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Stock Market & Financial Investment News

News For NOSYMBOL From The Last 14 Days
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February 10, 2016
13:25 EDTFed Chair Yellen has concluded today's testimony
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13:15 EDTFX Action: EUR-USD skidded from session highs
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13:15 EDTTreasury's $23 B 10-year auction was ok
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13:15 EDTTreasury Action: yields tripped slightly lower
Treasury Action: yields tripped slightly lower after the mixed results on the 10-year auction, which priced through its WI-yield, fell short on the cover and beat the average indirect bid. The current 10-year yield pulled back from the 1.745% area just prior to the sale to the 1.734% zone, having stalled out at 1.773% highs earlier compared to the 1.73% award rate on the new notes. Yellen testimony is winding down without any major tape bombs, though there clearly remain a number of hurdles to a March hike as illustrated by the Fed Chair.
12:55 EDTTreasury 10-year auction preview: this auction should go ok
Treasury 10-year auction preview: this auction should go ok since Yellen didn't throw any curve balls on the policy stance going forward. There were no indication she is anxious to raise rates imminently, while she stressed the gradual nature of the path ahead. The oulook on inflation also remained quite tame. The wi has also cheapened a bit today, having edged up to 1.775%, though the rate has dipped to 1.73% currently. A stop there would be the lowest since early 2012 and the outright richness of the rate is the major stumbling block to today's sale. On the other hand the 149 bp premium to the German Bund is a positive and should attract solid bidding from overseas accounts. The offering should also benefit at the margin from the $1 B cut in size, along with the reductions in coupon volumes from the 5-year maturity and beyond. The $54.4 B in maturing issues is also supportive. The $21 B January reopening stopped at 2.090% and saw a 2.77 cover (2.65 average) and a stellar 71.0% indirect bid (60.5% average). Direct bidders took 11.3% and primary dealers accepted 17.7%.
12:25 EDTWeek of 2/19 MBA Mortgage Applications to be released at 07:00
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12:05 EDTYellen discussed negative rates overseas
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11:20 EDTFX Action: USD-JPY gains stalled out
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11:20 EDTYellen doesn't expect the FOMC will be in a situation of having to ease again
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11:20 EDTYellen wouldn't budge on tipping her policy hand
Yellen wouldn't budge on tipping her policy hand in response to a question about the deterioration in the stock markets relative to the increased volatility overseas, noting that she didn't think a rate cut was warranted as it is important to not prematurely jump to conclusions about global market turmoil. But she did suggest that low inflation remained a concern, especially as some measures of inflation compensation had moved to historically low levels (from testimony), and the Fed is continuing to study the inflation outlook as it assesses the policy impact.
11:05 EDTYellen argued against a rule based approach to policy
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10:55 EDTYellen Q&A: Committee members are railing against the FOMC's IOER
Yellen Q&A: Committee members are railing against the FOMC's IOER policy tool, and specifically paying interest or excess reserves, seeing that as yet another subsidy to big banks. The Fed Chair countered and said IOER it's a "critical tool for control of short term rates" and noted it's widely used by a variety of central banks. She did note another policy option, shrinking its balance sheet by selling long term assets, but that would be too disruptive to the economy, she warned. Yellen added that the Fed has transferred over $600 B to the Treasury over the last several years.
10:55 EDTEnergy Action: Front month NYMEX crude spiked
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10:45 EDTU.S. equities are extending gains as Yellen speaks
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10:30 EDTCrude inventories for week of February 5
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10:20 EDTTreasury 10-year auction outlook
Treasury 10-year auction outlook: today's $23 B auction should see better sponsorship than the 3-year yesterday, which suffered from uncertainties over Yellen's outlook, as well as from a lack of concession. The wi 10-year yield is slightly higher at 1.745%, though down from an intraday peak of 1.77% earlier, before Yellen released her prepared remarks that didn't give anything away on the policy stance, repeating that action remains data dependent. The auction should benefit from the general demand for yield, as well as the wide differentials to foreign sovereigns, with a 149 bp yield pick up versus the German Bund. The offering should also benefit at the margin from the $1 B cut in size, along with the reductions in coupon volumes from the 5-year maturity and beyond. The $54.4 B in maturing issues is also supportive. The $21 B January reopening stopped at 2.090% and saw a 2.77 cover (2.65 average) and a stellar 71.0% indirect bid (60.5% average).
09:55 EDTFX Action: USD-CAD has been on the rise
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09:31 EDTMarket rebounds as investors await Yellen testimony
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09:25 EDTFed VC Fischer said the Fed maintains the ability to lend in times of stress
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09:18 EDTHouse Agriculture Committee to hold a hearing
The Committee holds a hearing entitled, "Review of the 2016 Agenda for the Commodity Futures Trading Commission" with Chairman of the CFTC, Timothy Massad, on February 10 at 10 am. Webcast Link
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