Archive for May, 2016
Thursday, May 12th, 2016
Via Bloomberg:
Two Fed Officials Make Their Cases for Interest-Rate Increase
2016-05-12 20:24:26.121 GMT
By Christopher Condon and Steve Matthews
(Bloomberg) -- Two regional Federal Reserve presidents
usually on opposing sides of the policy debate made separate but
similar cases for an interest-rate increase, arguing that the
central bank risks stoking an asset bubble by delaying action
for ...
Posted in Uncategorized | Comments Off on Making the Case for Rate Hikes
Thursday, May 12th, 2016
Via the FT:
AN HOUR AGO
by: Sam Fleming in Washington
More than a hundred Democratic party lawmakers have written to Federal Reservechair Janet Yellen complaining of a lack of diversity within the central bank system and a leadership that is “overwhelmingly and disproportionately white and male”.
The letter, signed by 11 senators and ...
Posted in Uncategorized | Comments Off on Fed Chided For Lack of Diversity
Thursday, May 12th, 2016
Via Ian Lyngen at CRT Capital:
We are apprehensive about this afternoon's long-bond Refunding auction and are anticipating a tail - assuming that the modest intraday concession isn't enough of an incentive to attract overseas interest, which tends to be small for the 30-year sector. Refunding 30-years have a long history ...
Posted in Uncategorized | Comments Off on Long Bond Auction
Thursday, May 12th, 2016
This will be successive research notes from Stephen Stanley of Amherst Pierpont Securities regarding the claims data released this morning.
Post Number One:
Finally, a little intrigue in the jobless claims data. The number of new filers jumped by 20,000 to 294,000 (on top of a 17K rise last week), the highest ...
Posted in Uncategorized | 2 Comments »
Thursday, May 12th, 2016
Via Marc Chandler at Brown Brothers Harriman:
Dollar Mixed Ahead of BOE Decision
The Bank of England decision will be out shortly
The Eurozone reported much weaker than expected March IP
The Norges Bank kept rates steady at 0.50%, as expected
Japan reported March current account data
After a nearly 24-hour ...
Posted in Uncategorized | Comments Off on FX
Thursday, May 12th, 2016
Via Bloomberg:
IG CREDIT: Trading Steady, Takes Back Seat to Heavy Issuance
2016-05-12 10:00:11.263 GMT
By Robert Elson
(Bloomberg) -- Secondary IG trading ended with a Trace
count of $17.1b vs $17.4b Tuesday, $17.9b last Wednesday.
* 10-DMA $15.5b; 10-Wednesday moving avg $19.1b
* 144a trading added $2.2b of IG volume vs $2.4b on Tuesday,
$2.6b last Wednesday
* ...
Posted in Uncategorized | Comments Off on Corporate Bond Stuff
Thursday, May 12th, 2016
Via Bloomberg:
IG CREDIT PIPELINE: 3 Set to Price, Expect Domestics to Be Added2016-05-12 09:38:55.424 GMTBy Robert Elson (Bloomberg) -- Set to price today: * European Bank for Reconstruction & Development (EBRD) Aaa/AAA, to price $500m Global 3Y FRN, via managers BMO/TD; IPT 3ML +11 area * Australia & New Zealand ...
Posted in Uncategorized | Comments Off on Credit Pipeline
Thursday, May 12th, 2016
Via TDSecurities:
TD Securities
US Rates Strategy – Swap Spreads: Getting Ready to Go Long
· May typically tends to be a heavy month for issuance of high grade corporate, SSA and GSE paper with Q1 earning season in the rearview mirror and ahead of the summer slowdown. May tends to account for approximately ...
Posted in Uncategorized | Comments Off on Wider Swap Spreads Ahead
Thursday, May 12th, 2016
Via Bloomberg:
Obama, Bush faced contractions in first year in office
Summers sees significant chance of downturn within three years
Talk about a poisoned chalice. No matter who is elected to the White House in November, the next president will probably face a recession.
The 83-month-old expansion is already the fourth-longest in ...
Posted in Uncategorized | Comments Off on Business Cycle Dynamics
Thursday, May 12th, 2016
Via Bloomberg:
Treasury 10-year sale sees record demand from indirect bidders
Buyers also pounce on debt from Spain, Portugal, companies
Whether you’re a government or a company in Europe, the U.S. or Asia, it’s a great time to sell bonds. Around the world, bidders are snapping up almost anything with a yield.
Auctions ...
Posted in Uncategorized | Comments Off on Yield Whores in a Frenzy