Archive for June, 2015
Thursday, June 18th, 2015
Via Merrill Lynch Research:
Rotation accelerates. Outflows from bond funds accelerated last week (ending on June 17th) to $4.16bn from a $2.76bn outflow in the prior week. The outflows started in the prior week, consistent with the approximately one month lag relative to the start of bond fund losses. At the ...
Posted in Uncategorized | Comments Off on Eclectic Topics
Thursday, June 18th, 2015
I have posted a plethora of these stories on declining market liquidity. The WSJ reports that FINRA hosted a meeting today of market participants on the buy side and sell side to discuss the issue.
Via the WSJ:
Finra Hosts Closed-Door Meeting on Bond Trading
Regulator examining how well bond market could respond ...
Posted in Uncategorized | Comments Off on Meeting on Liquidity
Thursday, June 18th, 2015
Via the FT:
Greece’s central bank delivered an alarming warning on Wednesday that the country faced an “uncontrollable crisis” that might force it out of the EU if the government was unable to reach a new bailout deal with creditors soon.
But the throng of young supporters gathered outside the Greek parliament ...
Posted in Uncategorized | 1 Comment »
Thursday, June 18th, 2015
Via CRT Capital:
*** The 30-year TIPS auction was well received with non-dealer bidding at 75.1% vs. 65.9% norm and a 0.3 bp stop-through. ***
* 30-year TIPS auction stops at 1.142% vs. a 1.145% 1-pm bid WI.
* Dealers were awarded 24.9% vs. 34.1% average of last eight.
* Indirects get 70.8% vs. ...
Posted in Uncategorized | 4 Comments »
Thursday, June 18th, 2015
Alexander Hamilton will be vacating his place on the $10 bill in several years. This writer offers a spirited defense of Hamilton and his place in American History.
Via Ben Domenech aat Federalist.com:
Alexander Hamilton: Immigrant, Bastard, Patriot
Alexander Hamilton was a bastard, but he was a righteous bastard.
Ben Domenech
By Ben Domenech
June 18, ...
Posted in Uncategorized | 1 Comment »
Thursday, June 18th, 2015
Via Robert Sinche of Amherst Pierpont Securities:
NEW ZEALAND: If Consumer Confidence slips in June if could add to expectations of additional RBNA rate cuts…and a weaker NZD. The Consumer Confidence index was 123.9 in May.
CHINA: The MNI Business Indicator is the first of many monthly indicators of the economy. The ...
Posted in Uncategorized | Comments Off on Overnight Data Preview
Thursday, June 18th, 2015
Citibank predicts a bond market debacle when the FOMC raises rates.
Via the National Post:
Will a Fed hike trigger a bond meltdown this fall?
2015-06-18 14:48:00.314 GMT
By John Shmuel
June 18 (National Post) -- A new report from Citigroup
warns that no matter how the U.S. Federal Reserve raises
interest rates this year, it will ...
Posted in Uncategorized | 1 Comment »
Thursday, June 18th, 2015
The curve has undergone a pretty dramatic shift since I first marked levels this morning at 600AM. In outright yield terms the Long Bond has moved from 3.049 to 3.124. The 5s 10s spread has ratcheted out to 70.8 from 68.5. The 5s 30s spread has jumped to 149.9 from ...
Posted in Uncategorized | Comments Off on Treasury Market Update
Thursday, June 18th, 2015
My friend Steve Liddy wrote this note post the FOMC in which he sang the praises of the 5 year note. He reiterates his love for the issue again this morning.
Via Steve Liddy:
I've had a few people ask me this morning. My answer is 'yes'. Early on, in the o/n ...
Posted in Uncategorized | Comments Off on Guest Post
Thursday, June 18th, 2015
Via Millan Mulraine at TDSecurities:
Higher energy prices pushed headline CPI up 0.4% m/m in May, with the annual pace of consumer price inflation rebounding to a flat print from -0.2% y/y the month before. The increase in prices, however, fell short of the market consensus for a 0.5% m/m advance ...
Posted in Uncategorized | 1 Comment »