Archive for March, 2015
Tuesday, March 10th, 2015
Via Bloomberg:
RATES: Fewest Net Longs Since October in Latest JPM Survey
2015-03-10 11:10:42.942 GMT
By Robert Elson
(Bloomberg) -- The JPMorgan Treasury Client Survey for the
week ended March 9 vs weeks ended Mar. 2, Feb. 23.
* Longs 11 vs 13 vs 17
* Neutrals 65 vs 65 vs 63
* Shorts 24 vs 22 vs ...
Posted in Uncategorized | Comments Off on JPM Duration Survey: Not Alot of Longs
Tuesday, March 10th, 2015
Via Jon Hilsenrath at the WSJ:
HILSENRATH’S TAKE: AS FED OFFICIALS BEGIN BLACKOUT, CONFIDENCE GROWS THEY CAN DROP PATIENCE ASSURANCE
Federal Reserve officials enter their self-imposed blackout period today, in which they stop making public comments about the economy and monetary policy and engage in intensifying discussions about the statement that will ...
Posted in Uncategorized | Comments Off on Hilsenrath Article
Tuesday, March 10th, 2015
Via Bloomberg:
WHAT TO WATCH:
* (All times New York; may be subject to delays)
Economic Data
* 9:00am: NFIB Small Business Optimism, Feb., est. 98.9 (prior
97.9)
* 10:00am: Wholesale Inventories, Jan., est. -0.1% (prior
0.1%)
* Wholesale Sales, Jan., est. -0.5% (prior -0.4%)
* Wholesale Sales, Jan., est. -0.5% (prior -0.4%)</li></ul>
* 10:00am: JOLTS Job Openings, Jan., est. ...
Posted in Uncategorized | Comments Off on What to Watch for Today
Tuesday, March 10th, 2015
Via Bank America Merrill Lynch Research:
BAC internal data show little improvement in consumer spending in February, matching the recent sluggish trend.
We believe this partly owes to the harsh winter weather, with sales down meaningfully in regions hit by excessive snowfall.
Looking ahead, we expect a rebound in spending amid strong job ...
Posted in Uncategorized | Comments Off on Sluggish Spending but Blame the Snow
Tuesday, March 10th, 2015
Dealers report a fairly active overnight session. Real money in Asian sold the 3 year through 5 year sector while pension funds were better sellers of the sector. Central banks bought both Long Bonds and 10 year notes.
The movement along the yield curve was mixed. The 5s 10s spread steepened ...
Posted in Uncategorized | Comments Off on Overnight Flow
Tuesday, March 10th, 2015
Via Marc Chandler at Brown Brothers Harriman:
Dollar Bulls Charge Ahead
The dollar's gains are accelerating as European bond yields continue to fall
French and Italian industrial production data were mixed
China reported an unexpectedly large rise in CPI, but PPI deflation accelerated
China will allow local governments to roll-over CNY1 trillion of high cost ...
Posted in Uncategorized | Comments Off on FX
Tuesday, March 10th, 2015
Via Bloomberg:
G CREDIT: Energy Issues Led Trading; FMSWER, KBN Set to Price
2015-03-10 09:58:13.748 GMT
By Robert Elson
(Bloomberg) -- Secondary IG trading ended with a Trace
count of $15.8b vs $15b Friday, $12.9b last Monday. 10-DMA
$16.3b.
* 144a trading added $1.9b of IG volume vs $1.9b on Friday,
$1.7b last Monday
* Most active issues:
* PETBRA ...
Posted in Uncategorized | Comments Off on Secondary Market Corporate Bond Trading Yesterday
Monday, March 9th, 2015
Hillary Clinton at the moment appearsto be the inevitable nominee on the Democrat side to succeed the term limited Obama (who if given the choice would try to break FDRs record four terms). Hillary has been in the public eye now for a quarter century and Edward Luce of the ...
Posted in Uncategorized | Comments Off on Clinton Fatigue
Monday, March 9th, 2015
The USTreasury will auction $24 billion 3 year notes tomorrow and $21 billion 10 year notes on Wednesday and complete the process with and offering of $13 billion Long Bonds on Friday. For the purists the 10s and 30s are each one month shorter as they are reopening and the ...
Posted in Uncategorized | Comments Off on Treasury Supply This Week
Monday, March 9th, 2015
Via Sundry Sources:
Japanese investors sold 2s and bought 7s.
Non Japan real money sold 4 year paper and bought 2 year and 3 year sector paper.
Trading accounts bought 2s and sold 3s.
End users bought spread product in the 5 year to 7 year sector.
Hedge funds bought 10 year notes.
Posted in Uncategorized | Comments Off on Overnight Flows