Archive for April, 2015
Wednesday, April 29th, 2015
Via Eric Green at TDSecurities:
Fed Bias Steady, But Caveats Emerging
This statement is devoid of certainty and bravado. The FOMC affirmed that its prevailing bias has not changed, but they did so almost apologetically while acknowledging what has been a poor run in the economic data. They affirmed their transition away ...
Posted in Uncategorized | Comments Off on In re the FOMC Statement
Wednesday, April 29th, 2015
I am not sure why he wrote this article. I read once that Dickens got paid by the word so maybe Hilsenrath decided to take a very mundane statement and put some coin in the pocket.
Via Jon Hilsenrath at the WSJ:
By Jon Hilsenrath
April 29, 2015 2:04 p.m. ET
0 COMMENTS
WASHINGTON—Federal Reserve ...
Posted in Uncategorized | Comments Off on Hilsenrath Article
Wednesday, April 29th, 2015
Via Robert Sinche at Amherst Pierpont Securities:
Following the FOMC Meeting, month-end will bring policy decisions in Japan (no change expected), New Zealand (no change expected), Mexico (no change expected) and Russia, with the BBerg consensus expecting a 100bp rate cut, to 13.0%.
AUSTRALIA: The BBerg consensus expects Private Sector Credit Growth ...
Posted in Uncategorized | Comments Off on Overnight Preview
Wednesday, April 29th, 2015
Via CRT Capital;
** 7s stop at 1.82, 0.5 bp through the 1 PM bid
-- indirects take 54.1% vs. 52% six month average
-- directs take 12.8% vs. 12% six month average
-- dealers take 33% vs. 36% six month average
-- cover comes in at 2.44 vs. 2.44 six month average
-- 91% awarded ...
Posted in Uncategorized | Comments Off on Seven Year Result
Wednesday, April 29th, 2015
Via Robert Sinche at Amherst Pierpont Securities:
Despite a widespread “parity watch” over recent weeks, EUR/USD has (finally) bounced back into the 1.10-1.15 trading range we suggested about a month ago. From a long-term technical perspective, parity still likes like a huge support level given 1) the topside resistance that level ...
Posted in Uncategorized | Comments Off on Some Thoughts on the Euro Currency
Wednesday, April 29th, 2015
Via CRT Capital:
** 7s have traded 246% of their 5-day MA -- typically that's more like 160% at noon of auction day.
** 7s have 12% market share, a bit lighter than average.
** 88% of the issue size has traded vs. 66% on average
>>> we can't really read much into all ...
Posted in Uncategorized | Comments Off on Seven Year Note Factoids
Wednesday, April 29th, 2015
Via David Ader of CRT Capital:
7-year Auction Outlook
• 7s tend to tail with all of the last seven tailing and the average tail of the last six at 0.9 bp and the last three at 1 bp. Aprils seem to be an exception with the last three coming through with ...
Posted in Uncategorized | Comments Off on Seven Year Note Auction Preview
Wednesday, April 29th, 2015
Via Bloomberg:
IG CREDIT: List of New Issues Expected to Price in U.S. Today
2015-04-29 14:01:00.1 GMT
By Allan Lopez
(Bloomberg) -- The following is a list of new issues
expected to price today:
* United Technologies $1b+ sub notes/$750m sr notes
* 3Y sub (rated A3/A-), 30Y sr notes (rated A2/A)
* IPT 3Y sub +65-70, 30Y ...
Posted in Uncategorized | Comments Off on Today’s New Issue Calendar
Wednesday, April 29th, 2015
Via Chris Low at FTN Financial:
Q1 GDP growth was just 0.2%, much weaker than the 1.0% consensus. The miss would have been bigger except that the deflator was much weaker than expected the deflator. Prices fell at a 0.1% rate. They were expected to rise 0.5%. (Although come to think ...
Posted in Uncategorized | Comments Off on On Q1 GDP
Wednesday, April 29th, 2015
Via Marc Chandler at Brown Brothers Harriman:
Dollar Remains Under Pressure Head of FOMC
- The dollar has yet to stabilize against the euro and sterling; we suspect the market may be getting ahead of itself
- The FOMC statement will recognize the weakness of the economy, but also that these forces ...
Posted in Uncategorized | Comments Off on FX