Archive for May, 2015
Thursday, May 21st, 2015
Via Stephen Stanley at Amherst Pierpont Securities:
Existing home sales slipped in April to a 5.04 million unit annualized pace, below expectations. The NAR press release acknowledges the softer result but emphasizes that the main culprit is a lack of supply. The NAR chief economist states that: “April's setback is the ...
Posted in Uncategorized | Comments Off on Existing Home Sales
Thursday, May 21st, 2015
The latest forecast of the Atlanta Fed in its model of GDP for Q2 is 0.7. The Bank produced that forecast on May 19 and it was unchanged from the previous forecast on May 13.
Posted in Uncategorized | Comments Off on Atlanta Fed GDP Forecast
Thursday, May 21st, 2015
Via Gennadiy Goldberg at TDSecurities ( an excerpt from a longer piece):
TIPS Auction on Tap: Treasury will auction $13B in reopened 10yr TIPS today, with breakevens continuing to hover around recent highs as crude oil remains firmer and market-based measures of inflation continue to drift higher. While we see some ...
Posted in Uncategorized | Comments Off on Ten Year TIPS
Thursday, May 21st, 2015
Via Stephen Stanley at Amherst Pierpont Securities:
Initial jobless claims rebounded by 10,000 to 274,000 in the week ended May 16 but remained at an extremely low level by historical standards. This was the 11th straight reading below 300K and 4th in a row below 275K. The four-week average fell to ...
Posted in Uncategorized | Comments Off on Initial Claims
Thursday, May 21st, 2015
Via Marc Chandler at Brown Brothers Harriman:
Dollar Softens, Sterling Shines
- The FOMC minutes came in pretty balanced, as we expected
- April retail sales in the UK jumped 1.2%, three times more than the market expected
- The eurozone composite flash PMI slipped to a three month low of 53.4 in ...
Posted in Uncategorized | Comments Off on FX
Thursday, May 21st, 2015
Via Bloomberg:
* Market has additional support from approach of month-end;
Barclays estimated 0.13yr duration extension for Treasury
Index, biggest May extension since 2009
Posted in Uncategorized | Comments Off on Month End Extension
Thursday, May 21st, 2015
Via Bloomberg:
WHAT TO WATCH:
* (All times New York)
* Economic Data
*
* 8:30am: Chicago Fed Nat Activity Index, April, est, 0.00
(prior -0.42)
* 8:30am: Initial Jobless Claims, May 16, est. 270k (prior
264K)
*
* Continuing Claims, May 9 est. 2.231k (prior 2.229m)
* 9:45am: Markit US Manufacturing PMI, May preliminary,
est. 54.5 (prior 54.1)
* 9:45am: Bloomberg Consumer ...
Posted in Uncategorized | Comments Off on What to Watch Today
Thursday, May 21st, 2015
Via Bloomberg:
IG CREDIT: Communications Issues Led Trading on Client Flows
2015-05-21 09:55:10.55 GMT
By Robert Elson
(Bloomberg) -- Secondary IG trading ended with a Trace
count of $15.6b vs $16.4b Tuesday, $17.5b the previous
Wednesday. 10-DMA $14.9b.
* 144a trading added $3.1b of IG volume vs $3.4b on Tuesday,
$2.3b last Wednesday
* Most active issues:
*
* TWC 4.50% ...
Posted in Uncategorized | Comments Off on Secondary market Trading in Corporate Bonds Yesterday
Thursday, May 21st, 2015
Via a fully paid up subscriber:
Barclays: The April minutes show that FOMC members recognize that data on private spending for the first quarter were disappointing, with unexpectedly weak consumer spending and private investment, in their view. They note that the minutes attribute the weakness primarily to transitory factors, with some ...
Posted in Uncategorized | Comments Off on Various Opinions on FOMC Minutes
Thursday, May 21st, 2015
States and the Federal Government have always relied on gas taxes to raise revenues. With the advent of government mandated fuel efficient vehicles that revenue source is not as lucrative as it once was and states are exploring ways to raise revenues from drivers. This story chronicles Oregon's plan to ...
Posted in Uncategorized | Comments Off on Gas Pains