Archive for November, 2014
Tuesday, November 25th, 2014
Via Bloomberg:
Iron Ore Drops Below $70 for First Time Since ‘09 as Glut Widens
By Chanyaporn Chanjaroen and Jasmine Ng Nov 25, 2014 8:58 PM ET
Iron ore fell below $70 for the first time in five years as rising low-cost supplies from the world’s top miners deepen a global glut amid ...
Posted in Uncategorized | Comments Off on Iron Ore Prices Plumb New Lows
Tuesday, November 25th, 2014
If you did not see this it is worth noting. This is via a fully paid up subscriber:
MASSIVE TYH/USH BLOCK post is weighted flattener with Mar 10yr sold through bid
at time, Mar 30yr bought well over offer
MASSIVE post at 2:06 pm ET:
18,950 USH at 141-11
34,856 TYH at 126-09
Posted in Uncategorized | Comments Off on Block Trade
Tuesday, November 25th, 2014
This is another piece from my friend and former colleague Steve Liddy. I post this without the Bloomberg chart which is attached to the email. I do not think it translates well to this low budget blog. My apologies to Steve and you but his prose is quite clear and ...
Posted in Uncategorized | Comments Off on Guest Post
Tuesday, November 25th, 2014
Via Stephen Stanley at Amherst Pierpont Securities:
Real GDP growth in the third quarter was revised upward from 3.5% annualized to 3.9%, in contrast to expectations of a small downward adjustment. The surprises came in the key categories, indicating more underlying strength than initially estimated. Consumer spending in real terms was ...
Posted in Uncategorized | Comments Off on GDP Analysis
Tuesday, November 25th, 2014
The beautiful holiday of Thanksgiving is upon us and it is one that should be enjoyed with family and friends. Consequently I will post significantly less over the next several days as I enjoy time with my family.
I wish all of the readers of this blog a blessed and Happy ...
Posted in Uncategorized | 2 Comments »
Tuesday, November 25th, 2014
This is a troublesome story out of China as it reports that yields on AAA corporates bonds in China with maturities of 3 years have risen 17 basis points in the past week. The story was out on Bloomberg yesterday.
Via Bloomberg:
China’s Companies Scrap $1 Billion in Bond Sales as Yields ...
Posted in Uncategorized | Comments Off on Corporate Bond Market in China
Monday, November 24th, 2014
Via CRT Capital
*** A solid takedown with non-dealer bidding at 52% vs. 51% norm and a 0.7 bp stop-through -- largest through-stop since Oct 2012. ***
* 2-year auction stops at 0.542% vs. a 0.549% 1-pm bid WI.
* Dealers were awarded 48% vs. 49% average of last four 2-year auctions.
* Indirects ...
Posted in Uncategorized | Comments Off on Two Year Auction Result
Monday, November 24th, 2014
I have my grandfather hat on so blogging is light today. Yahoo skewered me earlier with an extended outage in which i could not access email. Anyway this is interesting.
Via Bloomberg:
NY Fed Raises Idea of Treasury Support for Fed Balance Sheet
2014-11-24 17:18:09.901 GMT
By Vivien Lou Chen
Nov. 24 (Bloomberg) -- Treasury ...
Posted in Uncategorized | Comments Off on From the How Many Angels Can Dance on Head of a Pin Department
Monday, November 24th, 2014
Mortgages opened unchanged this morning. There was very little activity in the product in the overnight session. One trader noted that this should be a good week for MBS as the Treasury has a ton of belly paper for sale while reinvestment demand from the Fed soaks up supply.
Posted in Uncategorized | Comments Off on MBS
Monday, November 24th, 2014
Via Bloomberg:
WHAT TO WATCH:
* (All times New York)
Economic Data
* 8:30am: Chicago Fed Nat Activity Index, Oct., est. 0.40
(prior 0.47)
* 9:45am: Markit US Services PMI, Nov. preliminary, est. 57.3
(prior 57.1)
* Markit US Composite PMI, Nov. preliminary, (prior 57.2)
*10:30am: Dallas Fed Manufacturing Activity, Nov., est.
9 (prior 10.5)
* Markit US Composite PMI, Nov. ...
Posted in Uncategorized | Comments Off on What to Watch Today