Archive for February, 2016
Thursday, February 18th, 2016
Via CRT Capital:
*** The 30-year TIPS auction was soft with a large tail of 5.3 bp, although it came with non-dealer bidding at 73.1% vs. 69% norm ***
* 30-year TIPS auction stops at 1.120% vs. a 1.067% 1-pm bid WI.
* Dealers were awarded 26.9% vs. 31% average of last eight.
* ...
Posted in Uncategorized | Comments Off on Dutch Treat
Thursday, February 18th, 2016
Via Stephen Stanley at Amherst Pierpont Securities:
Initial unemployment claims surprisingly fell further in the week ended February 13 to 262,000, the lowest reading since October. My read based on the advance state-by-state data is that the snowstorm-related jump in the number of new filers two weeks ago was still unwinding, ...
Posted in Uncategorized | Comments Off on Data Review
Thursday, February 18th, 2016
This lists represents the issues in the Apple deal from earlier this week. First is the issue and maturity. The next data point is the initial price talk. So on the 1.3 of 2/2008 the IPT was 75 a (for area. The 60 shows the deal launched at 60 and ...
Posted in Uncategorized | Comments Off on Apple Deal Performance
Thursday, February 18th, 2016
In the copious notes I record on the gyrations of the financial markets one can see the fascinating reversal in risk sentiment which has evolved since this time last Thursday morning.. At that time the 10 year Treasury traded at 1.57 yield. It currently changes hands at about 1.82 percent. ...
Posted in Uncategorized | Comments Off on Risk On
Thursday, February 18th, 2016
Via Bloomberg:
WHAT TO WATCH:
* (All times New York)
* Economic Data
* 8:30am: Philadelphia Fed Business Outlook, Feb., est. -3
(prior -3.5)
* 8:30am: Initial Jobless Claims, Feb. 13, est. 275k
(prior 269k)
* Continuing Claims, Feb. 6, est. 2.250m (prior
2.239m)
* 9:45am: Bloomberg Economic Expectations, Feb. (prior 47)
* Bloomberg Consumer Comfort, Feb. 14 (prior 44.5)
* 10:00am: ...
Posted in Uncategorized | Comments Off on What to Watch Today
Thursday, February 18th, 2016
Via Marc Chandler at Brown Brothers Harriman:
Dollar Mixed as Global Equity Rally Continues
- FOMC minutes can be read through a dovish lens, but really shouldn’t come as any shock
- The Fed Funds futures strip remains too dovish, in our view
- During the North American session, the US reports Philly ...
Posted in Uncategorized | Comments Off on FX
Thursday, February 18th, 2016
Via Bloomberg:
Brazil, Germany, Canada, U.S. forecasts cut most severely
G-20 ministers urged to tackle lack of demand in Shanghai
The OECD cut its global growth forecasts, saying the economies of Brazil, Germany and the U.S. are slowing and warning that some emerging markets are at risk of exchange-rate volatility.
Global gross domestic product ...
Posted in Uncategorized | Comments Off on OECD Cuts Global Growth Forecast
Thursday, February 18th, 2016
Via Kit Juckes at SocGen:
Equity indices are higher again, oil prices are back up, but EUR/USD is range-bound and USD/JPY is drifting lower. With country-specific factors driving currencies, we might even have to stop talking about hyper-correlated risk-on/risk-off markets for a bit. How will we cope?
The biggest mover overnight is ...
Posted in Uncategorized | Comments Off on Early FX
Thursday, February 18th, 2016
The FT carries an interesting article on the primary dealer community and the changes that are afoot for that group. My friend Steve Liddy pointed this article out and he suggests that the changes will devalue (the already devalued ) the primary dealer designation and will ultimately prove detrimental to ...
Posted in Uncategorized | Comments Off on A Change is Gonna Come
Wednesday, February 17th, 2016
This is a Bloomberg summary of another post by the New York Fed at its Liberty Street Economics blog on the topic of Treasury market liquidity. For a link to the Fed post click here.
Via Bloomberg:
N.Y. Fed finds turbulence spurs jump in cross-market activity
Research stands ``in contrast to the more ...
Posted in Uncategorized | Comments Off on High Speed Arbitrage in Treasury Market