Archive for February, 2016
Wednesday, February 10th, 2016
Via Bloomberg:
How Low Can Central Banks Go? JPMorgan Reckons Way, Way Lower
2016-02-10 08:28:57.647 GMT
By Simon Kennedy
(Bloomberg) -- There are “no limits” to how far central
banks can ease monetary policy.
That’s a recent declaration of both European Central Bank
President Mario Draghi and Bank of Japan Governor Haruhiko
Kuroda, who have joined their counterparts ...
Posted in Uncategorized | Comments Off on How Low Can They GO?
Wednesday, February 10th, 2016
Via Kit Juckes at SocGen:
The link to the FX daily is above., here's another link meanwhile, to a BBG interview of William White, OECD Economics Committee Chairman, which I've added because his take of the world at the moment is 110% right, at least. I'm biased in favour of the ...
Posted in Uncategorized | Comments Off on Early FX
Tuesday, February 9th, 2016
Via Robert Sinche at Amherst Pierpont Securities:
AUSTRALIA: The NAB report showed Business Confidence sliding into the new year and we get the February Westpac Consumer Confidence Index tonight, another index that has been sliding in recent months.
CHINA: During the week ahead China will release January data on both Bank Loans ...
Posted in Uncategorized | Comments Off on Overnight Data Preview
Tuesday, February 9th, 2016
Via Ian Lyngen at CRT Capital:
Today at 1:03 PM
** A lackluster takedown with a tail of 0.9 and non-dealer bidding at 56.5% vs. 63% norm ***
* 3-year auction stops at 0.844% vs. a 0.835% 1-pm bid WI.
* Dealers were awarded 43.5% vs. 37% average of the last four 3-year auctions.
* ...
Posted in Uncategorized | Comments Off on Three Year Note Result
Tuesday, February 9th, 2016
Via Stephen Stanley at Amherst Pierpont Securities:
Today at 10:52 AM
Based on the wholesale inventories release for December, I have good news and bad news. The non-auto wholesale inventories figure was down 0.2% in December, whereas BEA statisticians had assumed a small increase. The good news is that this means the ...
Posted in Uncategorized | Comments Off on Some Economic Analysis
Tuesday, February 9th, 2016
Via Ian Lyngen at CRT Capital:
We are once again constructive on this afternoon's $24 bn 3-year auction and see the risk of a stop-through in light of the recent takedowns of new 3s and the flight-to-quality influences that have been so influential in the New Year. On the other hand, ...
Posted in Uncategorized | Comments Off on Three Year Note Auction
Tuesday, February 9th, 2016
The Federal Reserve Bank of New York has published on its blog a study of liquidity in the corporate bond market. Here is a link to the full (and lengthy post) article. Here is the summary paragraph with the study's conclusions:
In Sum
The results presented here reinforce our earlier message that ...
Posted in Uncategorized | Comments Off on Corporate Bond Market Liquidity
Tuesday, February 9th, 2016
Via Bloomberg:
RATES: Most Net Longs Since Jan. 4, JPM Survey Says
2016-02-09 12:20:03.463 GMT
By Robert Elson
(Bloomberg) -- The JPMorgan Treasury Client Survey for the
week ended Feb. 8 vs week ended Feb. 1.
* Longs 23 vs 16
* Neutrals 54 vs 60
* Shorts 23 vs 24
* Net longs 0 vs -8
* "The all ...
Posted in Uncategorized | Comments Off on JPMorgan Duration Survey
Tuesday, February 9th, 2016
Via Marc Chandler at Brown Brothers Harriman:
Europe Stabilizes After Asia Melts
- After a meltdown in Asia, the global capital markets are stabilizing in Europe
- Oil is trading up 1-2% even though the IEA reported that Saudi Arabia boosted oil output in January by 70k barrels to 10.2 mln bpd and ...
Posted in Uncategorized | Comments Off on FX
Tuesday, February 9th, 2016
This is another article on the recent epiphany by market participants in which they discover that the central bank emperor has no clothes.
Via the FT:
A Tom Cruise moment for central banks: Rabobank
by: Peter Wells
Now that analysts are comparing markets to Tom Cruise movies, it must be a sign we’ve all ...
Posted in Uncategorized | Comments Off on Tom Cruise and Central Bank Policy