Archive for August, 2016
Sunday, August 21st, 2016
Via Bloomberg:
Fed vice chair talks days before Yellen’s Jackson Hole address
Fischer sees economic growth picking up in coming quarters
Federal Reserve Vice Chairman Stanley Fischer signaled that a 2016 rate hike is still under consideration, saying the U.S. economy is already close to meeting the central bank’s goals and ...
Posted in Uncategorized | Comments Off on Stanley Fischer Muses on Rate Hikes and Productivity
Sunday, August 21st, 2016
Via WSJ:
By Christopher Whittall
Aug. 21, 2016 5:31 p.m. ET
1 COMMENTS
The European Central Bank’s corporate-bond-buying program has stirred so much action in credit markets that some investment banks and companies are creating new debt especially for the central bank to buy.
In two instances, the ECB has bought bonds directly from European ...
Posted in Uncategorized | Comments Off on Private Placements to Central Banks
Sunday, August 21st, 2016
Via Kit Juckes at SocGen:
Sunday ramblings as we prepare for Jackson Hole, money goes on desperately seeking yield and I'm going back for more sunshine.
<http://www.sgmarkets.com/r/?id=h112db700,180d9143,180d9144&p1=136122&p2=b6e28b6f57b58b15d3337d6b085b774b>
EM bonds keep on winning
Markets continue to be dominated by flows into emerging market assets and anything with yield, away from the dollar (and the pound). ...
Posted in Uncategorized | Comments Off on FX Musings
Sunday, August 21st, 2016
Via WSJ:
By Jon Hilsenrath
Updated Aug. 21, 2016 1:03 p.m. ET
151 COMMENTS
For much of the post-financial-crisis era, U.S. Federal Reserve officials have held to a belief that they could get back to their old way of doing things. Growth would resume at a modest pace, annual inflation would climb to 2% ...
Posted in Uncategorized | Comments Off on Hilsenrath Article
Saturday, August 20th, 2016
Barron's intermittently runs interviews with Stephanie Pomboy who is chief cook and bottle washer at MacroMavens. She is also a very provocative economist with some sobering proclamations on the path of the economy. She thinks that negative rates have a deleterious effect and thinks that the Great Recession left a ...
Posted in Uncategorized | 2 Comments »
Friday, August 19th, 2016
Via Bloomberg:
Money Fund Reforms Having Same Effect as Fed Hike: Cumberland
2016-08-19 11:41:13.223 GMT
By Alexandra Harris
(Bloomberg) -- Further increases in USD 3-mo. Libor will
work as if the Fed raised rates another 25bp since the money
market reforms are having the “same impact on worldwide
finance” as a hike, Cumberland CIO David Kotok said ...
Posted in Uncategorized | Comments Off on Money Fund Reform Equals Rate Hike?
Friday, August 19th, 2016
Via Reuters:
By Leika Kihara | TOKYO
The Bank of Japan says there is no possibility of helicopter money, and by a strict definition they are correct. But as the government plans to issue more 40-year bonds, it is looking more and more like some monetization of debt is underway.
The BOJ says ...
Posted in Uncategorized | Comments Off on Helicopters and Japan
Friday, August 19th, 2016
Via Kit Juckes at SocGen:
<http://www.sgmarkets.com/r/?id=h112c9584,180b8154,180b8155&p1=136122&p2=2795cf1d5c663f319f632221136432b2>
Yesterday's UK retail sales data gave sterling a lift and have taken it to second place in this week's currency rankings - just behind the Swiss franc. The Colombian peso and the Russian rouble are the other notable winners: rising oil prices are a quiet, but ...
Posted in Uncategorized | Comments Off on More FX
Friday, August 19th, 2016
Via Marc Chandler at Brown Brothers Harriman:
Dollar Firms Heading into Weekend
Dollar recoups some of its losses
Japan reported firm July department store sales overnight
There are no US data releases or Fed speakers; Canada reports July CPI and June retail sales
Bank Indonesia is expected to cut rates ...
Posted in Uncategorized | Comments Off on FX
Friday, August 19th, 2016
Via Bloomberg:
IG CREDIT: Long PEMEX, MSFT Issues Led Secondary Trading
2016-08-19 09:43:06.733 GMT
By Robert Elson
(Bloomberg) -- Secondary IG trading ended with a Trace
count of $15b vs $16.9b Wednesday, $14.6b the previous Thursday.
10-DMA $14.1b; 10-Thursday moving avg $15.7b.
* 144a trading added $1.5b of IG volume vs $2b on Wednesday,
$2.1b last Thursday
* The ...
Posted in Uncategorized | Comments Off on Corporate Bond Stuff