Archive for January, 2015
Friday, January 16th, 2015
Here is an excerpt from a research piece by Jay Morelock of FTN Financial on the CPI this morning. He notes that in the core apparel price fell the most since 1998.
Bottom Line: Prices for clothing fell 1.2% in December, the most since 1998, after falling 1.1% in November: this ...
Posted in Uncategorized | 2 Comments »
Friday, January 16th, 2015
This is about an hour and thirty minutes old but you can see the pressure bank and finance paper was under at that time. In contrast the IG 23 was only a tad wider.
Via a fully paid up subscriber:
1/15 CLOSE 1/16 OPEN CHANGE
GE 24 ...
Posted in Uncategorized | Comments Off on Corporate Bond Spreads
Friday, January 16th, 2015
Via Bloomberg:
WHAT TO WATCH:
* (All times New York)
Economic Data
* 8:30am: CPI m/m, Dec., est -0.4% (prior -0.3%)
* CPI y/y, Dec., est. 0.7% (prior 1.3%)
* CPI Ex Food and Energy m/m, Dec., est. 0.1% (prior 0.1%)
* CPI Ex Food and Energy y/y, Dec., est. 1.7% (prior 1.7%)
* CPI Core Index SA, ...
Posted in Uncategorized | Comments Off on What to Watch Today
Friday, January 16th, 2015
Via Marc Chandler at Brown Brothers Harriman:
Markets Still Trying to Make Sense of the SNB
- The decision by the SNB to abandon the peg was as the lesser of two poor choices
- We find much of what is passing for analysis of the Swiss decision as speculators talking ...
Posted in Uncategorized | Comments Off on FX
Friday, January 16th, 2015
Prices of Treasury coupon securities have registered mixed results when viewed against levels which prevailed in late NY trading yesterday (about 415PM New York time). The yield on the 2 year note climbed to 44.4 basis points from 41.6. The yield on the 5 year note climbed to 1.186 from ...
Posted in Uncategorized | Comments Off on January 16 2015 Opening
Friday, January 16th, 2015
Via Bloomberg:
IG CREDIT: Trading Volume Remains High; GS Exits Blackout
2015-01-16 11:00:48.678 GMT
By Robert Elson
(Bloomberg) -- Trace count for secondary trading ended at
$15.8b yday vs $16.3b on Wednesday, $18.0b last Thursday; 10-DMA
$14.0b
* Trace count for secondary trading closed at $15.8b yday,
more than on 95% of trading days since Jan. 2005
* 144a ...
Posted in Uncategorized | Comments Off on Corporate Bond Trading Yesterday
Friday, January 16th, 2015
This is an excellent article from Bloomberg which chronicles some of the pain and dysfunction which flowed from the surprise move by the Swiss yesterday to uncap its currency.
Via Bloomberg:
Casualties From Swiss Shock Spread From New York to New Zealand
By David Evans and Kevin Buckland Jan 16, 2015 2:22 AM ...
Posted in Uncategorized | Comments Off on Pain Trade
Thursday, January 15th, 2015
Via Merrill Lynch:
In dramatic fashion the CHF appreciated 21% on the day, as the SNB gave up defending their 1.2 peg to the Euro.
Market participants speculated this move and it likely means that the SNB thinks the ECB may announce QE next week.
A CHF currency peg with an ECB QE ...
Posted in Uncategorized | Comments Off on Merrill Lynch Research on Swiss National Bank and a Smattering of Other Stuff,too
Thursday, January 15th, 2015
Via a fully paid up subscriber:
2 Greek Banks Said to Request Cash Via ELA System: Ekathimerini
16:18
Two unidentified Greek banks were said to have submitted
requests to the Bank of Greece for cash via the emergency
liquidity assistance (ELA) system today, Ekathimerini reported,
without saying where it got the information.
• Requests to be discussed ...
Posted in Uncategorized | Comments Off on Greek Problem?
Thursday, January 15th, 2015
This is very long but worthwhile and informative.
Via TDSecurities:
The SNB Aftermath
· The SNB’s surprise decision to drop the floor opens up markets to new dynamics going forward.
· EUR depreciation can be particularly sped up from here, with our initial target between this and ECB ...
Posted in Uncategorized | Comments Off on Aftermath of the Swiss Move