Archive for January, 2016
Sunday, January 10th, 2016
Via the New York Times:
China’s Hunger for Commodities Wanes, and Pain Spreads Among Producers
By CLIFFORD KRAUSSJAN. 9, 2016
Chile is expanding its largest open-pit copper mine below the northern desert to dig up 1.7 billion additional tons of minerals, even as metal prices plummet around the globe.
India is building railroad lines ...
Posted in Uncategorized | Comments Off on Commodity Pain
Sunday, January 10th, 2016
Federal Reserve Bank of San Francisco President Williams said on Friday that it would take six years for the Fed to return its balance sheet to normal size.
Via Bloomberg:
It will take the U.S. central bank at least six years to reduce its bloated balance sheet back to more a normal ...
Posted in Uncategorized | Comments Off on Shrinkage
Sunday, January 10th, 2016
Via the WSJ:
By Greg Ip and
Bob Davis
Updated Jan. 10, 2016 1:12 p.m. ET
The convulsions in China’s stock and currency markets this past week fanned investors’ worst fears: The world’s second biggest economy is in trouble and the authorities are powerless to fix it.
The truth is less frightening, but still fraught. ...
Posted in Uncategorized | Comments Off on Apparatchiks Losing Control in China
Sunday, January 10th, 2016
Via the FT:
China’s financial system is “largely stable and healthy,” the country’s foreign exchange regulator said at the weekend in an effort to reassure global markets as investors braced for a possible resumption of last week’s market turmoil.
Attention is likely to focus on China’s central bank and its management of ...
Posted in Uncategorized | Comments Off on China: “Largely Stable and Healthy”
Friday, January 8th, 2016
Via Bloomberg and my friend Steve Liddy:
BFW 01/04 20:44 RATES: Asset Managers Net Long 2Y Futures, CFTC Says
BFW 12/28 20:50 RATES: Leveraged Longs Dwindle in Short End, CFTC Says
BFW 12/18 21:01 RATES: Record Asset Manager Net Long in 5Y Futures, CFTC Says
BFW 12/11 20:48 RATES: Record Asset Manager Net Long ...
Posted in Uncategorized | Comments Off on Positions
Friday, January 8th, 2016
Via Robert Sinche at Amherst Pierpont Securities:
CHINA: the monthly CPI and PPI reports are expected to show more of the same, with the Bberg consensus expecting the CPI to inch up to 1.6% YOY in December from 1.5% while the PPI falls -5.8% YOY, which would be the 46th consecutive ...
Posted in Uncategorized | Comments Off on Weekend Data Preview
Friday, January 8th, 2016
The 5 year note is en fuego today. The 5s 10s spread has steepened to 55.7 from 53.8 just prior to 830AM. Similarly 5s 30s has moved to 134.5 from 131. The 2s 5s 10s spread has moved to 9.1 from 11.1. That spread closed 2012 at about 18 basis ...
Posted in Uncategorized | Comments Off on Morning Miscellany
Friday, January 8th, 2016
Via Bloomberg:
Posted in Uncategorized | Comments Off on New Issues
Friday, January 8th, 2016
Via Millan Mulraine at TDSecurities:
TD SECURITIES DATAFLASH
US: Strong Jobs Growth Keeps March Hike in Play
· The US economy added jobs at a very brisk 292K pace, bettering the market consensus for a more modest 200K rise.
· Positive net revisions, rising participation rate and strong gains in household employment speak to ...
Posted in Uncategorized | Comments Off on labor Data Analysis
Thursday, January 7th, 2016
Via Bloomberg and story notes Evans does not have vote this year:
Fed’s Evans Signals Stronger Dollar May Mean Slower Tightening
2016-01-07 20:20:32.377 GMT
By Matthew Boesler
(Bloomberg) -- Chicago Federal Reserve Bank President
Charles Evans says “I’m a little nervous about manufacturing
and the dollar and relative prices.”
* “But still, I think the fundamentals are ...
Posted in Uncategorized | Comments Off on Evans on the Dollar and Rate Hikes