Archive for June, 2015
Wednesday, June 24th, 2015
Via Bloomberg:
U.S. Fed Has Legal Authority to Buy Puerto Rico Debt, Study Says
2015-06-24 15:42:26.556 GMT
By Kasia Klimasinska
(Bloomberg) -- Federal Reserve has legal authority to buy
Puerto Rican debt as a U.S. municipality or a foreign country,
Arturo Estrella, a former New York Fed economist, says in report
released Wednesday.
* Estrella’s paper lays out ...
Posted in Uncategorized | Comments Off on Can Federal Reserve Buy Puerto Rico Debt
Wednesday, June 24th, 2015
Via Bloomberg:
Greece Deal No Guarantee Can Pay IMF, Avoid Capital Controls
2015-06-24 13:55:57.34 GMT
By Deborah L Hyde and Stefania Spezzati
(Bloomberg) -- Greek Prime Minister Alexis Tsipras meets
creditors again to discuss rival plans to secure bailout funds
before the current program ends and payments to the IMF fall due
on June 30.
* Even if ...
Posted in Uncategorized | Comments Off on Nice Greece Summary
Wednesday, June 24th, 2015
via Bloomberg:
IG CREDIT: List of New Issues Expected to Price in U.S. Today
2015-06-24 14:05:00.0 GMT
By Allan Lopez
(Bloomberg) -- Just 1 new issue expected to price today:
* Brown-Forman $350m A1/A-
*
* 30Y
* IPT +155 area
* Books: BofAML, Barclays, C, USB
Posted in Uncategorized | Comments Off on New Corporate Supply
Wednesday, June 24th, 2015
Via Ian Lyngen at CRT Capital:
We are optimistic about this afternoon's 5-year auction as the sector has recently been well-received and the Greek debt crisis continues to support the broader Treasury market. In addition, with the WI suggesting the highest yield for a new 5-year since Dec, we're cognizant that ...
Posted in Uncategorized | Comments Off on Five Year Note Auction
Wednesday, June 24th, 2015
Bloomberg has posted a very long article on a Justice Department investigation of bidding at Treasury auctions. The article focuses on sharing of information about client bids and the size of those bids. The DOJ is looking at the sharing of that information among dealers. There is a piece of ...
Posted in Uncategorized | Comments Off on Treasury market Investigation
Wednesday, June 24th, 2015
Via Stephen Stanley at Amherst Pierpont Securities:
The third estimate of Q1 GDP was largely as expected. The decline for the quarter was shaved from 0.7% annualized to 0.2%. The upward adjustment came mainly in consumer spending, reflecting an upward revision to retail sales and the Quarterly Services Survey data, and ...
Posted in Uncategorized | Comments Off on GDP Analysis
Wednesday, June 24th, 2015
Via Bloomberg:
Ikea Will Raise U.S. Minimum Wage to $11.87 to Retain Workforce
2015-06-24 04:01:00.5 GMT
By Claire Boston
(Bloomberg) -- Ikea Group, the world’s largest furniture
retailer, will raise the hourly minimum wage it pays workers in
the U.S. by 10 percent to $11.87, seeking to keep employees from
moving to other merchants that have boosted ...
Posted in Uncategorized | 2 Comments »
Wednesday, June 24th, 2015
Via Bloomberg:
WHAT TO WATCH:
* (All times New York)
* Economic Data
*
* 7am: MBA Mortgage Applications, June 19 (prior -5.5%)
* 8:30am: Revised GDP, 1Q, est. -0.2% (prior -0.7%)
*
* Personal Consumption, 1Q, est. 1.9% (prior 1.8%)
* GDP Price Index, 1Q, est. -0.1% (prior -0.1%)
* Core PCE, 1Q, est 0.8% (prior 0.8%)
* Supply
*
* 11:30am: ...
Posted in Uncategorized | Comments Off on What to Watch Today
Wednesday, June 24th, 2015
Via Marc Chandler at Brown Brothers:
Corrective Tone Threatens Trends in FX Market
- The two main drivers remain in play: Greece and the US economy
- Negotiations with Greece appear to have entered a final phase
- Revisions to US Q1 GDP are expected to show that a -0.7% contraction was ...
Posted in Uncategorized | Comments Off on FX
Wednesday, June 24th, 2015
Via Bloomberg:
IG CREDIT: Volume Improves; GS, RAI Issues Led Flows
2015-06-24 10:13:28.578 GMT
By Robert Elson
(Bloomberg) -- Secondary IG trading ended with a Trace
count of $15.4b vs $11.8b Monday, $15.1b the previous Tuesday.
10-DMA $13.8b; 10-Tuesday moving avg $16b.
* 144a trading added $2.8b of IG volume vs $1.8b on Monday,
$1.8b last Tuesday
* Most ...
Posted in Uncategorized | Comments Off on Secondary market Corporate Bond Trading Yesterday