Archive for October, 2015
Wednesday, October 14th, 2015
Via Stephen Stanley at Amherst Pierpont Securities:
Meanwhile, the September PPI was extraordinarily soft. Food and energy prices both fell by even more than anticipated. There will be some pass through to the CPI, but the bulk of it will occur in October and November. For the components that tend to ...
Posted in Uncategorized | Comments Off on PPI
Wednesday, October 14th, 2015
Via Millan Mulraine at TDSecurities:
US: Consumer Spending Falters in September
· Retail sales activity fell well short of expectation, as headline spending rose at a very subdued 0.1% m/m pace.
· Core spending activity was particularly weak, falling 0.1% m/m, and when combined with the downward revisions to earlier estimates, this report ...
Posted in Uncategorized | Comments Off on Retail Sales
Wednesday, October 14th, 2015
Via Bloomberg:
RATES: JPM All Clients Survey Shows Most Net Longs Since April
2015-10-14 12:09:54.52 GMT
By James Holloway
(Bloomberg) -- The JPMorgan Treasury Client Survey for the
week ended Oct. 5 vs week ended Sept. 28.
* Active clients:
* Longs 20 vs 17
* Neutrals 63, unchanged
* Shorts 17 vs 20
* Net longs 3 vs -3
* ...
Posted in Uncategorized | Comments Off on JPMorgan Duration Survey
Wednesday, October 14th, 2015
My friend Steve Liddy forwarded this Bloomberg story about the Treasury market in which the author relates that changing trading practices have dealers thriving in obscurity. I would take issue with the author's description of the market as opaque as it is the world's most transparent market (I think).
Via Bloomberg:
Wall ...
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Wednesday, October 14th, 2015
Benchmark Treasury prices have posted very modest gains in overnight trading and the yield curve is a tad flatter than it was at 1000PM last night. The only meaningful flow of which i have been apprised is central bank selling in the 3 year through 5 year sector. The dealer ...
Posted in Uncategorized | Comments Off on Overnight Flow
Wednesday, October 14th, 2015
Via Marc Chandler at Brown Brothers Harriman:
US Dollar Weighed Down by Dovish Fed Governors
- Yesterday's mostly counter-trend moves ended abruptly after a second Fed governor voiced opposition to a rate hike this year
- The Japanese government lowered its assessment of the economy, including industrial production
- Speculation is also increasing ...
Posted in Uncategorized | Comments Off on FX
Wednesday, October 14th, 2015
Via the FT:
US manufacturer blames Latam slump as it cuts jobs
5 minutes ago
It's a small company but it's news on Wednesday is worth noting.
Colfax, a $3.7bn US maker of filters and fluid handling equipment used across the power, construction and oil and gas business, said it's cutting 1,500 jobs.
Why?
Colfax, which ...
Posted in Uncategorized | Comments Off on Anecdotal Evidence
Wednesday, October 14th, 2015
Tim Duy is an Economics Professor at the University of Oregon and in my opinion one of the best Fed watchers on the web. A fully paid up subscriber referred me to this article he posted on Monday in which he dissects the recent speech of Fed Governor Lael Brainard. ...
Posted in Uncategorized | Comments Off on Fed Watching
Tuesday, October 13th, 2015
Via the WSJ:
By
Jon Hilsenrath and
Ben Leubsdorf
Updated Oct. 13, 2015 7:27 p.m. ET
New doubts about the outlook for interest rates are emerging within senior ranks of the Federal Reserve.
Fed governor Daniel Tarullo said Tuesday in an interview on CNBC that “right now my expectation is—given where I think the ...
Posted in Uncategorized | Comments Off on Hilsenrath Article
Tuesday, October 13th, 2015
Via Robert Sinche at Amherst Pierpont Securities:
CHINA: Monetary data for September is expected over the next week. Our focus, as always, will be on the Aggregate Financing data. In both July and August Aggregate Financing was above year-earlier levels after lagging the same during March-June. There are signs that PBOC ...
Posted in Uncategorized | Comments Off on Overnight Data Preview