Archive for January, 2014
Tuesday, January 14th, 2014
This is an amusing story if you are a New Yawker. Pizza Hut will test market the novel concept of selling pizza by the slice. Vita's Pizza at Jericho Turnpike and Mineola Boulevard sold piece for 15 cents a slice circa 1960. It cost 10 cents for a Coke and ...
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Tuesday, January 14th, 2014
JPM releases earnings today and will escape the shackles of blackout. Bloomberg First Word reports that in each of the last three years the big bank has sold a large tranche of bonds in January.
Via Bloomberg First Word:
Jan. 14 (Bloomberg) -- JPMorgan is set to release earnings
this morning. It has ...
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Monday, January 13th, 2014
I posted this very early this morning about the easing of some of the strident capital rules imposed by regulators via the Basel agreements. Here is a Merrill Lynch research piece on the topic. They think it is good for banks especially JPM and its bastard offspring Morgan Stanley.
Via Merrill ...
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Monday, January 13th, 2014
Corporate bonds are slightly softer today but not appreciably so. Investment grade paper is probably about a basis point cheaper on the bid side but there has not been much trading in the secondary markets. It has been an active day on the issuance front once again but that has ...
Posted in Uncategorized | Comments Off on Corporate Bonds
Monday, January 13th, 2014
The Treasury market has enjoyed a significant rally in the several hours that I have been away from Across the Curve's sprawling global headquarters on Long Island. I have taken a little extra time making calls as I was seeking the best explanation for the rally. Samuel Johnson was an ...
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Monday, January 13th, 2014
The Treasury market is a subdued place today after the frantic trading sponsored last week by the FOMC and the Labor Department. I have heard of some buyers in the very short end;inside of one year coupons as well as professional fast money type short covering in the belly of ...
Posted in Uncategorized | Comments Off on Treasury Market Update
Monday, January 13th, 2014
Mortgages are flat to Treasuries as of about fifteen minutes ago. One dealer noted that real money (money managers) sold Friday and again today as they believe that current dollar prices are manna from heaven and may never be observed again. Origination ticked higher Friday and the dealer who authored ...
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Monday, January 13th, 2014
I noted earlier that with Japan closed the level of activity in the US Treasury market has been rather subdued. One dealer just reported central bank buying in the 3 year sector as well as some selling of 5 year spread product. In each instance the size is modest.
Posted in Uncategorized | Comments Off on Flow Update
Monday, January 13th, 2014
01/13 12:40
Fed's Lockhart to Speak on Economic Outlook in Atlanta
01/14 12:45
Fed's Plosser Speaks on the Economic Outlook in Philadelphia
01/14 13:20
Fed's Fisher Speaks on U.S. and Regional Economy in Dallas
01/15 12:50
Fed's Evans Speaks on Economy in Coralville, Iowa
01/15 14:00
U.S. Federal Reserve Releases Beige Book
01/15 17:45
Fed's Lockhart Speaks to CFA Society of ...
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Monday, January 13th, 2014
Bank regulators slightly eased bank capital rules in announcement over the weekend. That should have salutary consequences for financial company equities today.
Posted in Uncategorized | Comments Off on Basel Rules