Archive for September, 2014
Friday, September 5th, 2014
That is at least the thought of my former colleague and friend Richard Gilhooly at TDSecurities;
Via TDSecurities:
The only part of the NFP reaction to stay the course of the trading day has been the steeper curve, with 5-30s going into the 3pm close 5.3bp steeper and near the highs of ...
Posted in Uncategorized | Comments Off on Steeper Curve and Higher Yields Next Week
Friday, September 5th, 2014
This is an aggregation of several emails regarding client flows this morning.
Prior to report one dealer reports clients outright selling in the long end. Subsequent to the report the same dealer notes real money buying in the belly.
One dealer reports chunky selling in the 10 year sector by real money. ...
Posted in Uncategorized | Comments Off on Flows
Friday, September 5th, 2014
Net revisions subtract 28K from prior two months.
The 5s 30s spread moves from 149.8 just prior to 154.6 now.
Posted in Uncategorized | Comments Off on Labor Pains
Friday, September 5th, 2014
Long Financials are unchanged to 1 basis point wider and the IG 22 is 1/4 wider at 57 57 1/2.
Posted in Uncategorized | Comments Off on Pre Labor Corporates
Friday, September 5th, 2014
Bloomberg News has an informative post which recaps the price action following the last six labor reports and I offer it here for the edification of all who read the blog:
Via Bloomberg:
RATES: Treasury Market Reaction to Last Six Employment Reports
2014-09-05 11:45:00.1 GMT
By Monika Grabek
Sept. 5 (Bloomberg) -- Of the last ...
Posted in Uncategorized | Comments Off on Action and Reaction
Friday, September 5th, 2014
Via Marc Chandler at Brown Brothers
Dollar Mixed As Markets Digest the ECB News
- The ADP report has been a fairly good guide in recent months of the government's initial estimate of private sector payroll changes
- The data will not change the Fed’s reaction function
- Weak Swedish and strong German data ...
Posted in Uncategorized | Comments Off on FX
Friday, September 5th, 2014
Via the good folks at Bloomberg:
WHAT TO WATCH:
* (All times New York)
Economic Data
* 8:30am: Change in Nonfarm Payrolls, Aug., est. 230k (prior
209k)
* Change in Private Payrolls, Aug., est. 215k (prior 198k)
* Change in Manufacturing Payrolls, Aug., est. 18k (prior
28k)
* Unemployment Rate, Aug., est. 6.1% (prior 6.2%)
* Underemployment Rate, Aug. (prior ...
Posted in Uncategorized | Comments Off on What to Watch Today
Friday, September 5th, 2014
Analysts at Bank America are concerned about spreads widening and bought protection last night.
Via Bank America :
The sum of three positives is negative. Recent positive developments in the US, the Eurozone and Ukraine have us increasingly concerned about interest rate risk in credit spreads. First US economic data is really ...
Posted in Uncategorized | Comments Off on Bank of America on Credit Spreads
Friday, September 5th, 2014
Via Bloomberg:
IG CREDIT: High Trading Volume Accompanies $58b Issuance Week
2014-09-05 09:58:34.604 GMT
By Robert Elson
Sept. 5 (Bloomberg) -- The final Trace count for secondary
trading was $15.1b, the highest volume since $16.1b June 25, vs
$14.4b Wednesday and $8.1b the previous Thursday. 10-DMA $9.9b;
10-DMA of only Thursday sessions $11.9b.
* 144a trading added another ...
Posted in Uncategorized | Comments Off on Secondary Corporate Bond Trading Yesterday
Friday, September 5th, 2014
Prices of Treasury coupon securities have registered very small changes in overnight trading when viewed against levels which prevailed at 515PM in New York yesterday. However in initial trading the 30 year traded at 3.22 and the 10 year traded around 2.46 and those levels did hold. For now the ...
Posted in Uncategorized | Comments Off on September 05 2014 Opening