Archive for February, 2015

Draghi on Deflation

Sunday, February 15th, 2015

Via Bloomberg: Deflation Risk Low, Higher Than a Year Ago, Draghi Tells ABC 2015-02-15 17:03:32.256 GMT By Charles Penty (Bloomberg) -- Deflation risk remains low, certainly higher than it was a yr ago, ECB President Mario Draghi tells Spanish newspaper ABC’s magazine in interview. * Drop in oil prices is a good thing, can cease to be ...

Greece Negotiations

Sunday, February 15th, 2015

Via Bloomberg: EU Official: Brussels Greek Talks End Ahead of Feb. 16 Meeting 2015-02-15 15:39:10.883 GMT By Rebecca Christie (Bloomberg) -- Technical talks between Greece and euro-area authorities were not negotiations, EU official says Sunday. * Greece, euro-area authorities held “exchange of views to better understand each other’s position,” official says on condition of anonymity because talks were ...

Aging Baby Boomer Alert

Friday, February 13th, 2015

The internet is rife with reports that Don MacLean will auction the original manuscript and notes to his monster hit "American Pie". The documents are expected to fetch between $ 1million and $1.5 million. He has never revealed the meaning of the vignettes he offer in that song but the lyrics ...

Will History Repeat Itself?

Wednesday, February 11th, 2015

Hoisington Asset Management is a modest sized money manager with some very strong views. Van Hoisington and Lacy Hunt provide the reader with an excellent study of the 1920s and the parallels to the current global macro economy. It is a very interesting read. 

Overnight Data Preview

Wednesday, February 11th, 2015

Robert Sinche of Amherst Pierpont Securities on the spate of data scheduled for release this evening:   AUSTRALIA: The BBerg consensus expects notably-unreliable Employment Report for January to show a -5K decline following a strong +37.4K gain in December, with the UR picking up to 6.2% from a 3-month low of 6.1% ...

Bank of America on Spread Widening

Wednesday, February 11th, 2015

Via Bank America Merrill Lynch Research: The current environment of wider spreads and weaker inflows means fewer investors are reaching for yield in less liquid bonds The likely start of the Fed hiking cycle means lower inflows or outflows from credit and even wider liquidity premiums. As a result, we continue to prefer ...

Benefits of ECB Bond Buying

Wednesday, February 11th, 2015

Via Greg Ip at the WSJ: By Greg Ip Feb. 11, 2015 7:17 p.m. ET When the threat of Greek insolvency first erupted in 2010, the worries rapidly spread to the eurozone’s other peripheral economies, sending borrowing costs skyrocketing. This time around, what’s happened in Greece has stayed in Greece. While yields on Greek bonds ...

Ten Year Note Auction

Wednesday, February 11th, 2015

Via CRT Capital: We have a mixed outlook on this afternoon's 10-year auction and expect non-dealer interest to be significant, as it has in recent refundings, but are cognizant that might still occur with a tail. Recent history shows all eight of the last 10-year auctions have tailed and average of ...

Corporate Bond Issues Today

Wednesday, February 11th, 2015

Via Bloomberg; IG CREDIT: List of New Issues Expected to Price in U.S. Today 2015-02-11 15:01:00.2 GMT By Greg Chang (Bloomberg) -- The following is a list of new issues expected to price today: * Wells Fargo & Co $benchmark A2/A+ * 10Y * IPT +115-120 * IPT +115-120</li></ul> * Rockwell Automation $600m (no grow) A3/A * 5Y, 10Y * IPT 5Y ...

Aging Baby Boomer Alert

Sunday, February 8th, 2015

I thoroughly enjoy Bob Dylan though I will admit that listening to him ( and I have for over 50 years) is a bit like learning to enjoy good Scotch. It is an acquired taste. The WSJ has an article on a speech which he delivered at some pre Grammy ...