Archive for May, 2015
Sunday, May 31st, 2015
This is a Bloomberg story on declining liquidity in the cash market. The key line in the story states that since October 2013 (I retired September 30 2013 so maybe there is some causality!) dealer inventories have been slashed 84 percent.
Via Bloomberg:
As Wall Street retreats from its traditional role as ...
Posted in Uncategorized | 1 Comment »
Sunday, May 31st, 2015
Merrill Lynch Research looking for the trifecta of better data and higher rates and wider spreads in June.
Via Merrill Lynch Research:
June Gloom. The combination of data inspired rate hiking risks, heavy supply volumes, elevated dealer inventories and lack of retail inflows means that we are set up for more indigestion ...
Posted in Uncategorized | Comments Off on Doom and Gloom
Sunday, May 31st, 2015
My friend and former colleague Steve Liddy sent me this article which chronicles the increasing influence of the Vice Chairman at the Fed.
Via Bloomberg:
BFW 06/01 00:23 The Fed Whisperer, Misunderstood by Critics, Gains Sway on Board
The Fed Whisperer, Misunderstood by Critics, Gains Sway on Board
2015-05-31 23:05:09.433 GMTBy Rich Miller
(Bloomberg) --To ...
Posted in Uncategorized | Comments Off on Fischer on the Rise
Sunday, May 31st, 2015
Via the FT:
Tsipras accuses bailout monitors of making ‘absurd’ demands
Peter Spiegel in Brussels
Greece’s chances of striking a deal to access a much-needed €7.2bn in rescue aid looked even bleaker on Sunday after Alexis Tsipras, prime minister, accused bailout monitors of making “absurd” demands and seeking to impose “harsh punishment” on ...
Posted in Uncategorized | Comments Off on Theater of the Absurd
Sunday, May 31st, 2015
Via the WSJ:
DJ For Fed, Dollar's Strength Complicates Rate-Hike Calculus
By Josh Zumbrun
Many Federal Reserve officials entered 2015 thinking they likely would start raising short-term interest rates by midyear. That idea got put on ice after a winter economic slowdown, partly attributed to the dollar's rapid rise in previous months.
While the ...
Posted in Uncategorized | Comments Off on The Mighty Greenback and the Fed Model
Friday, May 29th, 2015
Via Robert Sinche at Amherst Pierpont Securities:
CHINA: The government’s Manufacturing and Non-Manufactruign PMIs for May will be released, with the BBerg consensus expecting the Manufacturing PMI to inch up to 50.3 from 50.1 in April; the consensus expects the final HSBC/Markit Manufacturing PMI to be revised slightly higher to 49.2 ...
Posted in Uncategorized | Comments Off on Weekend Data Preview
Friday, May 29th, 2015
Via Millan Mulraine at TDSecurities:
The disappointing performance in the Chicago PMI report has injected some concern that the US economic recovery may still be struggling to move beyond the Q1 soft-patch, and the weak tone suggests the the drag on growth may have extended beyond the temporary impact from the ...
Posted in Uncategorized | Comments Off on Chicago PMI
Friday, May 29th, 2015
Via Bloomberg:
IG CREDIT: List of New Issues Expected to Price in U.S. Today
2015-05-29 14:00:00.849 GMT
By Allan Lopez
(Bloomberg) -- Just 1 new issue expected to price today:
* Bank of America NA $benchmark A1/A
*
* 2Y FRN, 3Y; 3(a)(2)
* Denoms: $250k x $1k
* IPT 2Y FRN 3mL +50, 3Y +90 (both area)
* Books: ...
Posted in Uncategorized | Comments Off on Corporate Calendar: Light Today
Friday, May 29th, 2015
Via Millan Mulraine at TDSecurities:
The second estimate of US Q1 GDP performance offered an unflattering view on economic growth performance earlier this year, with the economy contracting at a 0.7% q/q pace compared to the earlier +0.2% q/q estimate. This, however, was a slightly slower pace of contraction than the ...
Posted in Uncategorized | Comments Off on GDP
Friday, May 29th, 2015
Via Bloomberg:
IG CREDIT: Volume Lower, Spreads Wider; Pipeline Grows Further
2015-05-29 10:04:05.433 GMT
By Robert Elson
(Bloomberg) -- Secondary IG trading ended with a Trace
count of $14.9b vs $17.8b Wednesday, $15.5b last Thursday. 10-
DMA $13.8b.
* 144a trading added $2.5b of IG volume vs $2.8b on Wednesday,
$2.2b last Thursday
* UBS 2.35% 2020 topped the ...
Posted in Uncategorized | Comments Off on Secondary market Trading in Corporate Bonds Yesterday