Archive for November, 2016
Thursday, November 17th, 2016
Via TDSecurities:
US: Core Inflation Misses Expectations But Outlook Remains Favorable
· The headline CPI rose 0.4% m/m, in line with consensus expectations and lifting year-over-year inflation further to 1.6% y/y from 1.5% y/y.
· Downside surprise was realized in the core index, which rose a modest 0.1% m/m, leaving ...
Posted in Uncategorized | Comments Off on CPI
Thursday, November 17th, 2016
Via Stephen Stanley at Amherst Pierpont Securities:
With Yellen and CPI this morning, I never thought that the first thing I would need to write up would be housing starts, but then the data can be full of surprises!
Housing starts exploded in October, more than offsetting the steep drop in September. ...
Posted in Uncategorized | Comments Off on Housing Starts
Thursday, November 17th, 2016
Via TDSecurities:
US: December In Play but Outlook Still Dovish
* Chair Yellen in her testimony left the Fed policy outlook little changed in keeping a December rate hike on the table but continuing to emphasize the gradual, patient stance on the policy trajectory.
* We continue ...
Posted in Uncategorized | Comments Off on Yellen Thoughts
Thursday, November 17th, 2016
Ian Lyngen and Aaron Kohli of BMO Capital Markets produce an informative piece each morning on the fixed income markets. I have excerpted from today's piece thier comments on today auction of 10 year TIPS:
The 10yr TIPS reopening also looms large on Thursday and though we’re not particularly enthused ...
Posted in Uncategorized | Comments Off on Ten Year Tips Auction Today
Thursday, November 17th, 2016
Via Barron's:
Ahead of the Crowd
What to Do With a Stock Up 1,000% in One Week?
DryShips is a prime example of what can happen when investors let politics get ahead of fundamentals.
By
Jack Hough
Nov. 16, 2016 3:11 p.m. ET
Careful with those Trump trades.
DryShips shares (ticker: DRYS) have been halted after they closed ...
Posted in Uncategorized | Comments Off on Tulip Mania
Thursday, November 17th, 2016
Via Bloomberg:
CREDIT MORNING CALL: Expect the Biggest Issuance in a Month
2016-11-17 11:53:30.775 GMT
By Robert Elson
(Bloomberg) -- Expectations surrounding a hefty Abbott M&A-
deal leave the market thinking today may be the largest session
since October 19, Bloomberg strategist Robert Elson writes. That
day saw Saudi Arabia pricing $17.5b with WFC, MS, UPS, MDLZ
bringing ...
Posted in Uncategorized | Comments Off on Hey Abbot
Thursday, November 17th, 2016
Via Bloomberg:
November 16, 2016 — 6:42 PM EST Updated on November 17, 2016 — 6:14 AM EST
U.S. selling $11 billion of 10-year inflation-linked debt
TIPS returns in 2016 more than double regular Treasuries
The roster of firms lining up to recommend Treasury Inflation Protected Securities before a sale ...
Posted in Uncategorized | Comments Off on Big Firms Hype TIPS
Thursday, November 17th, 2016
Via Marc Chandler at Brown Brothers Harriman:
Consolidation Gives Dollar Heavier Tone
The US dollar is trading with a heavier bias today as its recent run is consolidated
The UK reported a huge jump in retail sales; Australia reported October jobs data overnight
The US data calendar features the October ...
Posted in Uncategorized | Comments Off on FX
Thursday, November 17th, 2016
In overnight trading the BOJ action to stem the rise in yields was the highlight. The central bank intervened and promised to buy both 2 year and 5 year bonds. Dealers report that in overnight trading yen funded buyers were better buyers of 5 year through 30 year sectors.
In the ...
Posted in Uncategorized | Comments Off on Treasury Market Musings
Thursday, November 17th, 2016
Via Bloomberg:
IG CREDIT: Volume Remains High; Issuance Will Be Focus Today
2016-11-17 10:41:48.24 GMT
By Robert Elson
(Bloomberg) -- Secondary IG trading ended with a Trace
count of $19.2b vs $20.3b Tuesday, $20.2b last Wednesday.
* 14th highest of any Wednesday since Nov. 2005 when TRACE
volume count began
* Tuesday’s $20.3b was 5th highest Tuesday on ...
Posted in Uncategorized | Comments Off on Credit Pipeline