Archive for September, 2016

Data Analysis

Thursday, September 1st, 2016

Via Millan Mulraine at TDSecurities: US: Methodology Adjustment Pushes ULC Sharply Higher ·         The Q2 labor productivity estimate was revised modestly lower to -0.6% from -0.5%, marking the third consecutive decline in the indicator. ·         However, the big story was the sharp upward revision to the unit labor costs (ULC) measure, up from 2.0% ...

More FX

Thursday, September 1st, 2016

Via Marc Chandler at Brown Brothers Harriman: A Couple of Surprises Start the New Month UK manufacturing PMI posts record bounce, sending sterling a cent higher French and Italian PMIs disappoint China's official manufacturing PMI is at its highest level since October 2014 Japan's soft capex figures warn of risk of ...

Financial Stability and Rate Hikes

Thursday, September 1st, 2016

Via Bloomberg: Matthew Boesler boes_ August 31, 2016 — 5:30 PM EDT Inflation takes backseat with mute projected price pressures Evans says anchored rate expectations to limit financial risk   With U.S. inflation low and seen staying that way, Federal Reserve officials who favor raising interest rates point to preserving financial stability as another reason to move. ...

Lower Bar for Fed to Hike

Thursday, September 1st, 2016

Via Bloomberg: Yellen Speech Contained Clue to Reading the August Jobs Report 2016-09-01 09:00:00.8 GMT By Michelle Jamrisko (Bloomberg) -- An overlooked line in Federal Reserve Chair Janet Yellen’s speech last week could hold the key to whether Friday’s U.S. jobs report clinches an interest-rate increase this month. While the focus was on Yellen’s statement that the case ...

Some FX Musings

Thursday, September 1st, 2016

Via Kit Juckes at SocGen: <http://www.sgmarkets.com/r/?id=h113cc38c,18274870,18274871&p1=136122&p2=50f4f6384a99a7bfa4d119b5bf3d35e6> Welcome to September - season of conkers, blackberries and mushrooms (here, anyway). The pick of August's currencies were the oil-sensitive COP, RUB, and NOK. Not so much this morning though as yesterday's US oil inventory data took prices down. On a 12-month view, oil prices are ...

Some Corporate Bond Stuff

Thursday, September 1st, 2016

Via Bloomberg: IG CREDIT: Volume Higher Led by Client Selling of MSFT Issues 2016-09-01 10:00:29.365 GMT By Robert Elson (Bloomberg) -- Secondary IG trading ended with a Trace count of $16.8b vs $15.4b Tuesday, $16.1b last Wednesday. 10-DMA $13.6b; 10-Wednesday moving avg $17.4b. * 144a trading added $2.0b of IG volume vs $2.1b on Tuesday, $2.4b last Wednesday * ...

Credit Pipeline

Thursday, September 1st, 2016

Via Bloomberg: CREDIT PIPELINE: September Expected to See Over $100b 2016-09-01 09:42:54.28 GMT By Robert Elson (Bloomberg) -- August ended with a startling IG issuance total near $140b vs last year’s $64b; sans SAS deals $117b. * September may be lower than some expectations if some of those deals were pushed forward into August * September still expected ...