening
Wednesday, November 20th, 2013
When the government shutdown debt ceiling debacle resolved in October the debt ceiling extension took the government's borrowing authority out to early February. The CBO posits today that the authority should run until the May/June 2014 period. The article notes that in that time frame the debate might be entangled ...
Posted in Uncategorized | 2 Comments »