Archive for May, 2015
Monday, May 11th, 2015
Via Kit Juckes at SocGen:
Kit Juckes (SOCIETE GENERALE)
Today at 3:26 AM
<http://www.sgresearch.com/r/?id=hdb4b33f,12947943,12947944&p1=136122&p2=84beaac20510df22b4f1a022b73bc7cc>Daily link above...Daddy - are we there yet? We'll be there soon.....
Variants of this conversation happen in cars all over the world, and as the US unemployment rate falls month after month, you could forgive markets for asking ...
Posted in Uncategorized | Comments Off on On the US labor Market
Sunday, May 10th, 2015
Via the FT:
May 10, 2015 11:36 am
Top 50 US boardroom hoarders sit on $1tn in cash
Eric Platt in New York
Just five US companies are hoarding nearly half a trillion dollars as the country’s tax code and a tepid global economy deter businesses from spending their overseas cash piles.
Apple, Microsoft, Google, ...
Posted in Uncategorized | Comments Off on Pile Of Cash
Sunday, May 10th, 2015
This is the Current Yield column in Barron's and it is another outlet citing declining liquidity as an amplifying force in the recent bond market downturn.
Via Barron's:
By
Amey Stone
May 9, 2015
Fixed-income investors have been conditioned to think of higher interest rates as something the Federal Reserve engineers to combat rising inflation. ...
Posted in Uncategorized | Comments Off on More on Liquidity
Sunday, May 10th, 2015
Via the WSJ:
By
William Kazer
May 10, 2015 5:55 a.m. ET
1 COMMENTS
China’s central bank said on Sunday it is cutting its benchmark interest rate, its third such move since November last year amid slowing economic growth.
The People’s Bank of China said in a brief statement on its website ...
Posted in Uncategorized | Comments Off on China Cuts Rates
Saturday, May 9th, 2015
Via Merrill Lynch Research:
Catching our breath
In terms rates risk to credit any incremental economic weakness is offset by...
...the emergence of interest rate risk from the surprisingly strong european economy.
In the near term we expect supply pressures to ease to $30-35bn next week
Catching our breath. There are three main takeaways from ...
Posted in Uncategorized | Comments Off on Merrill Lynch on Credit Spreads
Friday, May 8th, 2015
|Dealers reported mixed flows today with real money a better seller in the 2 year sector and a better buyer in the 5 year sector.
The 5 year was a superstar and the Long Bond is ready for banishment to bond Hades. The 5s 30s spread moments prior to the data ...
Posted in Uncategorized | Comments Off on Treasury Market Update
Friday, May 8th, 2015
Via Blooomberg:
Fed’s Reinvestments May Be ‘Dominant Factor’ For Bills: Barclays
2015-05-08 16:47:25.551 GMTBy Alexandra Harris
(Bloomberg) -- Fed may be able to “increase its torque
over bill yields” with its portfolio of maturing securities,
not RRP facility, Barclays strategist Joseph Abate writes in
weekly note.
* Will become the “dominant factor driving bill yields”
* If Fed ...
Posted in Uncategorized | Comments Off on Fed Portfolio Reinvestment
Friday, May 8th, 2015
Via Robert Sinche at Amherst Pierpont Securities:
AUSTRALIA: The NAB Business Conditions and Confidence Indexes for April will be monitored as the small March gains did little to signal any optimism about current/future growth.
CHINA: Over the week ahead China will release important monetary data, with a particular focus on Aggregate Financing ...
Posted in Uncategorized | Comments Off on Weekend Preview
Friday, May 8th, 2015
Via Bloomberg:
IG CREDIT: Weekly Issuance Stats; Tenors, Ratings, Sectors
2015-05-08 14:57:44.566 GMT
By Lisa Loray
(Bloomberg) -- 26 issuers priced $54.775b in 54 tranches
for the week ending May 8, the 4th time this year weekly
issuance has exceeded $50b; YTD volume $639.46b.
* Weekly issuance sans SAS $52.525b, YTD $546.01b
* 55% of this week’s volume ...
Posted in Uncategorized | Comments Off on This Week’s Corporate Bond Tally
Friday, May 8th, 2015
Via Stephen Stanley at Amherst Pierpont Securities:
Remember all of those consumer goods imports that showed up in the March trade deficit earlier this week? Presumably, those goods went somewhere. My first guess would have been warehouses and distribution centers around the country. In other words, wholesale inventories. Evidently, I was ...
Posted in Uncategorized | Comments Off on Wholesale Inventory and GDP