Archive for September, 2014
Wednesday, September 17th, 2014
Via Marc Chandler at Brown Brothers Harriman:
Stocks and Bonds Advance Ahead of FOMC
- The dollar is mostly consolidating after some more discussion in the media about the possible changes to the wording of the Fed Statement
- We link the "considerable time" reference to the Fed's assessment of "significant under-utilization" in ...
Posted in Uncategorized | Comments Off on FX
Wednesday, September 17th, 2014
Via Bloomberg:
IG CREDIT: Volume Rises, 10-DMA Highest Since May
2014-09-17 10:04:32.282 GMT
By Robert Elson
Sept. 17 (Bloomberg) -- The final Trace count for secondary
trading was $14.7b vs $12.6b Monday and $13.7b the previous
Tuesday. 10-DMA $13.2b, the highest count since late May; 10-DMA
of only Tuesday sessions $12.6b.
* 144a trading added another $2.1b of ...
Posted in Uncategorized | Comments Off on IG Secondary Trading Yesterday
Wednesday, September 17th, 2014
Via Bloomberg:
WHAT TO WATCH:
* (All times New York)
Economic Data
* 7:00am: MBA Mortgage Applications, Sept. 12 (prior -7.2%)
* 8:30am: CPI m/m, Aug., est. 0.0% (prior 0.1%)
* CPI Ex Food and Energy m/m, Aug., est. 0.2% (prior 0.1%)
* CPI y/y, Aug., est. 1.9% (prior 2%)
* CPI Ex Food and Energy y/y, Aug., ...
Posted in Uncategorized | Comments Off on What to Watch Today
Wednesday, September 17th, 2014
Prices of Treasury coupon securities have erased some of the outsized steepening in the yield curve which transpired yesterday. The curve steepened on the back of comments by Jon Hilsenrath in an online chat in which he expressed an opinion that the FOMC might leave the "considerable period" language in ...
Posted in Uncategorized | Comments Off on September 17 2014 Opening
Tuesday, September 16th, 2014
Via Merrill Lynch Research:
Watch your language. Over the past ten days the most striking development has been that, given strong economic data and a reminder in the form of a San Francisco Fed research paper that investors may be too complacent about the forthcoming rate hiking cycle, markets became so ...
Posted in Uncategorized | Comments Off on Merrill Lynch Research Musing on the FOMC language
Tuesday, September 16th, 2014
This Bloomberg article demonstrates the metamorphosis of considerable period language under Greenspan as the FOMC prepared to hike rates a decade ago. According to the article the FOMC had promised "policy accommodation for a considerable period" from August 2003. In January 2004 the FOMC said that the Committee could be ...
Posted in Uncategorized | Comments Off on Greenspan and “Considerable Period” Language
Tuesday, September 16th, 2014
This poll has the Yes at 48 and the No at 52.
Posted in Uncategorized | Comments Off on Scotland Independence Poll
Tuesday, September 16th, 2014
Via Richard Gilhooly at TDSecurities:
The conviction behind the hawkish FOMC view began to wither on Tuesday, as a modest rally in intermediates and a continued sell-off in 30yr bonds left the 5-30s curve 3.5bp steeper, while undermining confidence in long USD positions and boosting equities in the US and in ...
Posted in Uncategorized | Comments Off on End of Day Analysis
Tuesday, September 16th, 2014
Via Bloomberg:
IG CREDIT: Daily Issuance Tops $10b, Month Approaches $115b
2014-09-16 18:26:24.661 GMT
By Lisa Loray
Sept. 16 (Bloomberg) -- $10.35b is expected to price,
bringing weekly volume to $17.7b after 2 sessions. Monthly
volume is approaching $115b and YTD $1.04t.
* Domestic corps quiet, accounting for only 18.8% of volume;
financials most active at 42.5%, EM ...
Posted in Uncategorized | Comments Off on Corporate Bond Issuance Recap
Tuesday, September 16th, 2014
Those on the Left who classify themselves as Progressive have long chanted Gregorian style that the government should not be in your bedroom or mine for that matter. However, that mantra apparently does not apply to the car dealership when you negotiate a car loan. The Consumer Finance Protection Board ...
Posted in Uncategorized | Comments Off on Sub Prime Auto Lending