Archive for November, 2014
Thursday, November 20th, 2014
*PLOSSER: MONETARY RULES SAY NO NEED TO KEEP FFR AT ZERO
*PLOSSER: BIG BAL SHEET MEANS MORE IOER PAYMENTS, POLITCL PROBS
*PLOSSER: SHOULD CEASE REINVESTMENT, START SHRINKING BAL SHEET
*PLOSSER: HIGHER S-T INT RATES DISCRIMINATE VS SOME BORROWERS
*PLOSSER: WILL HAVE TO HIKE FFR MORE TO OFFSET BAL SHT ACCOMDN
**PHIL FED PLOSSER: KEEPING BIG ...
Posted in Uncategorized | Comments Off on Hawk Speaks
Thursday, November 20th, 2014
Mortgages are now wider on by by 1 tick to 1+ ticks. One trader commented that it feels as though there has been mortgage selling by those who are signing up for Alibaba.
Posted in Uncategorized | Comments Off on MBS
Thursday, November 20th, 2014
Via Bloomberg:
NY Fed’s Segregated Accounts Proposal Could Replace RRP, CA Says
2014-11-20 14:32:36.197 GMT
By Alexandra Harris
Nov. 20 (Bloomberg) -- Potential segregated accounts
proposal mentioned in Oct. 28-29 FOMC minutes could be an
alternative to the Fed’s O/N RRP facility, Credit Agricole
strategist David Keeble said in phone interview.
* Fed officials don’t like the reverse ...
Posted in Uncategorized | Comments Off on Reverse Repo Alternative
Thursday, November 20th, 2014
Mortgages have opened in line with Treasuries his morning. The sector performed well yesterday post the minutes as participants believe that the minutes suggest a range trade with salutary results for those who hold MBS. Overseas demand had been robust the last few sessions but was modest last night.
In terms ...
Posted in Uncategorized | Comments Off on MBS
Thursday, November 20th, 2014
Here is an opening run of long dated bank and finance paper which is about a basis point tighter:
11/19 CLOSE 11/20 OPEN CHANGE
C 24 130/127 131/128 +1
WFC 24 106/103 107/104 ...
Posted in Uncategorized | Comments Off on Corporate Bond Spreads
Thursday, November 20th, 2014
Via Bloomberg:
+------------------------------------------------------------------------------+
BFW 11/20 13:22 *BOOK SIZE FOR ALIBABA $BENCH 7-PART DEAL SAID TO BE $43B
+------------------------------------------------------------------------------+
Book Size for Alibaba $Bench 7-Part Deal Said to Be $43b
2014-11-20 13:24:09.849 GMT
By James Holloway
Nov. 20 (Bloomberg) -- Information from person familiar
with the matter, who is not authorized to speak publicly and
asked not to be identified.
* ...
Posted in Uncategorized | Comments Off on Irrationally Exuberant for Alibaba
Thursday, November 20th, 2014
Via Jon Hilsenrath and WSJ:
HILSENRATH’S TAKE: FED STAFF WHISPERING CAUTION IN OFFICIALS’ EARS
While Federal Reserve officials sent a steady-as-she-goes message at their Oct. 28-29 policy meeting, the staff economists advising them were focused on downside risks to the economy.
The staff nudged down its projection for growth in economic output over the medium term ...
Posted in Uncategorized | Comments Off on Hilsenrath Article
Thursday, November 20th, 2014
Via the good folks at Bloomberg:
WHAT TO WATCH:
* (All times New York)
Economic Data
* 8:30am: Initial Jobless Claims, Nov. 15, est. 284k (prior
290k)
* Continuing Claims, Nov. 8, est. 2.370m (prior 2.392m)
* Continuing Claims, Nov. 8, est. 2.370m (prior 2.392m)</li></ul>
* 8:30am: CPI m/m, Oct., est. -0.1% (prior 0.1%)
* CPI Ex-Food and Energy ...
Posted in Uncategorized | Comments Off on What to Watch for Today
Thursday, November 20th, 2014
This is also via a fully paid up subscriber and it appears to be commentary from Commerzbank. The writer takes view the German fixed income market will suffer into year end as balance sheet availability may trump economic fundamentals.
Via a fully paid up subscriber:
Commerz Bunds: Schatz commentary. More weakness could ...
Posted in Uncategorized | Comments Off on Bunds and Schatz into Year End
Thursday, November 20th, 2014
Via a fully paid up subscriber:
UK VIEW: Goldman Sachs has pushed back its timing for a rise in BoE rate to Q4 2015 from Q1 2015 and, in line with its previous rate profile, expects a slow pace of tightening thereafter, to 2.75% by the end of 2018. "The forecast ...
Posted in Uncategorized | Comments Off on Goldman Sachs UK View