Greece
Thursday, October 30th, 2014I do not have a reason but 10 year Greece flirting with 8 percent and is 56 wider to Bunds
Archive for October, 2014
I do not have a reason but 10 year Greece flirting with 8 percent and is 56 wider to Bunds
FX
Thursday, October 30th, 2014Via Marc Chandler at Brown Brothers Harriman: Dollar Broadly Firmer After FOMC - Markets were positioned for a dovish Fed; instead, the FOMC delivered an upbeat message regarding the economy - The pendulum of sentiment regarding the US economy and Fed tightening had swung too negatively, and now we are likely to ...
Secondary Market Corporate Bond Trading
Thursday, October 30th, 2014Via the good folks at Bloomberg: IG CREDIT: ARCP Issues Were Most Active; ISRELE Joins the List 2014-10-30 09:40:09.422 GMT By Robert Elson Oct. 30 (Bloomberg) -- The final Trace count for secondary trading was $15.3b vs $15.4b Tuesday and $17.6b the previous Wednesday. 10-DMA at $14.9b; 10-DMA of only Wednesday sessions $14.7b. * 144a trading added another ...
Shale Production and the Price of Oil
Thursday, October 30th, 2014Via the FT: October 29, 2014 6:13 pm Opec expects fall in US shale output By Neil Hume and Ed CrooksAuthor alerts Opec expects a sharp reduction in higher cost production such as US shale if the price of crude oil remains around $85 a barrel. Taking a different view to US industry executives and ...
October 30 2014 Opening
Thursday, October 30th, 2014Prices of Treasury coupon securities have registered modest losses in overseas trading when viewed against levels which prevailed at 740PM last evening. The salient feature of the overnight session is the ferocious rally in the US dollar which has responded to the hawkish statement by the FOMC at the conclusion ...
Very Dry Humor
Wednesday, October 29th, 2014This is from a linguistic website called LanguageLog maintained by the University of Pennsylvania. Via LanguageLog: I walked into the 7th-floor common room in the School of Philosophy, Psychology and Language Sciences building at the University of Edinburgh yesterday and saw this message on the shared whiteboard: The past, the present, and the ...
Hilsenrath on QE
Wednesday, October 29th, 2014Hilsenrath does not break any new ground here but it is a nice summation of the issues surrounding Quantitative Ease. Via WSJ and Jon Hilsenrath: Fed Closes Chapter on Easy Money Benefit of Bond-Buying Experiment Remains Unclear as Central Bank’s Focus Returns to Interest Rates By Jon Hilsenrath Updated Oct. 29, 2014 7:19 p.m. ET ...
Trenchant End of Day Analysis
Wednesday, October 29th, 2014Via Richard Gilhooly at TDSecurities: So, the FOMC has dialled us back to September 17th and a Hawkish policy statement with a few new twists. However, relative to a market which was brought back from the brink starting with comments from Bullard on October 16th (the day after the flash crash) ...
Federal Reserve Policy and Credit Spreads
Wednesday, October 29th, 2014Via Merrill Lynch Research: The hawkish tilt to today's FOMC means the return of interest rate risk as a major concern for risk assets. Hence we take off our tactical long position in CDX IG held for the past roughly two weeks. We now find the payoff profile of a tactical short in ...
Spread Product
Wednesday, October 29th, 2014MBS are trading well and are 1+ to 3+ better than Treasuries. They are a tad off the best levels of the day as hedge funds take some profits. However, the higher yields post the FOMC attracted buyers and took out the hedge fund sellers and originator sellers. Corporate bonds are ...