Archive for October, 2014
Friday, October 10th, 2014
Talks between the government and protesters in Hong Kong have unraveled and students have once again taken to the streets of that island in protest. This story had shifted to the back burner but if the situation remains unsettled it may re emerge as another factor in the current round ...
Posted in Uncategorized | Comments Off on Protesters Take to Street (Again) in HK
Friday, October 10th, 2014
Via Merrill Lynch Research:
Breaking up is easy to do. US-European interest rate differentials are near historical highs whereas credit spread differentials remain near - though notably off - historical lows. With the economies out of sync, and resulting opposite central bank policies, our global interest rate strategists expect the rates ...
Posted in Uncategorized | Comments Off on Credit Esoterica From Merrill Lynch
Friday, October 10th, 2014
Via a fully paid up subscriber:
And, France Outlook to Negative from Stable, AA/A-1+ Affirmed by S&P 15:19
The French government’s budgetary position is deteriorating in light of France’s constrained nominal and real economic growth prospects, S&P says.
Posted in Uncategorized | Comments Off on Negative on France
Friday, October 10th, 2014
Via Bloomberg:
*DJ Fed's Fisher: Time To Reconsider 'Considerable Time' Phrase
*FISHER: TIME FOR FOMC TO RECONSIDER 'CONSIDERABLE TIME' PLEDGE
*FISHER COMMENTS TO REPORTERS AFTER SPEECH IN DALLAS
*FISHER: INFLATION EXPECTATIONS STABLE, HAVEN'T COME DOWN MUCH
*FISHER: PLEASED WITH PRICE STABILITY
*FISHER: HIGHER DOLLAR 'A BIT OF A SUPPRESSANT' OF INFLATION
*FED'S FISHER SAYS 'TRIMMED MEAN' INFLATION ...
Posted in Uncategorized | Comments Off on Dallas Fed’s Fisher
Friday, October 10th, 2014
Via Bloomberg:
*KC FED'S GEORGE: ECONOMY IN FAR BETTER SHAPE TODAY
*KC FED'S GEORGE: KEY DRIVER OF US ECONOMY IS CONSUMERS
*GEORGE: THIS IS NOT A 'BOUNCE-BACK' KIND OF RECOVERY
*FED: GEORGE IS POINTING OUT ECON IMPROVEMENT IN LINE WITH HER HAWKISH VIEWS.
*GEORGE: SEE LONG TERM UNEMPLOYMENT AT 5.5%, NOT VERY FAR AWAY
Posted in Uncategorized | Comments Off on Kansas City George Headlines
Friday, October 10th, 2014
Via Bloomberg:
IG CREDIT: Weekly Issuance Stats; Tenors, Ratings, Sectors
2014-10-10 14:58:19.242 GMT
By Lisa Loray
Oct. 10 (Bloomberg) -- $21.875b priced from 21 issuers in
27 tranches for the week ending Oct. 10, the 28th week this year
to price more than $20b. Monthly volume $33.275b, YTD $1.125t.
* Daily volume was heaviest on Monday, in ...
Posted in Uncategorized | Comments Off on Corporate Issuance This Week
Friday, October 10th, 2014
Swap spreads are in 1/4 across the curve. One trader noted that hedge funds were long spreads as a hedge against short positions in the cash market. They have been doing the P and L management trade by covering their bad shorts in cash and receiving swaps to unwind the ...
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Friday, October 10th, 2014
The Treasury market has an orderly demeanor today. One PM notes that positions are more in balance today than previously. He offers the following chronology. On the day of the minutes the market screams higher and the curve steepens and the dollar dips hard. Hedge funds and other proprietary types ...
Posted in Uncategorized | Comments Off on Treasury Market Update
Friday, October 10th, 2014
One dealer reporting heavy sales of 5s and 30s be end users. He sent me that at about 900AM when I was still on the elliptical machine so it is a tad dated.
Posted in Uncategorized | Comments Off on Treasury Flow
Friday, October 10th, 2014
Bank of America is a colossus which bestrides the financial world and has a reach deep into the American pocketbook. The firm has the ability to track credit card spending and make some intelligent guesses regarding the consumer. Currently they find spending on the soft side and express some concern ...
Posted in Uncategorized | Comments Off on Retail Spending lagging