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Stock Market & Financial Investment News

News For NOSYMBOL From The Last 14 Days
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February 11, 2016
14:14 EDTAverages range-bound in the red as market selloff continues
The averages remains deep in negative territory as the market selloff continues. The averages are on track to be down for the fifth consecutive day with no sign so far that the market will recover before the streak officially continues. The Dow is down over 2% this afternoon and the S&P is close behind, pushing both indexes to be down more than 10% for the year. Oil prices continue to take a pounding, with WTI crude down 3% to trade below $27 per barrel.
14:00 EDTTreasury Action: curve flattener unwinds
Treasury Action: curve flattener unwinds prevailed in the wake of the sour 30-year auction results, reversing out some of the extreme flattening seen earlier in the session on the sharp drop in stocks and global volatility. The 2-year yield clawed back from lows at a slower pace from the 0.582% area to 0.633%, still down over 7 bp on the session. The 5-year yield dipped as low as 0.976% in early trade, only to reverse back over 1.08%, still off 6 bp on the day. The 10-year yield touched 1.53% early and snapped back over 1.63%, down 7.4 bp on the session. The cash bond yield probed lows of 2.38%, only to reverse briefly over 2.50% in wake of the auction miss, down just 4 bp on the day. The 2s-10s spread hit +95 bp at its nadir and has since steepened back out to +99 bp; the 5s-30s had narrowed to +140 bp before widening slightly to +141 bp.
13:15 EDTTreasury's $15 B 30-year auction results were poor
Treasury's $15 B 30-year auction results were poor. The bond tailed 3 big bps to 2.50% as the issue cheapened further from the 2.470% into the bid deadline. It looks like the 40 bp richness compared to the 2.905% from January left domestic accounts sidelined. There were only $31.4 B in bids for a 2.09 cover, well off last month's 2.29 (for $13 B sold) and the 2.33 average. It's the lowest since mid 2011. Indirect bidders took a solid 58.0%, as expected, and was better than last month's 56.5% and the 55.4% average. Direct bidders accepted 10.3%, the same as the 10.8% previously, while primary dealers accepted 31.7% compared to the prior 32.6%.
13:15 EDTTreasury Action: long yields shot higher
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13:05 EDTFed Chair Yellen has concluded her testimony
Fed Chair Yellen has concluded her testimony. Again there were no bombshells from her, but nothing to inspiring either. Then again, there wasn't much she could or should say that would sooth the turmoil in stocks, bonds, currencies, and/or commodities. On the topic de jour, she did note that the Fed is discussing negative rates, but it doesn't sound as though the FOMC is anywhere near adopting such a stance. Indeed, analysts and many other analysts and market players (including Gundlach) believe it would be a bad idea and is a spurious worry at this point. Yellen also failed to give any clarity on the Fed's next move, as she merely reiterated its not predetermined. Analysts still believe the next move is to hike rates, though not until at least June, as the FOMC is meeting its jobs mandate and could be closing in on its inflation goal.
13:00 EDTRosenberg of Blackrock said lower Fed hike expectations
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12:45 EDTTreasury 30-year bond preview: there's cautious optimism on the auction
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12:20 EDTYellen supported the diversity of views on the FOMC
Yellen supported the diversity of views on the FOMC, as intended by Congress as it set up the Fed. And she noted there is a range of opinions among the 17 Committee members. The initial market reaction to liftoff was tranquil, she added, deflecting criticism of the "open mouth policy," and said the market turmoil has been driven by global dynamics, including China's currency policies and the drop in oil prices.
12:00 EDTA lot has happened since the December rate liftoff, Yellen said
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12:00 EDTU.S. swap spreads turned very choppy
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11:35 EDTTreasury Action: yields tripped lower on Yellen NIRP talk
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11:35 EDTYellen on risks from negative rates and from tightening too soon
Yellen on risks from negative rates and from tightening too soon. The Fed Chair said she's been surprised at the extent of the move to negative rates in come countries. She doesn't believe there have been pass-through to savers (taxing them). Negative rates were adopted overseas due to worries over disinflation. While the Fed considered negative rates back in 2010, the Committee was worried then about the impacts on money markets and the various institutional details (more a matter of due diligence). The Fed was also not clear whether clearing systems could handle negative rates. Meanwhile, there was a memo in 2010 noting that the legal issues had not been vetted, although Yellen said she was not aware of any restrictions. She also said policy normalization was not being undertaken for its own sake. Rather, it is being conducted to achieve the FOMC's twin objectives. Policymakers believed late last year that the growing economy warranted a gradual rise in rates. And she said the Fed "absolutely" considers global events when making policy decisions.
11:20 EDTTreasury announced a $7 B 30-year TIPS sale for next Thursday
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11:15 EDTStocks have resumed their slide as Yellen speaks
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11:15 EDTYellen on policy path and negative rates:
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11:08 EDT3-Month Bill Announcement Offering Amount data reported
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11:08 EDT6-Month Bill Announcement Offering Amount data reported
6-Month Bill Announcement Offering Amount at $30.0 B
11:07 EDT30-Yr TIPS Announcement CUSIP Number data reported
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11:07 EDT30-Yr TIPS Announcement Offering Amount data reported
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10:55 EDTMore from Yellen: the Fed is seeing some pick up in wage growth
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