Archive for September, 2015
Monday, September 21st, 2015
I previously posted this article on various FOMC members running at the mouth this weekend regarding the near term course of monetary policy. Here is a note from Stephen Stanley at Amherst Pierpont Securities on the topic:
Fed chatter over the weekend suggests that there is significant sentiment for a rate ...
Posted in Uncategorized | Comments Off on On the FOMC’s Logorrhea
Monday, September 21st, 2015
Via Bloomberg:
WHAT TO WATCH:
* (All times New York)
* Economic Data
* 10:00am: Existing Home Sales, Aug., est. 5.5m (prior
5.59m)
* Existing Home Sales m/m, Aug., est. -1.6% (prior 2%)
* Central Banks
* 1:00pm: Fed’s Lockhart speaks in Atlanta
* 2:30pm: Bank of Canada’s Poloz speaks in Calgary
* Supply
* 11:00am: U.S. to announce plans for ...
Posted in Uncategorized | Comments Off on What to Watch Today
Monday, September 21st, 2015
Via Marc Chandler at Brown Brothers Harriman:
Drivers for the Week Ahead
We highlight nine items driving financial markets:
1. Temporal Inconsistencies at the Fed
2. Divergence meme alive and well
3. Next year's US presidential race may be about to get interesting
4. ...
Posted in Uncategorized | Comments Off on FX
Monday, September 21st, 2015
The FT notes that the yield on 10 year notes in Greece is at a one year low. Could that be a buying opportunity as momentum has shifted? Not with my scarce capital. The FT reviews the election returns and presents a nice cross section of analyst commentary>
Via the FT:
Greek ...
Posted in Uncategorized | Comments Off on Greek Election
Monday, September 21st, 2015
The WSJ avers that the bond market is no longer the sleepy backwater that it was in a bygone era and examines the ramifications of the sheer size of global debt market.
Via the WSJ:
By Colin Barr
Updated Sept. 21, 2015 12:10 a.m. ET
Stocks rise and fall, but bonds are starting to ...
Posted in Uncategorized | Comments Off on Gargantuan Bond Market
Monday, September 21st, 2015
Via Bloomberg:
G CREDIT: Volume Lower, Spreads Unchanged; Issuance Expected
2015-09-21 09:30:15.417 GMT
By Robert Elson
(Bloomberg) -- Secondary IG trading ended with a Trace
count of $11.2b Friday vs $13.1b Thursday, $13.1b the previous
Friday. 10-DMA $13.3b; 10-Friday moving avg $10b.
* 144a trading added $2.0b of IG volume Friday vs $2.5b on
Thursday, $2.4b last Friday
* ...
Posted in Uncategorized | Comments Off on Corporate Bond Trading Friday
Monday, September 21st, 2015
Via Kit Juckes at SocGen:
<http://www.sgresearch.com/r/?id=heab89fa,141a3b27,141a3b28&p1=136122&p2=665965d2ba9ab1bdf9c1d94db4ea1950>
Monday morning market trends have a habit of extending what was happening on Friday rather than setting the tone for the rest of the week but still, the verdict on the Fed's wait-and-see policy is that uncertainty doesn't help risk appetite. Especially when the root cause ...
Posted in Uncategorized | Comments Off on Early FX
Sunday, September 20th, 2015
Via the WSJ:
By Todd Buell
Sept. 20, 2015 1:53 p.m. ET
As the Federal Reserve chews over when to raise interest rates, after holding fire Thursday, European Central Bank officials can claim some success in traveling a very different road, already blazed by the Fed, in buying up hundreds of billions of ...
Posted in Uncategorized | Comments Off on Pushing on a String in Europe
Sunday, September 20th, 2015
Via the FT:
Oil
Plunging oil prices put question mark over $1.5tn of projects
Industry operators expect investment in new projects to drop up to 30%, says a Wood Mackenzie report
by: Christopher Adams, Energy Editor
Plunging oil prices have rendered more than a trillion dollars of future spending on energy projects uneconomic, according to ...
Posted in Uncategorized | Comments Off on Low Oil Prices Put Kabosh on Capital Spending Plans
Sunday, September 20th, 2015
Federal Reserve officials suffered a severe case of logorrhea this weekend with Bullard and Williams and Lacker each issuing comments that a rate hike is still possible this calendar year. Given the tone and tenor and timbre of last week's statement and the subsequent presser by Ms Yellen it hard ...
Posted in Uncategorized | Comments Off on Hawkish Fed Comments From Fed Officials