Archive for April, 2014

This Week With Janet Yellen

Monday, April 14th, 2014

Speech--Chair Janet L. Yellen Opening Remarks At the Federal Reserve Bank of Atlanta Conference: 2014 Financial Markets Conference, Stone Mountain, Georgia 8:45 a.m. ET April 16 Speech--Chair Janet L. Yellen Monetary Policy and the Economic Recovery At the Economic Club of New York, New York, New York 12:25 p.m. ET

Treasury Market

Monday, April 14th, 2014

One dealer notes than in spite of some weakness in equities the Treasury market is better offered at this hour. He reports central bank sellers of 10s and fast money sellers of the belly of non US government bond markets.

Earnings Seasons

Monday, April 14th, 2014

Here is a link to the Yahoo earning calendar for today. It actually looks like a pretty light day today with the only noteworthy names Kinder Morgan and M and T bank.

April 14 2014 Opening

Monday, April 14th, 2014

Prices of Treasury coupon securities have registered small mixed changes in overseas trading when measured against levels which prevailed in late New York trading on Friday. The yield on the 2 year note has climbed to 36.3 basis points from 35.9 basis points and the yield on the 3 year ...

Heightened Tensions in Eastern Ukraine

Sunday, April 13th, 2014

Tensions are rising again in the Ukraine as the Kiev government positions soldiers to confront pro Russian rebels who have seized government buildings in eastern Ukraine. That is what governments do when some group acts to challenge its sovereignty. The prime example of that in American history is the Confederate ...

Easy Money on the Continent

Saturday, April 12th, 2014

Mario Draghi suggests that further strength in the Euro will lead to a response (stimulus) by the ECB.Spain's Finance Minister endorsed Draghi's remarks. I am cutting and pasting the WSJ story here but the FT has a similar story and that story articulates that the response of the ECB is ...

Failed Auction

Friday, April 11th, 2014

This is an interesting story via the FT out early in the morning NY time that I heard no one discuss. China had hoped to sell 28 billion worth of one year bonds but the auction failed and they only sold 20.7 billion. Via the FT: China bond auction failure reinforces slowdown ...

Market Flow Today

Friday, April 11th, 2014

I was not at my work station as long as usual today at Acrossthe curve.com's sprawling corporate headquarters  so here is a late report on some client flows via RBS Securities. Via RBS  Securities: Our Treasury flows saw some real$ buying in 30yr bonds and, importantly, no selling. We also had MBS-linked ...

China Data Points

Friday, April 11th, 2014

Via Pierpont Securities: CHINA: Given that China often releases key data on a weekend, particularly if the data is unpleasant, we could get March data on Aggregate Yuan Financing Activity and Official FX Reserves tonight or Sunday night. The release of Reserve data for 1Q2014 will be particularly interesting as USD/CNY ...

Merrill Lynch on Credit Spreads and Equity Performance

Friday, April 11th, 2014

Via Merrill Lynch: Growth belongs to stocks. The recent phenomenon of credit outperformance, as equities have sold off due to concerns about economic growth ahead of the corporate earnings reporting season, is just the flip side of our concern that credit will do poorly in the coming environment of higher growth. ...