Archive for October, 2015
Thursday, October 29th, 2015
Via Marc Chandler at Brown Brothers Harriman:
Dollar Mixed in the Wake of FOMC
- The Federal Reserve gave the clearest signal to date that it is prepared to hike rates at its last meeting of the year on December 16
- The divergence theme that we emphasize has driven the US-German 2-year ...
Posted in Uncategorized | 1 Comment »
Thursday, October 29th, 2015
Via Bloomberg:
=============================================================================
IG CREDIT: Best Wednesday Moving Average Since April
2015-10-29 09:42:09.576 GMTBy Robert Elson
(Bloomberg) -- Secondary IG trading ended with a Trace
count of $18.1b vs $18.2b Tuesday, $17.4b the previous
Wednesday. 10-DMA $16.4b; 10-Wednesday moving avg $16.7b,
highest since $17.3b, April 8.* 144a trading added $2.9b of IG volume vs $2.8b Tuesday, $3b
last ...
Posted in Uncategorized | Comments Off on Secondary Market Corporate Bond Trading
Thursday, October 29th, 2015
Via Kit Juckes at SocGen:
<http://www.sgmarkets.com/r/?id=hef7b79a,14918f1f,14918f20&p1=136122&p2=4f93765317ac1dd020bb0e1889d0976c>
..then you'll be a Fed Governor, my son?? Not sure I can take Kipling to the FOMC but there are so many 'If's' im fed policy I'm stuck with then image. The FOMC left the door ajar. IF markets don't tighten financial conditions for them. IF ...
Posted in Uncategorized | 1 Comment »
Thursday, October 29th, 2015
Via Jon Hilsenrath at the WSJ:
By
JON HILSENRATH
Updated Oct. 28, 2015 11:35 p.m. ET
117 COMMENTS
Federal Reserve officials explicitly said they might raise short-term interest rates in December, pushing back against investors who have bet that the central bank wouldn’t move this year.
The message appeared to have the desired effect. Before the ...
Posted in Uncategorized | Comments Off on Hilsenrath Article
Monday, October 26th, 2015
Via Stephen Stanley at Amherst Pierpont Securities:
After housing starts and existing home sales exceeded expectations in September, new home sales were a washout. New home sales fell by a whopping 11.5% to 468K last month, the worst result of the year so far. Sales were down in all four regions ...
Posted in Uncategorized | Comments Off on New Home Sales
Monday, October 26th, 2015
Via Bloomberg:
IG CREDIT: List of New Issues Expected to Price in U.S. Today
2015-10-26 14:01:24.779 GMT
By Allan Lopez
(Bloomberg) -- List of new issues expected to price today:
* Union Pacific $1.1b (will not grow) A3/A
* 2025 tap, 30Y, 50Y
* IPT: 2025 tap +110/115, 30Y +140/145, 50Y +195 area
* Books: Barclays, BofAML, C, ...
Posted in Uncategorized | Comments Off on New Issue Calendar
Monday, October 26th, 2015
Via Marc Chandler at Brown Brothers Harriman:
Policy not Data to Drive the Dollar
- The European Central Bank and the People's Bank of China reanimated the divergence theme just when many observers had all but given up on it
- The Sweden's Riksbank is the most likely to ease further this week; ...
Posted in Uncategorized | Comments Off on More FX
Monday, October 26th, 2015
Via the FT:
Why the shift in Treasury bond ownership matters
New buyers are more price sensitive so demand could be more volatile
October 22, 2015
by: Jamie Chisholm
Who is buying US government bonds and what are the market implications, ask strategists at TD Securities.
Data show China has sold $200bn of Treasuries so far ...
Posted in Uncategorized | Comments Off on Who are the Buyers of US Treasuries
Monday, October 26th, 2015
Justin Lanhart of the WSJ writes on the difficult task which confronts the FOMC if it wishes to hike rates while most of the rest of the world is lowering rates or engaging in unconventional monetary policy.
Via the WSJ:
By Justin Lahart
Updated Oct. 25, 2015 12:41 p.m. ET
The Federal Reserve is ...
Posted in Uncategorized | Comments Off on FOMC Between Rock and Hard Place
Monday, October 26th, 2015
I always post the FX work of Mark Chandler from Brown Brothers Harriman. This morning there is a note in the inbox from one of his London based colleagues, Ilan Solot, who comments cogently on Argentina, Poland and BOJ policy:
Three Thoughts From London - Uncertainty in Argentina, Victory in Poland; ...
Posted in Uncategorized | Comments Off on More FX