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News For NOSYMBOL From The Last 14 Days Check below for free stories on NOSYMBOL the last two weeks. |
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| May 22, 2013 |
| 14:05 EDT |  | | Treasury Option Action: heavy put positioning in 5-year area
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| 13:57 EDT | | | Averages erase gains, turn mixed for session
Stocks have turned mixed after a sharp move higher to start the day’s trading. The Dow made triple digit gains following dovish comments from Fed Chairman Ben Bernanke, but each of the major indices have erased their early gains, trading well off their best levels. Advancing stocks are even with declining stocks and up volume is also about even with down volume. Crude oil prices are lower by more than 1.5% and gold is up 0.7%. The Dow is up 8 points, the S&P is down 1 point, and the Nasdaq is down 13 points. |
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| 13:45 EDT | | | U.S. equities reversed lower
U.S. equities reversed lower as taper talk finally took its toll on the optimistic assets, though it's all a bit premature either way. In the Dow the biggest losers are mostly tech thanks to a 1% Cisco drop, UnitedHealth 0.5% decline and Microsoft 0.4% dip. On the upside, JPM at +2.8%, Home Depot at +2.7% and Pfizer +2.6% are all the leading gainers. NASDAQ is off 0.15%, while the Dow is 0.25% higher and S&P is hanging on to a 0.35% gain. Dallas Fed hawk Fisher and the FOMC minutes are due next. |
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| 13:35 EDT | | | FOMC Minutes preview: FOMC minutes will hopefully shed further light on the QE debate
FOMC Minutes preview: FOMC minutes will hopefully shed further light on the QE debate, such as the inclusion of the symmetric stance on asset purchases with in the May 1 policy statement. Analysts suspect it was done to appease the centrist dovish members given the numerous hawkish comments about the costs of QE that have weighed on Treasuries in recent months. Analysts're also going to be interested in ongoing guidence on the economy and inflation. Bernanke's comments were a little more downbeat on both. Meanwhile, in the March minutes it was seen that 1 member wanted to slow purchases immediately; 2 members wanted to continue QE through year end. A "few" thought tapering could begin around mid-year and end later this year, while "sevearl others" thought if the outlook labor market conditions improved as expected, could start trimming purchases later in the year and stop them at year end. Of course analysts'll count up to see if these numbers have changed. But, there's still a big IF on the FOMC's policy course, and that of course is the data. |
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| 13:30 EDT | | | FX Action: USD-CAD took out prior 2013 highs of 1.0343
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| 13:00 EDT | | | Goldman Sachs reiterated a Dec FOMC taper launch
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| 12:40 EDT | | | Treasury Action: the T-note yield has cleared 2.0% again
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| 12:00 EDT | | | FX Action: The dollar has largely stabilized
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| 11:42 EDT | | | September S&P Case-Shiller HPI to be released at 09:00
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| 11:42 EDT | | | Week of 5/31 MBA Purchase Applications to be released at 07:00
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| 11:40 EDT | | | PIMCO's Gross Tweeted on Bernanke:
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| 11:20 EDT | | | Bernanke noted various indicators reflecting improvement in the financial markets
Bernanke noted various indicators reflecting improvement in the financial markets as the effects of the financial crisis have been mitigated. Consumers are deleveraging, consumer debt burdens are going down, banks are much healthier as seen in stress tests, while credit availabity is improving. On inflation, he said the Fed is looking at market data, commodity prices, and various econometric models. He doesn't see much inflation currently, and if anything it's a little on the low side. Bernanke wouldn't directly answer whether the Fed was enabling Congress delay on fiscal policy actions. |
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| 11:10 EDT | | | NY Fed bought $1.25 B in bonds
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| 11:05 EDT |  | | CBOE Volatility Index VIX is recently up 10c to 13.47
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| 11:05 EDT | | | More Bernanke: he argued for a more balanced monetary-fiscal fix
More Bernanke: he argued for a more balanced monetary-fiscal fix with respect to the labor market. Slowing the pace of tightening, along with a long term fiscal deal, would make the exit easier. Monetary policy "is not omnipotent" said the Fed chief. Bernanke said it's hard to say how much of unemployment is structural and how much is cyclical, and noted the FOMC estimates about 5.2% to 6% is structural, thus leaving about 2% to be addressed by policy. |
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| 10:55 EDT | | | Bernanke believes Fed can exit without selling any MBS
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| 10:50 EDT | | | Bernanke says supportive of Bank of Japan policies
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| 10:50 EDT | | | Treasury Action: yields have jumped, despite a dovish JEC text from Bernanke
Treasury Action: yields have jumped, despite a dovish JEC text from Bernanke, with equities lower and the dollar higher as well. Seemingly the catalyst was a remark from the Fed Chairman in Q&A who said asset purchases could start to be unwound over next few meetings. BUT, he was goaded into that by the questioning on the timing of an exit, which he would not be pinned down. That statement on unwinding again came with the caveat that economic conditions have to improve and inflation needs to pick up. Bernanke's overall tone remains very dovish. |
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| 10:47 EDT | | | Bernanke says exit possible without sale of MBS, but no decision made yet
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| 10:40 EDT | | | Bernanke Q&A:
Bernanke Q&A: asked if the economy accelerated, when would the Fed exit, Bernanke said they would first have to start to wind down asset purchases. Then they would alter guidence on interest rates, and complement those with other tools. The Fed may or may not sell assets. Bernanke said currently it doens't appear asset sales will be necessary; the Fed can just let its holdings roll off. Fed could take a step down in its purchases over the next few meetings if the policymakers were convinced that the outlook for the labor market was on a sustained trajectory, and if there were no signs of falling prices. The Chairman continued to say the timing of a withdrawal is dependent on the data, and wouldn't be pinned down to a specific date. He also said the market can see the data as well as the Fed, suggesting the timing need not be announced. |
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