Archive for February, 2015
Thursday, February 19th, 2015
Via CRT Capital:
*** The 30-year TIPS auction was strong with non-dealer bidding at 73% vs. 64.6% norm and a stop-through of 0.8 bp ***
* 30-year TIPS auction stops at 0.842% vs. a 0.850% 1-pm bid WI.
* Dealers were awarded 27.0% vs. 35% average of last eight.
* Indirects get 69.0% vs. ...
Posted in Uncategorized | Comments Off on TIPS Result
Thursday, February 19th, 2015
Via Richard Gilhooly at TDSecurities:
Rates have pared back some of yesterday's rally following the FOMC minutes, but are essentially back at the 5pm levels with the curve a bit flatter after hitting a high of 119bp on 5-30s. The bigger moves this morning have been in crude oil, which is ...
Posted in Uncategorized | Comments Off on Eclectic Topics
Thursday, February 19th, 2015
Via Stephen Stanley at Amherst Pierpont Securities:
Initial jobless claims fell back in the week ended February 14 to 283,000 after surging above 300K in the prior period. After spending most of January above 300K, 3 of the last 4 readings have been 283K or lower. The four-week average also declined ...
Posted in Uncategorized | Comments Off on Initial Claims
Thursday, February 19th, 2015
Via Jon Hilsenrath at the WSJ:
HILSENRATH’S TAKE
It’s curious that many analysts took the release of the Federal Reserve’s meeting minutes Wednesday as dovish, meaning they believed officials leaned away from raising short-term interest rates.
Investors and analysts zeroed in on line in the minutes which showed the Fed’s hesitance about raising ...
Posted in Uncategorized | Comments Off on Hilsenrath Story
Thursday, February 19th, 2015
Via Bloomberg:
IG CREDIT: VZ Issues See Large Client Flows; IBRD to Price
2015-02-19 10:47:27.508 GMT
By Robert Elson
(Bloomberg) -- Secondary IG trading ended with a Trace
count of $18b vs $14.6b Tuesday, $20.4b last Wednesday.
* 10-DMA $17.8b
* 4-wk moving avg $17.2b, highest since at least Jan. 2005
* 144a trading added $2.3b of IG ...
Posted in Uncategorized | Comments Off on Secondary Market Corporate Bond Trading Yesterday
Thursday, February 19th, 2015
Via Marc Chandler at Brown Brothers Harriman:
High Noise to Signal Ratio Drives Markets
- We think observers have exaggerated in their dovish interpretation of the minutes
- Since the FOMC meeting, several Fed officials have indicated that a June hike was still on the table
- The negotiations with Greece continue to be ...
Posted in Uncategorized | Comments Off on FX
Thursday, February 19th, 2015
Via Bloomberg:
WHAT TO WATCH:
* (All times New York)
Economic Data
* 8:30am: Initial Jobless Claims, Feb. 14, est. 290k (prior
304k)
* Continuing Claims, Feb. 7, est. 2.360m (prior 2.354m)
* Continuing Claims, Feb. 7, est. 2.360m (prior 2.354m)</li></ul>
* 9:45am: Bloomberg Consumer Comfort, Feb. 15 (prior 44.3)
* Bloomberg Economic Expectations, Feb. (prior 53)
* Bloomberg Economic ...
Posted in Uncategorized | Comments Off on What to Watch for Today
Thursday, February 19th, 2015
Dealers report end user buyers of 10s and 30s. Speculators sold 5s against 30s. Real money sold 4 year notes and bank portfolios bought 3s and 5s.
Today the Treasury will sell $9 billion 30 year TIPS. One overseas correspondent noted that is about $ 7 billion Long Bond equivalents. He ...
Posted in Uncategorized | Comments Off on Overnight Flows
Wednesday, February 18th, 2015
The WSJ reports that subprime loan creation in the first eleven months of 2014 was back at levels last seen in the giddy days of 2007. It seems like only yesterday.
Via the WSJ:
By
Alan Zibel And
AnnaMaria Andriotis
Feb. 18, 2015 4:57 p.m. ET
14 COMMENTS
Loans to consumers with low credit scores have reached ...
Posted in Uncategorized | 1 Comment »
Wednesday, February 18th, 2015
Via WSJ:
By
Jon Hilsenrath
Feb. 18, 2015 2:00 p.m. ET
0 COMMENTS
Federal Reserve officials held detailed discussions in January on the timing and pace of interest-rate increases and their strategy for communicating their next moves, though they stopped short of agreeing to specific plans, according to minutes of the meeting released Wednesday.
As part ...
Posted in Uncategorized | Comments Off on Hilsenrath on Minutes