Archive for June, 2015
Thursday, June 18th, 2015
Via Bloomberg:
WHAT TO WATCH:
* (All times New York)
* Economic Data
*
* 8:30am: Current Account Balance, 1Q, est. -$116.4b
(prior $113.5b)
*
* Benchmark revisions
* 8:30am: CPI, May, est. 0.5% (prior 0.1%)
*
* CPI Ex Food and Energy, May, est. 0.2% (prior 0.3%)
* CPI y/y, May, est. 0.0% (prior -0.2%)
* CPI Ex Food and Energy y/y, ...
Posted in Uncategorized | Comments Off on What to Watch Today
Thursday, June 18th, 2015
Via a fully paid up subscriber:
Via MS Research:-
"....The FOMC’s SEP update showed another lowering of the rate path through the next few years and a surprisingly
pessimistic view of growth over the balance of the year after the weak Q1. The median SEP rate dot for the end of
2015 remained at ...
Posted in Uncategorized | Comments Off on Some Dot-Plot Minutiae
Thursday, June 18th, 2015
This was out yesterday but I just discovered it in my inbox.
Via a fully paid up subscriber:
17 Jun 2015 8:11 AM
Fitch: Deep Dive Into Repo Collateral Highlights Corporate Bond 'Fire Sale' Risks
Fitch Ratings-New York-17 June 2015: A new Fitch Ratings study of corporate bond liquidity takes a different approach to ...
Posted in Uncategorized | Comments Off on Firesale
Thursday, June 18th, 2015
Via Marc Chandler at Brown Brothers Harriman:
Seven Things on Our Radar Screen
The US dollar has continued to sell-off post-FOMC meeting against most of the major currencies. The euro traded above $1.14 for the first time in a month. Sterling moved above $1.59 to new highs for the year. The ...
Posted in Uncategorized | Comments Off on FX
Thursday, June 18th, 2015
Via Bloomberg:
IG CREDIT: Lowest Wed. Session Since Dec.; BAX Added to List
2015-06-18 09:56:19.519 GMT
By Robert Elson
(Bloomberg) -- Secondary IG trading ended with a Trace
count of $14b vs $15.1b Tuesday, $16.4b the previous Wednesday.
* Yesterday was lowest volume of any Wednesday since $2b on
Dec. 31
* 10-DMA $14.1b; 10-Wednesday moving avg $16.5b
* ...
Posted in Uncategorized | Comments Off on Corporate Bond Trading Yesterday
Thursday, June 18th, 2015
Dealers report a very active session with huge volumes in the belly of the Treasury curve. Early in the evening short covering in Australia by hedge funds tightened Aussie/US by as much as 10 basis points and that actually led to some buying of US 10s as they looked cheap ...
Posted in Uncategorized | Comments Off on Overnight Flows
Thursday, June 18th, 2015
Via Kit Juckes at SocGen:
<http://www.sgresearch.com/r/?id=hdfecc78,1309c19a,1309c19b&p1=136122&p2=39e3d034101e70b09e4d46f2f79c7bb2>
The FOMC meeting's effect on financial markets was to boost risk sentiment and reinforce the conviction that the Fed will remain gradual when they start raising rates. Although the ‘dot-path' continues to imply two hikes this year and the Fed remains on track to raise rates ...
Posted in Uncategorized | Comments Off on Morning FX Musings
Wednesday, June 17th, 2015
That is the policy prescription offered by Greg Ip in this WSJ article.
The Federal Reserve signaled Wednesday, with some trepidation, that it remains on track to raise interest rates later this year.
Ordinarily, with unemployment now approaching levels associated with an economy at full strength, the case for raising rates would ...
Posted in Uncategorized | Comments Off on Let the Economy Overheat
Wednesday, June 17th, 2015
Via Merrill Lynch:
Hindsight breeds foresight. At today's press conference Fed Chair Janet Yellen highlighted that the dots in the dot plot reflect individual FOMC members' assessment of the economic outlook, as well as the corresponding subjective appropriate monetary policy stance. For example the Fed's SEP range on 2016 core PCE ...
Posted in Uncategorized | Comments Off on Eclectic Topics
Wednesday, June 17th, 2015
Via my friend Steve Liddy:
Talking to many it seems liquidity made it hard to enter/exit trades. I won't re-inundate you with the charts (you can find them if you choose):
-5s30s stopped at the 146.8 area. I actually think this is a buy, and we're headed back to 155, then 161. ...
Posted in Uncategorized | Comments Off on Guest Post