Archive for June, 2015
Monday, June 29th, 2015
Once again this post is from my friend and former colleague Richard Gilhooly. he is currently without a job and seeking work. If you enjoy reading his always cogent thoughts and think that you might have some way of assisting him in his search for gainful employment please let me ...
Posted in Uncategorized | Comments Off on Thoughts on Euro Strength
Monday, June 29th, 2015
Dealers report much better selling of 5s and 10s throughout the morning session by end users.
Posted in Uncategorized | Comments Off on Treasury Update
Monday, June 29th, 2015
Via Bloomberg:
RATES: Barclays Updates Index Duration Changes for July 1
2015-06-25 19:35:28.886 GMT
By Katherine Chiglinsky
(Bloomberg) -- Barclays estimated the following duration
extensions for July 1 as of June 25:
* U.S. Treasury: 0.10yrs vs. 0.10yrs
* U.S. Agency: 0.05yrs vs. 0.05yrs
* U.S. Credit: 0.06yrs vs. 0.05yrs
* U.S. Govt/Credit: 0.08yrs vs. 0.08yrs
* U.S. MBS: 0.12yrs ...
Posted in Uncategorized | Comments Off on Index Extension
Monday, June 29th, 2015
Earler today I posted this FT article which describes that publication's sit down with New York Fed President Bill Dudley. Here is a commentary on that interview by Stephen Stanley of Amherst Pierpont Securities:
New York Fed President Dudley did an interview with the Financial Times on Friday that ran over ...
Posted in Uncategorized | Comments Off on More on Dudley Interview
Monday, June 29th, 2015
Richard Gilhooly is a former colleague whose work I posted here regularly. I have not posted anything from him for quite sometime as he is currently without a seat. However, he penned this piece on Greece which I commend to you. He wrote the piece yesterday.
Via Richard Gilhooly:
Finally, a Climactic ...
Posted in Uncategorized | Comments Off on Reflections on Greece
Monday, June 29th, 2015
Interesting story via Bloomberg on the Fed's Reverse Repo Facility:
Crane’s MF Symposium: Fed’s RRP Facility Dominates Conversation
2015-06-29 12:39:38.343 GMT
By Alexandra Harris
(Bloomberg) -- Fed’s RRP facility was popular topic of
discussion during Crane’s Money Fund Symposium in Minneapolis
last week as participants ranging from strategists to portfolio
managers reflected on eventual size and timing ...
Posted in Uncategorized | Comments Off on Reverse Repo
Monday, June 29th, 2015
Via Pedro Nicolai Da Costa at the WSJ:
Fed Should Keep Rates at Zero Until Mid-2016 to Avoid ‘Dark Corners,’ IMF Paper Says
By
Pedro Nicolaci da Costa
The Federal Reserve should wait until the middle of 2016 to start raising short-term interest rates from near zero to ensure the economy is on a ...
Posted in Uncategorized | Comments Off on IMF Paper Suggests Fed Should Wait For 2016
Monday, June 29th, 2015
Via Bloomberg:
IG CREDIT: Low Volume Session; IMTLN Investor Calls Begin
2015-06-29 09:45:46.417 GMT
By Robert Elson
(Bloomberg) -- Secondary IG trading ended with a Trace
count of $9.5b vs $14.5b Thursday, $10.9b the previous Friday.
* 144a trading added $1.4b of IG volume vs $2.2b Thursday,
$1.2b last Friday
* Most active issues:
* ZTS 3.25% 2023 was ...
Posted in Uncategorized | Comments Off on Secondary Market Corp Bond Trading on Friday
Monday, June 29th, 2015
The FT interviewed New York Fed President Dudley over the weekend. He noted that a rate hike at the September meeting is still on the table. He is cheered by recent data on wage gains and improving incomes and household spending.
Via the FT:
A Federal Reserve interest-rate hike will be “very ...
Posted in Uncategorized | Comments Off on Dudley Interview
Monday, June 29th, 2015
Another dealer just checked in with info on overnight flows. This dealer also reports better selling. He observed chunky selling of the 5year through 10 year sector by Japanese insurance companies and banks. The same dealer also reports central bank selling of short coupons.
Posted in Uncategorized | Comments Off on More Overnight Flows