Archive for September, 2015
Thursday, September 24th, 2015
Via Millan Mulraine at TDSecurities:
Durable goods orders were broadly on consensus, with headline orders falling 2.0% on account of weaker transportation orders which declined 5.8%. The decline was marginally better than the market consensus for a 2.3% m/m and it follows the brisk 1.9% m/m gain the month before. Excluding ...
Posted in Uncategorized | Comments Off on Durable Goods
Thursday, September 24th, 2015
Via the WSJ:
By TESS STYNES
Updated Sept. 24, 2015 9:58 a.m. ET
2 COMMENTS
Caterpillar Inc. projected further revenue declines and announced plans to cut more than 10,000 jobs over the next three years as the maker of engines and heavy equipment continues to feel the impact from weakness in the energy and ...
Posted in Uncategorized | Comments Off on Ugly Metamorphosis for Caterpillar
Thursday, September 24th, 2015
Via Bloomberg:
Citi Pushes Forecast for First Fed Hike to Spring 2016
2015-09-24 14:04:56.496 GMT
By James Holloway
(Bloomberg) -- Citi economist William Lee cites Fed’s new
reaction function, which assigns greater importance to global
and international developments; Citi previously saw first hike
in late 2015.
* “It will likely be next year before we can dissipate
significantly the ...
Posted in Uncategorized | Comments Off on Citi on Fed: No Hike Until Spring
Thursday, September 24th, 2015
Excellent article via the WSJ:
By Katy Burne
Sept. 23, 2015 7:35 p.m. ET
In midtown Manhattan one recent morning, Ryan Sheftel and a handful of math whizzes at New York-based Global Trading Systems LLC were debating how to profit from rapid-fire changes in the world’s most-liquid market, U.S. Treasurys.
Their quandary: how to ...
Posted in Uncategorized | Comments Off on Algo Trading in the Treasury Market
Thursday, September 24th, 2015
Via Bloomberg:
IG CREDIT: Client Flows Heavy in Most Active Issues
2015-09-24 10:21:07.627 GMT
By Robert Elson
(Bloomberg) -- Secondary IG trading ended with a Trace
count of $13.6b vs $13.6b Tuesday, $18b the previous Wednesday.
10-DMA $13.5b; 10-Wednesday moving avg $15.4b.
* 144a trading added $3.2b of IG volume vs $3.5b Tuesday, the
highest since $5.3b March ...
Posted in Uncategorized | Comments Off on Secondary Market Corporate Bond Trading Yesterday
Thursday, September 24th, 2015
Via David Ader at CRT Capital:
* Not much going on in the overnight session so I took the bull (get it, bull?) by the horns and looked at 10s.
* The thing I see is a potential Head & Shoulders with the neckline, also the 200-day MA near 2.11% and the ...
Posted in Uncategorized | Comments Off on Technical Work
Thursday, September 24th, 2015
Via Marc Chandler at Brown Brothers Harriman:
The US dollar is trading heavier after extending its post-FOMC gains that saw the euro and sterling record two-week lows yesterday
- The Norwegian krone is the weakest of the major currencies, losing 2% against the US dollar in response to the 25 bp ...
Posted in Uncategorized | Comments Off on FX
Wednesday, September 23rd, 2015
Via the FT:
What will Janet Yellen say?
2 hours ago
A week after holding rates at a record low and delivering a commentary that's prompted investors to doubt the Federal Reserve's intention to tighten policy this year, the chairwoman of the US central bank gives a lecture on inflation and monetary policy.
The ...
Posted in Uncategorized | Comments Off on What Will Ms Yellen Say Tomorrow
Wednesday, September 23rd, 2015
Via Merrill Lynch Research:
Situation Room
Banking on supply redux
23 September 2015
Key takeaways
High grade supply returned today with $6.45bn pricing from four deals.
Banks accounted for about half the total, with 12-year sub Hold-co deals from C and JPM.
10-year senior US banks widened 1-3bps, subs widened 3-10bps while industrials were ...
Posted in Uncategorized | Comments Off on Merrill Lynch on Credit
Wednesday, September 23rd, 2015
The WSJ is doing a series of article on the fixed income market and today's installment focuses on the Treasury market. The article notes that regulators (as one would expect) are searching for way to impose additional layers of regulation on that market.
Via the WSJ:
By Ryan Tracy and
Andrew Ackerman
Sept. 23, ...
Posted in Uncategorized | Comments Off on Regulating the Treasury Market