Archive for September, 2014

Treasury Market Update

Monday, September 29th, 2014

The Treasury market is holding its gains in spite of the significant recovery in equity markets. The 10 year note and the 30 year bond are resting close to their best levels of the day at 2.485 and 3.171 respectively. The curve remains very flat with 5s 30s at 140.4 ...

Swap Spreads

Monday, September 29th, 2014

Swap spreads are wider today along with other spread product. Two year spreads are wider by 1 1/2 basis points as are 5 year spreads. Ten year spreads are a basis point wider and 30 year spreads are 3/4 wider. Salesmen tell me they have observed better receiving in the belly ...

Corporate Bond Spreads

Monday, September 29th, 2014

Corporate bond spreads are wider this morning. The IG 22 is wider by about 3 .5 basis points and the high yield index is wider by 18 basis points. That index had been 22 basis points wider earlier. In the cash world of secondary trading BWICs abound this morning. One salesman ...

Treasury Update

Monday, September 29th, 2014

Yields on benchmark Treasuries have taken a dive lower as risk aversion rears its ugly head. The culprit I think is two fold. Credit spreads are widening with IG 22 3.7 wider. In addition triple digit moves in equities are starting to become  regular staple and that has to prompt ...

What to Watch Today

Monday, September 29th, 2014

Via the good folks at Bloomberg: WHAT TO WATCH: * (All times New York) Economic Data * 8:30am: Personal Income, Aug., est. 0.3% (prior 0.2%) * Personal Spending, Aug., est. 0.4% (prior -0.1%) * PCE Deflator m/m, Aug., est. -0.1% (prior 0.1%) * PCE Deflator y/y, Aug., est. 1.4% (prior 1.6%) * PCE Core m/m, Aug., est. 0.0% ...

FX

Monday, September 29th, 2014

Via Marc Chandler at Brown Brothers Harriman: Drivers for the Week Ahead - Political stories in the UK, France and Hong Kong took the spotlight over the weekend - The key event in the week ahead is the ECB meeting; the focus will be on the terms of the ABS purchase facility - A ...

September 29 2014 Opening

Monday, September 29th, 2014

Prices of Treasury coupon securities are registering bifurcated results in overnight trading (compared to New York closing levels) with the curve continuing to power flatten. The yield on benchmark issues from the 2 year note to the 7 year note have posted small increases while the 10 year note and ...

Dallas Fed President Wants to Stay Ahead of the Inflation Curve.

Sunday, September 28th, 2014

Dallas Fed President Fisher wants to stay ahead of the inflation curve and fears developing wage pressures. He spoke today on FOX News. Via Bloomberg: Fisher Says Fed Must Weigh Wage Pressures in Setting Rate Policy By Alister Bull Sep 28, 2014 12:41 PM ET The Federal Reserve mustn’t “fall behind the curve” as ...

Police and Protesters battle in Hong Kong

Sunday, September 28th, 2014

Via the FT: Last updated: September 28, 2014 10:33 pm Hong Kong democracy battle enters new stage By Demetri Sevastopulo in Hong KongAuthor alerts The battle between Hong Kong democracy activists and the Chinese Communist party escalated on Sunday when police used tear gas and pepper spray in a failed bid to clear tens of ...

Marathon Record

Sunday, September 28th, 2014

I ran a marathon in 1984 and was thrilled with my time of 3 hours 45 minutes and 34 seconds. A runner from Kenya participating in the Berlin Marathon completed that marathon in 2 hours 2 minutes and 57 seconds. According to the New York Times story that is about ...