Archive for September, 2014
Friday, September 12th, 2014
Swap spreads have widened today in the ugly sell off. Two year spreads are 1/4 basis points wider and the rest of the list is 1/2 basis point wider.
One market maker reported a small amount of paying by speculators and end users. He said that some of the speculators paying ...
Posted in Uncategorized | Comments Off on Swap Spreads
Friday, September 12th, 2014
Via Bloomberg:
IG CREDIT: Dealer Positions in Corporate Bonds as of Sept 3
2014-09-12 11:18:52.371 GMT
By Robert Elson
Sept. 12 (Bloomberg) -- Dealer positions in corporate bonds
fell $1.6b to $33.2b as of Sept 3. $45.9b, seen Mar 5, was the
high for the series Fed began April 2013; $23b low was Aug 28,
2013.
* Short ...
Posted in Uncategorized | Comments Off on Corporate Bond Positions
Friday, September 12th, 2014
Via Bloomberg:
WHAT TO WATCH:
* (All times New York)
Economic Data
* 8:30am: Retail Sales Advance, Aug., est. 0.6% (prior 0%)
* Retail Sales Ex Auto, Aug., est. 0.3% (prior 0.1%)
* Retail Sales Ex Auto and Gasoline, Aug., est. 0.5%
(prior 0.1%)
* Retail Sales Control Group, Aug., est. 0.5% (prior 0.1%)
* 8:30am: Import Price Index, ...
Posted in Uncategorized | Comments Off on What to Watch Today
Friday, September 12th, 2014
Via mark Chandler at Brown Brothers Harriman:
Dollar Firmer Ahead of Next Week's Event Risk
- Markets consolidate ahead of big event risk next week
- The IMF has weighed in on the Scottish referendum, noting that a yes vote could lead to some short-term market turbulence
- Euro zone July IP came at ...
Posted in Uncategorized | Comments Off on FX
Friday, September 12th, 2014
In the overnight session China released data on aggregate financing which is that nations broadest measure of credit expansion. Aggregate financing in August was 957.4 billion yuan. Paid prognosticators has expected a print of 1.135 trillion.
A Bloomberg story I read quoted one analyst opining that in concert with other soft ...
Posted in Uncategorized | Comments Off on China Data
Friday, September 12th, 2014
Via Bloomberg:
G CREDIT: Volume Falls; Week’s Deals Near $40b, Sept Near $100b
2014-09-12 10:05:12.167 GMT
By Robert Elson
Sept. 12 (Bloomberg) -- The final Trace count for secondary
trading was $13.3b vs $15.1b Wednesday and $15.1b the previous
Thursday. 10-DMA $11.8b; 10-DMA of only Thursday sessions
$12.3b.
* 144a trading added another $2.3b of IG volume
* VZ ...
Posted in Uncategorized | Comments Off on Secondary Market Corporate BondTrading Yesterday
Friday, September 12th, 2014
Years ago I trafficked in ham radio (as in Morse Code) and one needed to follow the activity of the sun to know what the propagation of one's radio signal would be on a given day. So this Bloomberg story on a significant solar storm caught my attention.
Via Bloomberg:
Solar Storms ...
Posted in Uncategorized | Comments Off on Non Market Story on Solar Weather
Friday, September 12th, 2014
Prices of Treasury coupon securities have sagged in overnight trading as participants quake and quiver and price in a dire outcome at next week's FOMC meeting. Regarding the local trade I think the more influential problem is positioning. It is an ancient adage which holds that in the short run ...
Posted in Uncategorized | 2 Comments »
Friday, September 12th, 2014
Attached is a Reuters story which weighed on market sentiment overnight. The story reports on a research paper authored by economists from the Cleveland Fed and the Federal Reserve Board which attributes most of the decline in the participation rate to the aging of the population (structural) rather than the ...
Posted in Uncategorized | Comments Off on Reuters Story on Participation Rate
Thursday, September 11th, 2014
I am away from acrossthecurve.com's ostentatious global headquarters so blogging is sparse today.
Here is CRT Capital on the results of the 30 year:
Today at 1:03 PM
*** The auction was well-received with a 2.1 bp stop-through and non-dealer bidding at 67% vs. 63% norm ***
* 30-year auction stops at 3.240% vs. ...
Posted in Uncategorized | Comments Off on Thirty Year Result