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May 21, 2013
11:10 EDT			NY Fed bought $3.31 B in notes NY Fed bought $3.31 B in notes dated from August 2020 through May 2023. The Street offered $13.1 B.The buyback, and resistance important levels, contained the updraft in yields. The 10-year yield has dipped from a 1.996% high to 1.97% currently. The 7-year note has slid to 1.328% from 1.35% earlier.

10:45 EDT			U.S. equities have rotated lower now Subscribe for More Information

10:40 EDT			FX Action: USD-CAD cleared last Friday's highs Subscribe for More Information

10:30 EDT			PIMCO's Gross on Twitter again: Subscribe for More Information

10:25 EDT			NY Fed outright purchase: the Fed is buying between $2.75 B and $3.5 B in notes Subscribe for More Information

10:15 EDT			Treasury Option Action: more selling of volatility Subscribe for More Information

10:07 EDT			Averages higher in early trading Subscribe for More Information

09:43 EDT			House Financial Services Committee to hold a hearing Subscribe for More Information

09:35 EDT			CBOE Volatility Index VIX is recently up 1c to 13.03 Subscribe for More Information

09:15 EDT			Treasury Option Action: more positioning in the belly Treasury Option Action: more positioning in the belly was reported by sources, who noted a package sale of 23k in Jun 124.25 calls and purchase of Sep 122.5 puts, along with sales of 124 calls in 5-year futures. This was thought to be part of a short-covering move on combo (squash), buying back the short calls and leaving the long puts in place, while rolling into the Sep combo, by buying puts and selling calls. Jun 5s are a tick firmer near 123-28 compared to their 123-30 to 123-277 range.

08:56 EDT			Redbook Store Sales data reported Subscribe for More Information

08:50 EDT			U.S. equities are idling in neutral U.S. equities are idling in neutral ahead of the open without much domestically to guide investors while awaiting key Fed events on Weds other than a preliminary round of Fedspeak on low rate policy today. It wasn't a particularly inspiring session globally either, with Asian equities sideways as Japan's N-225 rose 0.13% and the Shanghai Comp gained 0.22%, while the Euro Stoxx 50 is 0.45% lower. Yesterday U.S. equities closed off highs after the Dow, S&P and Russell marked fresh historic highs and today the Dow is 10-points higher, S&P is unchanged and NASDAQ is 1-point higher ahead of the opening bell. In company specific news, JP Morgan shares were sideways heading into its shareholder vote on Chairman-CEO Dimon's dual role. Apple CEO Tim Cook will testify before Senate after a report that the company avoided taxes on $billions via is Irish subsidiary. Home Depot rallied over 3.5% after boosting its earnings and sales thanks to the housing recovery. Carnival Corp sank 7% after its earnings suffered from discounting of ticket sales after recent cruiseline strandings and accidents. Best Buy fell 2% after weaker sales and reinvestment.

08:30 EDT			BofA/Merrill's automotive analyst holds an Analyst/Industry conference call Subscribe for More Information

08:25 EDT			FX Action: USD-CAD longs eye further upside Subscribe for More Information

08:05 EDT			Fed funds opened at 0.10% Subscribe for More Information

08:00 EDT			U.S. ICSC Goldman Sachs chain store sales index rebounded 0.2% in the week ended May 18 Subscribe for More Information

07:50 EDT			Treasury Market Outlook: Treasuries are little changed to modestly higher Subscribe for More Information

07:46 EDT			ICSC-Goldman Store Sales data reported Subscribe for More Information

07:46 EDT			ICSC-Goldman Store Sales data reported Week of 5/18 ICSC-Goldman Store Sales up 0.2% for the week

07:45 EDT			Credit Suisse to host a conference West Coast Financials Conference is being held in San Francisco on May 21-22.

07:35 EDT			A pair of Fed speeches on low rate policy Subscribe for More Information

07:33 EDT			Credit Suisse to host a conference Subscribe for More Information

07:32 EDT			Goldman to host a conference Subscribe for More Information

07:31 EDT			JPMorgan to host a conference Subscribe for More Information

07:30 EDT			RBC Capital to host a conference Subscribe for More Information

07:30 EDT			Lazard Capital to host a conference Subscribe for More Information

07:28 EDT			JMP Securities to host a field trip Subscribe for More Information

07:26 EDT			Futures quiet in early trading Subscribe for More Information

07:21 EDT			National Association of Publicly Traded Partnerships to host a conference Subscribe for More Information

07:13 EDT			Bond mutual funds continue to attract investors, Bloomberg reports Subscribe for More Information

07:12 EDT			Mutual funds take aim at directors pay, WSJ reports Subscribe for More Information

06:58 EDT			Tornado kills 91, levels neighborhoods, NY Times says Subscribe for More Information

06:47 EDT			Central bank says German economy poised to recover, Reuters reports Subscribe for More Information

06:08 EDT			On The Fly: Morning Wrap-Up for May 21 Subscribe for More Information

06:00 EDT			CBOE Volatility Index VIX closed at 13.02, 10-day moving average is 12.70 CBOE Volatility Index VIX 50-day moving average is 13.34.

05:59 EDT			As Fed suspense grows, dollar remains firm, Reuters reports Subscribe for More Information

05:56 EDT			June front month equity options expire, June 21, 2013 Subscribe for More Information

05:45 EDT			Commodities have eased Commodities have eased as the USD index posted a modest 0.3% gain to settle close to 84.00. Nymex is 0.2% lower to trade back below $97 bbl, while nominal gold headed back to $1377 on profit taking after it peeked above $1400 into the European open. Crude was boosted yesterday reportedly on news of a Saudi supply contraction and ongoing concerns about the Syrian conflict dragging others into the turmoil. Gold cut a large part of last week's losses amid a stop hunt during Monday's N.Y. afternoon amid expectations that Fed Chairman Bernanke could balance the recent argument for policy tapering.

04:55 EDT			CNY strengthened to levels from late 1993 CNY strengthened to levels from late 1993 versus the USD, close to 6.1300 in the OTC market, as the overnight fix reached the highest level since the 2005 revaluation at 6.1911. Ongoing firmness fueled recent speculation that the PBoC will widen the FX trading band. Local economists expect PBoC to allow greater flexibility by Q3 as Beijing moves slowly to liberalise markets. The PBoc have warned over increased capital inflows and it has used its currency as way to manage inflationary pressures. The frothy inflationary backdrop has tied the PBoC's hand to a degree on policy at a time when the economic backdrop has been relatively mixed. Beijing is also a clever operator politically and Chinese President Xi Jingping is due to meet U.S. President Obama on June-7-8, where currencies are also expected to feature.

04:20 EDT			FX Action: USD-JPY is underpinned Subscribe for More Information

01:20 EDT			Asian stocks consolidated Subscribe for More Information

May 20, 2013
15:02 EDT			April Construction Spending to be released at 10:00 Subscribe for More Information

15:02 EDT			May ISM Mfg Index to be released at 10:00 Subscribe for More Information

14:55 EDT			Treasury Closing Summary: Subscribe for More Information

14:50 EDT			Treasury Options Trade: a large block trade Subscribe for More Information

14:17 EDT			Averages trading near session lows Subscribe for More Information

14:05 EDT			More from Evans: the Fed may, or may not allow assets to run off Subscribe for More Information

13:44 EDT			Moody's warns on U.S. downgrade without budget deal, Bloomberg says Subscribe for More Information

13:40 EDT			More from Evans: the FOMC will keep its statement conditional Subscribe for More Information

13:30 EDT			Chicago Fed's Evans said the economy is "improving quite a lot," Subscribe for More Information

13:10 EDT			Euro$ interest rate futures have been fairly placid Subscribe for More Information

13:00 EDT			Fed Policy Outlook: the markets are more or less on hold awaiting Chairman Bernanke's JEC testimony Subscribe for More Information

12:15 EDT			NYMEX crude extended gains over $97 bbl Subscribe for More Information

11:50 EDT			U.S. corporate debt: the calendar has a few multi-tranchers Subscribe for More Information

11:45 EDT			Treasury's $55 B 3- and 6-month bill auction underachieved Subscribe for More Information

11:10 EDT			Treasury announced a $45 B bill auction for Tuesday Subscribe for More Information

11:10 EDT			NY Fed bought $1.45 B in bonds NY Fed bought $1.45 B in bonds dated from February 15, 2036 through May 15, 2043. The Street offered $4.104 B. Bonds have pretty much given up their gains with the 30-year yield at 3.16% versus an earlier low of 3.125% amid a recovery on Wall Street.

11:07 EDT			Democrats may use "nuclear option" to confirm Cordray, The Hill says Subscribe for More Information

10:35 EDT			Treasury Option Action: a "package trade" on 10s and 5s Subscribe for More Information

10:25 EDT			NY Fed outright purchase: the Fed is buying the usual $1.25 B to $1.75 B in bonds Subscribe for More Information

10:15 EDT			Further Weakness Ahead in U.S. May: Subscribe for More Information

10:13 EDT			Averages mixed, S&P little changed in early trading The muted futures action in the premarket session gave way to a slightly lower open for the broader market, but the averages have climbed back early in the session. Acquisition news, including Yahoo's (YHOO) purchase of Tumblr for $1.1B and Actavis' (ACT) agreement to buy Warner Chilcott (WCRX) in a $8.5B stock deal, have dominated the early news, especially given the very light economic calendar. A bit over a half hour into the session, the Dow is down 12 points, the Nasdaq is up 4 points and the S&P is virtually unchanged.

10:05 EDT			Treasury Option Action: a large FIT steepener Treasury Option Action: a large FIT steepener is reportedly working its way through the market with bullish purchases of 30k in Jun 124 calls and a bearish sale of 25k in Sep 123.75 calls on 5-year futures against bearish "purchases of 10k in Sep 127/128 put spreads and 10k in Sep 127.5/128.5 put spreads" on 10-year futures. Meanwhile, 10-year futures continue to rally, now up 4-ticks near 131-315 compared to a 132-035 to 131-22 range.

09:40 EDT			FX Action: USD-JPY dipped into 102.35 Subscribe for More Information

09:33 EDT			CBOE Volatility Index VIX is recently up 78c to 13.23 Subscribe for More Information

09:15 EDT			Japan government panel warned on QE Japan government panel warned on QE, according to a Reuters article. The advisory group to Fin Min Aso worries that investor demand will not be sustained and that yields will spike higher as a result, which in turn could be a drag on long term growth prospects. Of course the JGB market has already seen yields surge since early April from 0.42% when the aggressive buybacks were outlined, to as high as 0.85% on Friday.

09:10 EDT			Treasury Option Action: a large 5-year position in overnight trade Subscribe for More Information

08:40 EDT			U.S. Chicago Fed's National Activity Index dropped further to -0.53 in April Subscribe for More Information

08:40 EDT			U.S. equities are slightly lower to start the week Subscribe for More Information

08:34 EDT			Morgan Stanley's analysts hold an analyst/industry conference call Analysts discuss the evolution of enterprise data center requirements on an Analyst/Industry conference call to be held on May 20 at 11 am.

08:20 EDT			Fed funds opened at 0.11% Subscribe for More Information

08:20 EDT			More Fedspeak still to come this afternoon Subscribe for More Information

08:10 EDT			FX Action: USD-CAD consolidated Friday's gains Subscribe for More Information

08:08 EDT			BofA/Merrill's Senior Turkey-MENA Economist holds a conference call Subscribe for More Information

08:05 EDT			Fed's Fisher said he would have started QE tapering at the last FOMC meeting Fed's Fisher said he would have started QE tapering at the last FOMC meeting on April 30, May 1 (via MBS), in comments on CNBC. Of course Fisher has been one of the most hawkish on the FOMC and has been arguing against QE for some time, but importantly, he is not a voter in 2013. He doesn't want to go from "wild turkey" on asset purchases, to "cold turkey" by halting QE -- when to dial back is key as just halting buybacks would be "too violent" for the markets. Chairman Bernanke's major concern is the efficacy of QE. He noted, as analysts've done, that asset buying has helped stocks, but wonders whether it's worked in the economy. He does not see broadbased deflation. The Dallas Fed president continues to aruge against Dodd-Frank, saying it's too complicated. Fisher would like to see Bernanke remain Chairman, avoiding answering a question who will be the next Chairman. But one thing he does know for sure is that it will not be he. Nothing really new from the always engaging Fisher.

07:50 EDT			Treasury Market Outlook: Treasuries have caught a small bid Subscribe for More Information

07:38 EDT			BofA/Merrill to host a field trip Subscribe for More Information

07:28 EDT			Futures pointing to modestly lower open to start week Stock index futures are slightly lower ahead of a trading day that will feature little domestic economic data. The day's lone notable report, the Chicago Fed's National Activity Index for April, is due out at 8:30 am ET and had a prior reading of -0.23.

07:26 EDT			CFA Institute to host annual conference Subscribe for More Information

07:13 EDT			U.S. bonds cheapest in 23 years, Bloomberg reports The longest decline in Treasuries this year has left U.S. government debt the cheapest since March 2011 when measured by real yields and the best relative value compared with German bunds in more than two decades, reports Bloomberg.Reference Link

07:13 EDT			Nikkei hits new 5 1/2-year high, Reuters reports Subscribe for More Information

06:48 EDT			Obamacare supporters want voters to back Medicaid extensions, Politico says Subscribe for More Information

06:20 EDT			Commodities remained on the heavy side Subscribe for More Information

06:03 EDT			On The Fly: Morning Wrap-Up for May 20 Subscribe for More Information

05:57 EDT			CBOE Volatility Index VIX closed at 12.45, 10-day moving average is 12.75 Subscribe for More Information

05:53 EDT			June front month equity options expire, June 21, 2013 Subscribe for More Information

05:51 EDT			Junk stock rally drives stock market, Bloomberg reports U.S. junk stocks are rallying more than any time in almost four years compared with the rest of the stock market amid the broadest rally since at least 1995, reports the Wall Street Journal. The Fed's interest rates near zero and the expanding economy are allowing S&P�s 500 Index companies with the lowest working capital, smallest earnings and highest debt ratios to reduce borrowing costs and avoid default. The stocks jumped 27% this year, nearly double the gains for businesses with the most cash and least borrowing, according to Bloomberg and Goldman Sachs Group data.Reference Link

05:20 EDT			FX Action: USD-JPY traded close to 102.50 Subscribe for More Information

May 19, 2013
16:54 EDT			Fed could cut back QE3 early if job gains persist, Reuters says Subscribe for More Information

13:40 EDT			China new-home prices rise signaling challenge for Li, Bloomberg says Subscribe for More Information

May 17, 2013
19:51 EDT			Durable Goods Orders Ex-transportation to be reported at 08:30 Subscribe for More Information

19:51 EDT			FHFA House Price Index M/M change to be reported at 09:00 March FHFA House Price Index M/M change will be reported at 09:00 . Current consensus is 0.9% for the month

19:51 EDT			May Farm Prices to be released at 15:00 Subscribe for More Information

16:15 EDT			May Consumer Sentiment to be released at 09:55 Subscribe for More Information

16:15 EDT			May Chicago PMI to be released at 09:45

16:15 EDT			April Personal Income and Outlays to be released at 08:30 Subscribe for More Information

15:20 EDT			Treasury Action: Treasuries remain at their lows of the day Subscribe for More Information

15:10 EDT			Treasury Closing Summary: Treasury Closing Summary: Bonds bombed on Friday after the data took a turn for the better following a week of largely dour reports. The QE debate remained in full force, with fresh contributions from a think tank, PIMCO, Hilsenrath and Fed's Kocherlakota. Though this took on fresh urgency and relevance ahead of next week's FOMC minutes and Bernanke JEC testimony, though analysts don't expect it to be resolved by then. Though the NY Fed made its biggest purchase of Treasuries of the week, it barely slowed the sell-off at the long-end today.

14:40 EDT			More from Kocherlakota: the Fed needs to better communicate its QE stance and the timing of its taper More from Kocherlakota: the Fed needs to better communicate its QE stance and the timing of its taper. But he added the communication tool is still a work in progress. The new set of thresholds are an important component of monetary policy. It would be difficult for the Fed to start raising rates with the unemployment rate over 6.5%.

14:00 EDT			Fed's Kocherlakota's comments are dovish Subscribe for More Information

13:50 EDT			Action Economics Survey results: Action Economics Survey results: Fed taper talk still dominates the market chatter as the beginning to the end continues to be debated. But setting a date seems more like trying to pin the tail on the donkey, and a moving donkey at that, considering the uncertainty over when the employment and inflation criteria will be met. There's a dearth of crucial economic data out over the next two weeks, so neither analysts nor the FOMC will get much new information. However, median estimates suggest what figures will be released will support signs of moderate growth. Both new and existing home sales are expected to post gains in April. Durable goods orders are also expected to rebound, while Q1 GDP is expected to be revised slightly higher. More importantly though, Chairman Bernanke testifies before the JEC on Wednesday where analysts'll scrutinize his comments for any new policy leanings following the shift to a symmetric stance on asset purchases at the May 1 meeting. <?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" /><o:p></o:p>

13:45 EDT			U.S. Treasury is prepared to take steps to free up $260 B Subscribe for More Information

13:15 EDT			Treasury Action: Treasuries have been smacked Subscribe for More Information

13:05 EDT			U.S. equities have stalled out below highs Subscribe for More Information

12:31 EDT			Fitch downgrades Slovenia to 'BBB+' from 'A-', outlook negative Subscribe for More Information

12:25 EDT			WSJ Fedwatcher Hilsenrath Previewed Bernanke's JEC testimony WSJ Fedwatcher Hilsenrath Previewed Bernanke's JEC testimony in a video journal on the "Real Time Economics" blog, summarized as follows: amid the QE taper debate the Fed would clearly like for the economy to be sufficiently strong to head for the exit, but inflation has been declining and the jobs outlook improving somewhat, which suggests that the Fed is "not there yet." The debate could focus on risk of a stock market bubble, but Bernanke has downplayed that in recent speeches. Housing gains have been important, but that's one of the Fed's primary goals to help restore household balance sheets and improve confidence and spending. As to Ben's successor, Hilsenrath leans toward Yellen and away from Geithner and Summers, who have closer ties to the Obama Administration at an awkward time during recent IRS scandals and the like.

12:21 EDT			Energy Department authorizes LNG export facility Subscribe for More Information

11:10 EDT			Another Gross Tweet from PIMCO: Subscribe for More Information

11:10 EDT			NY Fed bought $5.469 B in notes Subscribe for More Information

11:00 EDT			U.S. factory goods benchmarked data showed mixed revisions Subscribe for More Information

10:55 EDT			Today's U.S. reports Today's U.S. reports revealed a big upside May surprise for Michigan sentiment that included an outsized-pop in the present conditions index, alongside a 0.6% April leading indicators rise that beat assumptions, but that followed downward back-revisions that left the April index at the expected level. Analysts would partly attribute the big sentiment surge to volatility in the preliminary survey, and analysts assume some mean-reversion in the final May survey that trims the hefty May gain in the present conditions measure. Overall, today's upside headline surprises take some of the edge off yesterday's disappointing Philly Fed, initial claims and housing starts headlines.

10:54 EDT			Guggenheim's Washington Research Group's political analyst holds conference call Subscribe for More Information

10:25 EDT			NY Fed outright purchase: the Fed is buying $4.75 B to $5.75 B in notes Subscribe for More Information

10:25 EDT			Michigan sentiment surged to a new cycle-high 83.7 Subscribe for More Information

10:20 EDT			FX Action: The dollar got another boost FX Action: The dollar got another boost from the much better Michigan sentiment and leading indicators outcomes, taking USD-JPY to new trend highs over 103.10 before retreating. EUR-USD meanwhile, dipped under 1.2800 briefly, before popping back to 1.2820. Cable made session lows under 1.5175, while USD-CAD inched slightly lower on the better U.S. data. Wall Street is on session highs, as yields moved up a touch.

10:12 EDT			Leading Indicators data reported Subscribe for More Information

10:10 EDT			Treasury Action: yields backed up into the U. Mich. report Subscribe for More Information

10:10 EDT			U.S. index of leading indicators rose 0.6% in April to 95.0 Subscribe for More Information

10:05 EDT			U.S. May consumer sentiment index surged to 83.7 for the preliminary University of Michigan survey Subscribe for More Information

10:03 EDT			Market opens higher ahead of options expiration Stocks were strong at the open as traders rolled out positions ahead of the expiration of options. The volume was relatively heavy at the open, which is typical for a Friday on which options will expire. The averages have already pared back some of their gains but may get a lift from the better than expected University of Michigan Consumer Confidence reading. The reading of 83.7 was above the expected 77.9. The Leading Economic Indicators for April increased 0.6% versus the expected increase of 0.2%.

10:00 EDT			U.S. leading economic indicators preview: U.S. leading economic indicators preview: The April index of leading economic indicators (LEI) is expected to rise 0.3% (median 0.1%). Analysts expect a mix of component data, with gains led by the yield curve alongside declines from the factory workweek and ISM new orders. preview for more.

09:56 EDT			Consumer Sentiment Index data reported Subscribe for More Information

09:55 EDT			U.S. Michigan Consumer Sentiment Preview U.S. Michigan Consumer Sentiment Preview: Michigan Sentiment is expected to show a slight increase to 76.5 (median 78.5) from 76.4 in April. Already released measures of consumer confidence for the month have been weaker with the IBD/TIPP Poll falling to 45.1 from 46.2 and the RBC-CASH Index ticking down to 50.2 from 50.3.

09:31 EDT			CBOE Volatility Index VIX is recently down 33c to 12.74 Subscribe for More Information

09:30 EDT			Fed Policy: think tank report circulating on next week's FOMC Minutes Fed Policy: think tank report circulating on next week's FOMC Minutes to the April 30, May 1 policy meeting. The report suggests the mintues will show the ongoing debate on the Committee behind QE and the exit (no kidding). The Fed is facing a number of challenges in determing its policy path. Indeed, as analysts have noted there are a number of factors arguing for and against QE (according to the Fed's criteria) that make it a difficult call. Supposedly the FOMC will only start really planning an exit at next month's meeting (such was somewhat presaged by the Hilsenrath article that the Fed is mapping a strategy). Analysts don't expect any definitive indications in next month's policy statement regarading the timing of an exit as much remains dependent on economic and financial conditions. Analysts'll continue to monitor data (as will the Fed and everyone else in the market), especially the May employment numbers, for clues.

09:25 EDT			FX Action: USD-CAD touched 1.0313 highs Subscribe for More Information

09:25 EDT			Euro$ interest rate futures are dead quiet Euro$ interest rate futures are dead quiet though the dollar index has just notched fresh trend highs and other rates along the Tsy curve are inching higher as well. Yet the Jun 2013 contract is flat at 99.725, while the deferreds don't seem to have a pulse either. 3-month dollar Libor declined to 0.2736% from 0.2741%, however, while the Libor/OIS spread held fast at +14 bp.

09:08 EDT			Deutsche Bank's specialty pharma analyst to hold a conference call Specialty Pharmaceuticals Analyst Steinberg, along with COO Jacobsen of AlcheraBio and President Van Schoick of Med-Pharmex Animal Health, discuss animal healthcare on an Analyst/Industry conference call to be held on May 17 at 1 pm.

09:00 EDT			Treasury Action: longer dated Treasuries have shed their gains Subscribe for More Information

08:10 EDT			Fed funds opened at 0.12% Subscribe for More Information

08:00 EDT			Treasury Market Outlook sovereign debt markets are mostly higher but are off their best levels Subscribe for More Information

07:51 EDT			JPMorgan's TMT analysts hold an analyst/industry conference call Subscribe for More Information

07:48 EDT			Deutsche Bank's automotive analysts hold an analyst/industry conference call Subscribe for More Information

07:30 EDT			Futures lower ahead of open Stock futures are pointing to a slightly lower open, continuing the pattern that has been in place all week. For most of the week, the market has opened lower, but buyers have emerged and brought the averages back to positive territory. With options due to expire today, there may be increased volatility as traders roll out positions. As a result, the pattern that has been in place so far this week could be altered. The University of Michigan's consumer confidence reading and the Index of Leading Economic Indicators will be released after the market opens.

07:30 EDT			FX Action: USD-CAD extended gains over 1.0255 Subscribe for More Information

07:25 EDT			S&P warns India of rating downgrade, Economic Times reports Subscribe for More Information

07:20 EDT			N.Y. FX Outlook N.Y. FX Outlook: Aside from moves in the commodity bloc, FX trade was fairly steady overnight. The euro and yen moved inside of familiar ranges, as the CAD and AUD seased back on global growth concerns. Friday trade may be consolidative into the weekend, with the data calendar light. Preliminary May U. of Michigan sentiment is due at 9:55 EDT, followed by April leading indicators at 10:00 EDT.

07:10 EDT			Stocks continue to rise after lukewarm earnings, WSJ reports A so-so Q1 earnings season hasn't dented investors' enthusiasm for stocks as prices have been rising, with the DJIA up 16% for the year and 4.2% since earnings season began April 8, reports the Wall Street Journal.Reference Link

06:55 EDT			European Midday FX Update Subscribe for More Information

06:52 EDT			Drug companies using databases to track doctors, NY Times reports Subscribe for More Information

06:48 EDT			Finance Minister says French economy poised to rebound, Reuters says Subscribe for More Information

06:33 EDT			BofA/Merrill to host a conference Subscribe for More Information

06:20 EDT			Week of 5/29 Fed Balance Sheet to be released at 16:30

06:20 EDT			Week of 5/20 Money Supply to be released at 16:30 Subscribe for More Information

06:05 EDT			BOJ expected to stay with monetay policy, Reuters reports Subscribe for More Information

06:02 EDT			Shares in Europe down as Fed officials talk of QE exit, Reuters reports Subscribe for More Information

05:58 EDT			On The Fly: Morning Wrap-Up for May 17 Subscribe for More Information

05:55 EDT			CBOE Volatility Index VIX closed at 13.07, 10-day moving average is 12.79 Subscribe for More Information

05:53 EDT			May front month equity options expire today, May 17, 2013

02:10 EDT			Asia FX Update Subscribe for More Information

May 16, 2013
18:06 EDT			Central Bank of Chile keeps interest rate at 5% Subscribe for More Information

16:39 EDT			Money Supply M2 Weekly Change data reported Subscribe for More Information

16:39 EDT			Fed Balance Sheet Reserve Bank credit data reported Week of 5/15 Fed Balance Sheet Reserve Bank credit at $26.8B

16:39 EDT			Fed Balance Sheet Total Assets data reported Subscribe for More Information

16:28 EDT			Week of 5/24 EIA Petroleum Status Report to be released at 11:00 Subscribe for More Information

16:28 EDT			Week of 5/24 EIA Natural Gas Report to be released at 10:30 Subscribe for More Information

16:28 EDT			April Pending Home Sales Index to be released at 10:00

16:28 EDT			GDP to be released at 08:30 Subscribe for More Information

16:28 EDT			Week of 5/25 Jobless Claims to be released at 08:30 Subscribe for More Information

16:28 EDT			Corporate Profits to be released at 08:30

15:20 EDT			Treasury Closing Summary: Treasury Closing Summary: Yields rotated sharply lower as the losing streak in U.S. data continued on Thursday, though largely ignored by stocks which preferred to look at the bright side in terms of the Fed QEinfinity while marveling at the elevation of Cisco after its stellar earnings report. Bond-friendly news came from the sizable rebound in claims and plunge in housing starts, and tame core CPI, followed by another plunge on the Philly Fed index. Fedspeak ran the gamut from dovish Rosengren to hawkish Fisher, though WSJ Fedwatcher Hilsenrather later in his blog said the Fed isn't that concerned about deflationary risks due to quirks in the inflation data.

15:08 EDT			Fed's Williams says central bank may trim bond buying by Summer, DJ reports Williams says Fed may be able to halt QE program by year end, according to Dow Jones.

15:07 EDT			Moody's upgrades Turkey government bonds to 'Baa3' from 'Ba1', outlook stable Subscribe for More Information

14:55 EDT			Canada Wholesale Preview Canada Wholesale Preview: Analysts expect wholesale shipments, due Friday, to rise 0.5% in March (median +0.1%) after the flat reading in February. The 0.3% drop in March manufacturing shipments is a downside risk for our wholesale sales projection. The wholesale report will help firm-up the March GDP forecast. Analysts currently expect March GDP to rise 0.1% after the 0.3% surge in February.

14:30 EDT			BoJ is expected to discuss the impact of the surge in JGB yields at next week's policy meeteing BoJ is expected to discuss the impact of the surge in JGB yields at next week's policy meeteing (Tuesday, Wednesday), according to the Nikkei. There have been concerns over the volatity and jump in rates that have seen the 10-year JGB yield climb from 0.436% on April 4 when the Bank announced it's massive buyback operation, to an intraday high at 0.92% on Wednesday. Policymakers will also discuss the various risks associated with the move up in rates, and the potential impact on the 2% inflation target. They may also revise their economic outlook higher. Meanwhile, PM Abe indicated he will outline a more stimulus measures Friday, including ways to encourage leasing to boost capital spending.

14:00 EDT			Averages mixed in lackluster session Subscribe for More Information

13:20 EDT			Treasury Action: the bond market has sustained its early, post-data gains Subscribe for More Information

13:20 EDT			More from Rasking: incomes are not increasing at a "robust level" More from Rasking: incomes are not increasing at a "robust level" [sic] she said in post speech Q&A. She added that student debt is an important element of the economy. She worries it could restraing household formation. The Fed is monitoring the "mounting levels of student debt."

12:50 EDT			Fed's Raskin said the Fed's highly accommodative policy stance is appropriate Fed's Raskin said the Fed's highly accommodative policy stance is appropriate in her speech on "Prospects for a Stronger Recovery" before the Society of Government Economists and the National Economists Club. Asset purchases have provided "meaningful support" to the recovery. She projects a moderately paced recovery and a gradual decline in the unemployment rate, and reiterated sentiment from the FOMC that fiscal policy is an "important source of restraint," along with income inequality, while the financial sector is presenting less of a headwind. Analysts see nothing in the tone of her comments that would suggest she would argue for QE tapering any time soon.

12:46 EDT			Bank of Japan to discuss impact of long-term rate increase, Nikkei says Subscribe for More Information

12:25 EDT			Euro$ interest rate options: a few more mostly bearish deals Subscribe for More Information

12:05 EDT			U.S. corporate debt: a Thomson Reuters $800 M 2-trancher Subscribe for More Information

10:55 EDT			Treasury announces 10-year TIPS reopening details at the top of the hour Subscribe for More Information

10:55 EDT			Today's U.S. reports Today's U.S. reports mostly provided downside surprises that highlighted May factory sector weakness via a weak Philly Fed report, likely April weather disruptions to construction given a big housing starts drop despite a permits pop that was a concentrated in both the South and the multi-family sector, a claims surge that reversed the good news in the last two weekly reports, and surprising price weakness in the April CPI report. One silver lining to the weak CPI price data is that it boosted prospects for Q2 "real" consumption growth, which analysts now peg at 2.5% as households continue to defy the policy headwinds from tax rate hikes and sequestration.

10:35 EDT			More from Fed hawk Fisher: Subscribe for More Information

10:30 EDT			EIA Natural Gas Storage Change for the week ending May 10 Subscribe for More Information

10:30 EDT			The May Philly Fed drop to -5.2 The May Philly Fed drop to -5.2 from 1.3 left the index above recent negative readings of -12.5 in February and -5.8 in January but below the 4.6 recent-high in December. The ISM-adjusted measure bucked the headline drop with a rise to 47.1 from 46.8 in April, versus a 50.6 recent-high in December and a 44.4 recent-low in June of 2012. The Philly Fed drop accompanied a May Empire State decline to -1.43 from 3.05, alongside an ISM-adjusted drop to 49.0 from 50.1. Analysts now expect a Chicago ISM rise to 49.5 (was 50.0) from 49.0, an ISM down-tick to 50.5 (was 51.0) from 50.7, and an ISM-NMI down-tick to 53.0 (was 53.5) from 53.1. The mix should leave the ISM-adjusted average unchanged from 50 in April, versus 51 in March, a 53 nine-month high in February, a 58 cycle-high in February of 2011, and a 36 cycle-low in March of 2009.

10:15 EDT			Treasury Action: yields stumbled another leg lower Subscribe for More Information

10:14 EDT			Averages remain mixed after worse than expected Philly Fed report Subscribe for More Information

10:10 EDT			U.S. Philly Fed manufacturing index fell 6.5 pts to -5.2 in May Subscribe for More Information

10:05 EDT			Another Gross Tweet from PIMCO: Subscribe for More Information

10:01 EDT			Philadelphia Fed Survey General Business Conditions Index data reported Subscribe for More Information

09:55 EDT			U.S. Philadelphia Fed Index Preview Subscribe for More Information

09:50 EDT			The U.S. housing starts report Subscribe for More Information

09:33 EDT			CBOE Volatility Index VIX is recently up 24c to 13.05 Subscribe for More Information

09:30 EDT			The 32k U.S. initial claims surge to 360k Subscribe for More Information

09:30 EDT			Euro$ interest rate futures were unperturbed Subscribe for More Information

09:20 EDT			U.S. equities are slightly lower after damp data Subscribe for More Information

09:15 EDT			The big 0.4% April U.S. CPI headline drop Subscribe for More Information

09:05 EDT			Fed Policy Outlook: the slowing in CPI will be a major cause of concern for Chairman Bernanke Subscribe for More Information

08:45 EDT			U.S. initial jobless claims rose 32k to 360k in the week ended May 11 Subscribe for More Information

08:45 EDT			Treasury Action: yields plunged with the weaker data streak Treasury Action: yields plunged with the weaker data streak extended today after the plunge in housing starts, modest rise in jobless claims and tame core CPI. The T-note yield stalled out ahead of 1.96% into these reports, then spilled lower to 1.90% before stabilizing again. The 2s-10s spread flattened from the +172 bp area to +166 bp.

08:45 EDT			U.S. CPI dropped a larger than forecast 0.4% in April with the core rate up 0.1% Subscribe for More Information

08:37 EDT			Housing Starts Permits data reported Subscribe for More Information

08:37 EDT			Housing Starts data reported Subscribe for More Information

08:37 EDT			Consumer Price Index CPI less food & energy data reported April Consumer Price Index CPI less food & energy at 0.1% vs. consensus of 0.2%

08:37 EDT			Consumer Price Index CPI data reported Subscribe for More Information

08:37 EDT			Jobless Claims data reported Subscribe for More Information

08:36 EDT			Futures trade near fair value following economic reports Subscribe for More Information

08:20 EDT			U.S. CPI Preview U.S. CPI Preview: April headline CPI is expected to show a 0.1% decline (median -0.1%), while the core index rises 0.2% (median 0.2%). The 0.2% March CPI headline drop undershot expectations due to a 2.6% energy price drop that captured a big chunk of the 3.4% decline in the March PPI report and a flat food price figure. Today's 0.7% PPI decline for April was led by another big energy price drop and a smaller food price decline.

08:20 EDT			U.S. Housing Starts Preview Subscribe for More Information

08:20 EDT			U.S. initial jobless claims preview: Subscribe for More Information

08:16 EDT			Foreign direct investment in China slowed, WSJ reports Subscribe for More Information

08:10 EDT			Fed funds opened at 0.12% Subscribe for More Information

08:06 EDT			Cato Institute discusses proposals for monetary reform Subscribe for More Information

08:04 EDT			San Francisco Federal Reserve Bank President speaks on monetary policy Subscribe for More Information

08:01 EDT			Commodity Futures Trading Commission (CFTC) holds a meeting Subscribe for More Information

08:00 EDT			Boston Fed's Rosengren says the Fed's highly accommodative policy is appropriate Subscribe for More Information

07:50 EDT			Treasury Market Outlook: Treasuries are little changed to slightly lower Subscribe for More Information

07:47 EDT			Dallas Federal Reserve Bank President Fisher speaks at NABE conference Subscribe for More Information

07:45 EDT			Boston Federal Reserve Bank President Rosengren speaks at conference Subscribe for More Information

07:40 EDT			Another heavy dose of Fedspeak on Thursday Another heavy dose of Fedspeak on Thursday will include dovish Boston Fed's Rosengren (voter), who speaks on "Recovery 2013 -- Strength or Stagnation?" from 7:45 ET. Dallas Fed hawk Fisher (non-voter) delivers "An Economic and Monetary Policy Outlook" for the NABE conference at 9 ET. Moderate Governor Bloom-Raskin explains the "Prospects for a Stronger Recovery" from 12:30 ET. SF Fed dove Williams (non-voter) addresses the economy and monetary policy from 15:05 ET. And Richmond Fed hawk Lacker (non-voter) explores the economic outlook from 19:15 ET. Speaking overnight, Philly Fed hawk Plosser repeated his call for starting the reduction in QE purchases at the June FOMC and said Europe was not out of its debt crisis.

07:32 EDT			CIBC to host a conference High Yield Conference is being held in Toronto on May 16.

07:31 EDT			Deutsche Bank to host a conference Subscribe for More Information

07:30 EDT			Deutsche Bank to host a conference dbAccess Housebuilders Day is being held in London, England on May 16.

07:29 EDT			JPMorgan to host a conference Business Services Conference is being held in London, England on May 16.

07:25 EDT			N.Y. FX Outlook Subscribe for More Information

07:12 EDT			U.S. housing growth threatened by new bubble, Bloomberg reports Subscribe for More Information

07:11 EDT			Gold demand fell to lowest level in three years in Q1, Bloomberg reports Gold demand slid 13% to the lowest in three years in Q1 as record exchange-traded product sales by investors outweighed a surge in buying from China and India, says the World Gold Council, reports Bloomberg.Reference Link

07:10 EDT			Euro zone debt crisis now worst of post World War II, WSJ reports The euro zone debt crisis has mutated into Europe's longest slump of the post World War II era, with no recovery in sight for a broad swath of the continent. Continuing government austerity, banks that can't or won't lend and heavy household debts are weighing on many countries, reports the Wall Street Journal.Reference Link

06:53 EDT			Euro zone faces deflation threat, Reuters says Subscribe for More Information

06:46 EDT			No euro zone stimulus measures expected soon, NY Times says Subscribe for More Information

06:27 EDT			On The Fly: Morning Wrap-Up for May 16 Subscribe for More Information

06:10 EDT			Commodity markets remained heavy in Europe Subscribe for More Information

06:00 EDT			CBOE Volatility Index VIX closed at 12.01, 10-day moving average is 12.84 CBOE Volatility Index VIX 50-day moving average is 13.35.

05:57 EDT			May front month equity options expire, May 17, 2013

04:30 EDT			FX Action: USD-JPY headed back to the 102.50 region Subscribe for More Information

01:15 EDT			Asian stocks were mixed Subscribe for More Information

May 15, 2013
20:05 EDT			Japan's Q1 GDP revealed a 3.5% gain Subscribe for More Information

20:00 EDT			Treasury suspends sale of SLGS starting May 17 Subscribe for More Information

16:48 EDT			Treasury to suspend sale of SLGS state, local securities, Bloomberg reports Subscribe for More Information

16:31 EDT			Week of 5/25 Redbook to be released at 08:55

16:31 EDT			Week of 5/25 ICSC-Goldman Store Sales to be released at 07:45 Subscribe for More Information

16:31 EDT			Week of 5/24 MBA Purchase Applications to be released at 07:00 Subscribe for More Information

15:30 EDT			Treasury Closing Summary: Subscribe for More Information

14:55 EDT			U.S. CPI Preview Subscribe for More Information

14:50 EDT			U.S. weekly jobless claims preview: Subscribe for More Information

14:15 EDT			U.S. Philadelphia Fed Index Preview Subscribe for More Information

14:10 EDT			U.S. Housing Starts Preview U.S. Housing Starts Preview: Thursday's report on April housing starts is expected to show a 5.4% decline for the headline to a 980k (median 970k) level following the 1,036k level in March which marked a new high since 2008. Accompanying the report analysts expect permits to increase to 955k from 907k and completions to rise to 810k from 800k in March.

13:44 EDT			Averages higher but off best levels Subscribe for More Information

13:40 EDT			EU looking to shift burden of bailing out troubled banks, AP reports Subscribe for More Information

13:05 EDT			U.S. corporate bond update: it's a hefty calendar today Subscribe for More Information

12:45 EDT			Treasury Action: yields ramped back up to highs Subscribe for More Information

12:40 EDT			FX Action: The dollar has moved back toward session highs FX Action: The dollar has moved back toward session highs versus most major currencies, after stumbling in the aftermath of the softer U.S. data earlier. Stocks have rebounded, and as had been the case earlier in the week, firmer equities seem to be supporting the dollar. The soft Q1 EU GDP data released this morning appears to have highlighted how much better a position the U.S. is in from a growth standpoint, and could support the greenback further in the coming days and weeks.

11:35 EDT			Treasury Action: supply/demand dynamics remain bullish for the bond market Subscribe for More Information

11:05 EDT			U.S. TIC Flows Mixed in March: Subscribe for More Information

10:55 EDT			Another Tweet from PIMCO's Gross: Another Tweet from PIMCO's Gross: "Stock appreciation dependent on financial engineering now like stock buybacks, debt 4 equity switches. Real earnings and sales growth tough." Fair enough, sounds like he's talking about Apple, whose shares are 2% lower near $435 today and, of course, others using these tactics.

10:50 EDT			EU to investigate China's telecommunications practices, WSJ reports Subscribe for More Information

10:45 EDT			FX Action: USD-JPY options could fuel more price chop Subscribe for More Information

10:40 EDT			Oil Action: Front month NYMEX crude rallied slightly to $92.68 Subscribe for More Information

10:35 EDT			Euro$ interest rate futures are flat as a pre-Galilean map Subscribe for More Information

10:31 EDT			Crude Inventories for the week of May 10 Subscribe for More Information

10:30 EDT			NY Fed outright purchase: the Fed is buying $0.75 B to $1.0 B in Treasuries NY Fed outright purchase: the Fed is buying $0.75 B to $1.0 B in Treasuries ranging from August 2023 through February 2031. The small buyback is supportive at the margin for bonds in conjunction with the weaker than expected data. Longer dated yields are 3 to 4 bps lower with the 10-year at 1.93%.

10:25 EDT			FX Action: USD-JPY losses were contained to just under 102.00 Subscribe for More Information

10:20 EDT			Treasury Option Action: unwinding of bearish positioning Treasury Option Action: unwinding of bearish positioning has been reported with the "sale of 5k in Jun 130.5/131.5 put spreads." The Jun 10-year future is 7-ticks firmer near 131-30 compared to its 132-10 to 131-16 range, having already based and rebounded. Recall, there had been heavy bearish put and put spread demand on all the Fed taper talk, so this could well be some profit-taking.

10:20 EDT			Today's U.S. reports Subscribe for More Information

10:15 EDT			Treasury Action: yields found some support above lows Subscribe for More Information

10:12 EDT			Averages slightly lower in early trading Stock futures were slightly lower throughout the pre-market trading session after the Empire Manufacturing and Industrial Production reports disappointed investors. After the NAHB Housing Market Index for May came in at 44, versus expectations for a reading of 43, the indices came off their lows. About 40 minutes into the session, the Dow is down 11 points, the Nasdaq is down 2 points and the S&P is down 2 points.

10:01 EDT			Housing Market Index data reported May Housing Market Index at 44 vs. consensus of 44

10:00 EDT			The big 0.5% April U.S. industrial production drop Subscribe for More Information

09:34 EDT			CBOE Volatility Index VIX is recently up 18c to 12.95

09:30 EDT			U.S. industrial production dropped 0.5% in April Subscribe for More Information

09:30 EDT			FX Action: The dollar slipped further FX Action: The dollar slipped further after the softer industrial production outcome, taking USD-JPY under 102.20, and EUR-USD up a tick to 1.2885. Stock futures jerked a bit lower, while yields stayed firm. FX trade is relatively light overall, though today's data so far has put a bit of a dent in growth sentiment.

09:30 EDT			Treasury Action: yields eased further Subscribe for More Information

09:17 EDT			Industrial Production Manufacturing data reported Subscribe for More Information

09:17 EDT			Industrial Production Capacity Utilization Rate data reported Subscribe for More Information

09:17 EDT			Industrial Production data reported April Industrial Production down -0.5% vs consensus of -0.2% for the month

09:15 EDT			U.S. Treasury capital flows showed foreigners sold another $13.5 B in net long-term assets in March Subscribe for More Information

09:10 EDT			The 0.7% U.S. April PPI decline The 0.7% U.S. April PPI decline extended the big 0.6% March drop, thanks to another big energy price drop and a smaller food price decline. Core prices rose by a lean 0.1% in April to extend the string of 0.1%-0.2% monthly gains since October, with restraint due to small vehicle price declines. Commodity price gains into May should cap the recent-two month drop, and analysts assume a 0.4% May headline PPI rise with a 0.2% core price increase. The y/y headline gauge fell to 0.6% from 1.1% in March and 1.7% in February, versus a slightly lower 0.5% recent-low in July of 2012. The core y/y gauge remained at 1.7% for a third consecutive month, versus a 0.9% cycle-low in December of 2009. Analysts expect a climb in headline y/y gains back toward 2% by June due to harder comparisons alongside continued sub-2% y/y core gains. Yesterday's trade price report revealed big April food and energy price drops alongside core price declines that further reversed early-Q1 gains. For the remaining April reports, analysts expect 0.1% headline CPI and PCE chain price drops, with respective core price gains of 0.2% and 0.1%.

09:01 EDT			Treasury International Capital Foreign Demand for Long-Term U.S. Securities data reported Subscribe for More Information

09:00 EDT			U.S. TIC preview: Subscribe for More Information

09:00 EDT			U.S. Industrial Production Preview Subscribe for More Information

09:00 EDT			The U.S. Empire State May drop to -1.43 Subscribe for More Information

08:45 EDT			FX Action: The dollar eased back Subscribe for More Information

08:45 EDT			U.S. PPI fell 0.7% April after a 0.6% decline in March. The core rate edged up 0.1% U.S. PPI fell 0.7% April after a 0.6% decline in March. The core rate edged up 0.1% after March's 0.2% increase. Energy prices fell 2.5% after March's 3.4% drop. Foods were down 0.8%. Consumer goods prices dropped 1.0% as gasoline prices fell 6.0% following a 6.8% drop previously. Passenger car prices declined 0.2%. Residential gas was up 4.5%. Women's apparel was up 0.2%. Capital equipment costs inched up 0.1%, with light motor truck prices down 0.1% and computers off 0.9%. Data are a little weaker than expected and continue to reflect a global slowdown in inflation.

08:45 EDT			Treasury Action: yields eased slightly lower Subscribe for More Information

08:40 EDT			U.S. Empire State manufacturing index fell 4.5 points to -1.4 in May Subscribe for More Information

08:34 EDT			Futures remain quiet following economic reports Subscribe for More Information

08:31 EDT			Producer Price Index PPI data reported Subscribe for More Information

08:31 EDT			Producer Price Index PPI less food & energy data reported April Producer Price Index PPI less food & energy up 0.1% vs. consensus of 0.2% for the month

08:31 EDT			Empire State Mfg Survey General Business Conditions Index data reported Subscribe for More Information

08:15 EDT			N.Y. FX Outlook Subscribe for More Information

08:10 EDT			Fed funds opened at 0.12% Subscribe for More Information

08:05 EDT			Canada Manufacturing Preview: Canada Manufacturing Preview: Analysts expect manufacturing shipments to rise 1.0% in March. The increase would follow the 2.6% surge in February. Export values surged 5.1% in March. Growth was broadbased and export volumes also rose 5.1%. Also on the encouraging side, unfilled orders rose 0.5% in February after a 5.5% gain in January, extending the run of gains seen since November.

08:00 EDT			U.S. PPI preview: Subscribe for More Information

08:00 EDT			U.S. NY Fed "Empire State" Index Preview U.S. NY Fed "Empire State" Index Preview: May Empire State index is expected to show the headline increasing to 5.0 (median 3.6) from 3.1 in April. The Empire State will give us the first look at how sentiment may be performing in May. At present analysts expect rebounds across the board after a weak April.

07:55 EDT			U.S. MBA mortgage market index sank 7.3% Subscribe for More Information

07:53 EDT			New America Foundation to hold a discussion Subscribe for More Information

07:43 EDT			Bank of England sees growth to be a little stronger, inflation a little weaker Subscribe for More Information

07:40 EDT			Citigroup to host a conference Taiwan Investor Conference is being held in Taipei, Taiwan on May 15-16.

07:40 EDT			Credit Suisse to host a conference Subscribe for More Information

07:39 EDT			Standard & Poor's to host a webcast Subscribe for More Information

07:37 EDT			JPMorgan to host a conference European Investor 1:1 Conference is being held in Amsterdam, The Netherlands on May 15.

07:35 EDT			Treasury Market Outlook: Treasuries are little changed to slightly higher Subscribe for More Information

07:32 EDT			Jefferies to host a forum Subscribe for More Information

07:29 EDT			Futures quiet in early trading Subscribe for More Information

07:26 EDT			Global Pacific & Partners to host a conference Subscribe for More Information

07:25 EDT			American Society of Gene and Cell Therapy to hold annual meeting Subscribe for More Information

07:12 EDT			Dollar Index at highest level in nine months, Bloomberg reports Subscribe for More Information

07:11 EDT			Concerns raised about a lack of bonds, Reuters reports Subscribe for More Information

07:01 EDT			MBA Purchase Applications Composite Index data reported Subscribe for More Information

07:01 EDT			MBA Purchase Applications Index data reported Subscribe for More Information

07:01 EDT			MBA Purchase Applications Refinance Index data reported Week of 5/10 MBA Purchase Applications Refinance Index down -8.0% for the week

06:13 EDT			On The Fly: Morning Wrap-Up for May 15 Globex S&P futures are recently down 1.70 from previous day's SPX cash close. Nikkei 225 up 2.29%, DAX up 0.11%. WTI Crude oil is recently at $93.53, NYMEX Natural Gas up 0.17%, gold at $1411 and ounce copper down 1.09%.

06:12 EDT			Gold declines to a three week low, Bloomberg reports Subscribe for More Information

06:08 EDT			CBOE Volatility Index VIX closed at 12.77, 10-day moving average is 13.01 Subscribe for More Information

06:04 EDT			May front month equity options expire, May 17, 2013 Subscribe for More Information

06:03 EDT			Germany's growth remains slow while France falls into recession, Reuters reports Subscribe for More Information

05:40 EDT			Commodities remained under pressure Commodities remained under pressure on broad dollar strength, which forced Nymex crude 0.70% lower to the $93.50 bbl region and nominal gold was 1% lower close to $1410. Weighing on the commodity market tone was eurozone GDP data weakness, which came in below expectations. In Asia, China Premier Li also admitted that it would be difficult in the current circumstances to stimulate the economy and pressure remained on the downside.

04:25 EDT			FX Action: USD-JPY broke 102.50 barriers FX Action: USD-JPY broke 102.50 barriers amid early European account interest reportedly on behalf of the hedge fund community. So far, corrective action is limited as market participants position for a move up through 103.00 ahead of PM Abe's growth strategy announcement, which is tipped for Friday. Large 103.00 barriers are set to roll off at Friday's N.Y. cut, but vols have taken off as option accounts hedge for further upside risk. Exporters are also aggressively hedging on a 102 handle in anticipation of large option related dollar supply. Buyers are tipped from 102.00 to 101.80 and towards the 101.50 region.

01:05 EDT			Asian stocks were underpinned Subscribe for More Information

May 14, 2013
16:22 EDT			May State Street Investor Confidence Index to be released at 10:00

16:22 EDT			May Consumer Confidence to be released at 10:00 Subscribe for More Information

14:30 EDT			U.S. fiscal 2013 deficit has been revised down to $642 B U.S. fiscal 2013 deficit has been revised down to $642 B, from $845 B in the February estimate, according to the new CBO forecasts. If achieved, this will be the smallest red ink amount since 2008, and the first time below $1 B since then. As a percent of GDP, it will be only 4.0%, less than half of the 10.1% it was with the FY 2009 deficit. The FY 2014 deficit is now expected to shrink to $560 B. Better than expected receipts are the main factor behind the improved budget outlook.

14:20 EDT			U.S. NY Fed "Empire State" Index Preview Subscribe for More Information

14:20 EDT			U.S. Industrial Production Preview Subscribe for More Information

14:01 EDT			Averages higher, but off best levels Each of the major equity indices remains higher but off their best levels of the day. The move is broad based, with the S&P currently the day's biggest winner, up almost 0.8%. Advancing stocks are ahead of declining stocks by more than 2:1 and up volume is ahead of down volume by almost 4:1. Crude oil prices are lower by 0.2% and gold is down 0.6%. The Dow is up 77 points, the Nasdaq is up 18 points, and the S&P is up 12 points.

13:55 EDT			U.S. equities are holding their own Subscribe for More Information

12:55 EDT			U.S. corporate bond update: the issuance calendar is much less active today U.S. corporate bond update: the issuance calendar is much less active today. Toyota Motor Credit is selling benchmark sized 3-year fixed and just added a 3-year floater. DISH has a $2.5 B deal in 10-year senior notes. Kimco Realty is offering a $300 M 10-year. Hershey launched a $250 M 10-year. Fannie will price a benchmark 3-year Wednesday.

12:35 EDT			FX Action: USD-JPY is comfortably above 102.00 again Subscribe for More Information

12:30 EDT			Another PIMCO Tweet from Gross Subscribe for More Information

12:20 EDT			Treasury Option Action: some bullish positioning Subscribe for More Information

12:16 EDT			Fitch upgrades Greece to 'B-' from 'CCC', outlook stable Fitch Ratings has upgraded Greece's long-term foreign and local currency IDRs to 'B-' from 'CCC'. The short-term foreign currency IDR has also been upgraded to 'B' from 'C' and the Country Ceiling upgraded to 'B' from 'B-'. The outlook on the long-term IDRs is stable. The upgrade of Greece's sovereign ratings by one notch reflects some the following factors: The Greek economy is rebalancing: clear progress has been made towards eliminating twin fiscal and current account deficits and 'internal devaluation' has begun to take hold. The price has been high in terms of lost output and rising unemployment and the capacity for recovery is still in doubt. Nonetheless, sovereign debt relief and an easing of fiscal targets have lifted central bank measures of economic sentiment to a three-year high and the risk of eurozone exit has receded. Reference Link

12:14 EDT			Fitch upgrades Greece to 'B-' from 'CCC', outlook stable Subscribe for More Information

11:45 EDT			Treasury's $20 B 4-week bill auction was solid Subscribe for More Information

11:40 EDT			Reports of an EU raid on oil company offices Subscribe for More Information

11:23 EDT			CBOE Volatility Index VIX is recently up 64c to 13.19

11:10 EDT			NY Fed bought $3.306 B in Treasuries Subscribe for More Information

10:50 EDT			Euro$ interest rate futures are treading water Subscribe for More Information

10:40 EDT			Treasury Action: Treasuries are higher on the day Subscribe for More Information

10:30 EDT			FX Action: USD-CAD gains were capped below noted 1.0070 offers Subscribe for More Information

10:25 EDT			NY Fed outright purchase: Fed is buying $2.75 B to $3.5 B in Treasuries Subscribe for More Information

10:05 EDT			Japan PM Abe is set to announce a growth strategy Japan PM Abe is set to announce a growth strategy on Friday. According to BoJ watchers he will begin phase II on growth, which will focus on corporate tax cut, deregulation and investment policy. Abe has said that he would compile a growth strategy before the G8 summit in June and Tokyo insiders are tipping Friday as the big announcement. USD-JPY ticked up on the talk and briefly traded back over 101.80 from the 101.70 area, but overall it is still struggling to reassert itself on 102.00 amid corporate hedging and large option structures from 102.50 to 103.00.

10:00 EDT			Treasury Option Action: some more bearish positioning Subscribe for More Information

09:52 EDT			Market higher as Tuesday streak looks to continue Subscribe for More Information

09:39 EDT			Citigroup's analysts hold an analyst/industry conference call Subscribe for More Information

09:32 EDT			CBOE Volatility Index VIX is recently up 4c to 12.59

09:15 EDT			Treasury Option Action: mixed overnight trade Subscribe for More Information

08:57 EDT			Redbook Store Sales data reported Week of 5/11 Redbook Store Sales up 2.8% for the year

08:55 EDT			U.S. trade prices revealed headline April declines Subscribe for More Information

08:50 EDT			U.S. equities are trading fairly flat U.S. equities are trading fairly flat heading toward the open after dipping with global stocks on a lack of compelling data overnight and very hawkish words from Fed's Plosser who targeted the June FOMC meeting for the start of QE tapering. Import prices fell 0.5%, while exports were 0.7% lower, clearly not flagging inflation risks. In Asia, Japan's Nikkei fell 0.16%, while the HK Hang Seng sank 0.26% and the Shanghai Comp settled 1.11% lower. Over in Europe, the Euro Stoxx 50 is roughly flat after ZEW and IP left something to be desired, while HICP inflation remained very low. The Dow is 2-points higher, S&P gained 1-point and NASDAQ is fractionally lower in pre-open action. In corporate news, Tesla electronic cars continued to rally on its stronger sales forecasts, while Sony's U.S. shares could be in play after investor Loeb called for it to spin off its entertainment unit. Nokia revealed a new version of its Lumia phone, though its shares fell nearly 4%. RIM Blackberry is in focus during its 3-day Live conference.

08:45 EDT			FX Action: USD-CAD touched session highs over 1.0140 Subscribe for More Information

08:45 EDT			Treasury Action: yields held steady below highs Treasury Action: yields held steady below highs following the weak trade price report, which clearly doesn't give the Fed any fresh motivation to end QE prematurely. The T-note yield is holding near 1.91%, having fallen from 1.93% to1.90% overnight. The 2s-10s spread has pulled back from Monday wides near +170 bp to trade inside +167 bp.

08:45 EDT			FX Action: The dollar inched slightly higher Subscribe for More Information

08:40 EDT			U.S. import prices fell 0.5% in April, while export prices declined 0.7%. Subscribe for More Information

08:38 EDT			Futures move towards positive territory Subscribe for More Information

08:31 EDT			Export Prices data reported. Subscribe for More Information

08:31 EDT			Import Prices data reported. April Import Prices down -0.5% vs. consensus of down 0.5% for the month.

08:15 EDT			U.S. trade price preview: Subscribe for More Information

08:10 EDT			Fed funds opened at 0.12% Fed funds opened at 0.12% after a 0.13% close last night. The rate ranged from 0.01% to 0.3125% with a 0.12% effective. Interbank borrowing rates were flat to higher at today's Libor fixing. The overnight dollar Libor rate rose to 0.14650% from 0.14600% on Friday. The 1-week rate edged up to 0.16520% versus 0.16470%. The 3-month rate was steady at 0.27510%. The 12-month rate was unchanged at 0.70110%.

08:05 EDT			U.S. ICSC Goldman Sachs chain store sales index dropped 2.0% in the week ended May 11 Subscribe for More Information

07:54 EDT			David Tepper says 'definitely' bullish on stock market Subscribe for More Information

07:50 EDT			Treasury Market Outlook: Treasuries are modestly higher Subscribe for More Information

07:49 EDT			Senate Agriculture, Nutirition & Forestry Committee to hold a markup The Committee holds a Markup to consider the Agriculture Reform, Food and Jobs Act of 2013 (the 2013 Farm Bill) on May 14 at 10 am. Webcast Link

07:46 EDT			ICSC-Goldman Store Sales data reported Week of 5/11 ICSC-Goldman Store Sales up 1.2% for the year

07:46 EDT			ICSC-Goldman Store Sales data reported Subscribe for More Information

07:35 EDT			Philly Fed hawk Plosser said the Fed risks credibility Philly Fed hawk Plosser said the Fed risks credibility if it fails to reduce asset purchases given the better labor market in a panel discussion on the economic outlook and monetary policy from Stockholm, Sweden, earlier. He also warned against failing to adjust policy due to concerns over disappointing or surprising the markets, noting that present labor market conditions warrant scaling back purchases from the June FOMC meeting. On the other hand, the Fed might need to take easing action if inflation expectations begin to fall, though this is not anticipated. Plosser is a non-voter and is among the most hawkish at the Fed, however, this does slot into the current debate on QE tapering, though other more dovish colleagues may not yet be ready to scale back.

07:32 EDT			The SEC to host a roundtable Credit Ratings Roundtable is being held at SEC Washington, D.C. headquarters on May 14 at 9 am. Webcast Link

07:26 EDT			Futures lower in early trading Subscribe for More Information

07:25 EDT			Deutsche Bank to host a conference Subscribe for More Information

07:20 EDT			Imperial Capital to host a summit 5th Annual Consumer Summit is being held in Santa Monica on May 14.

07:14 EDT			HMG Strategy to host a summit Subscribe for More Information

07:11 EDT			Fed�s Plosser: Slowing inflation doesn't need policy response, Bloomberg reports Subscribe for More Information

07:10 EDT			Investors more selective about Southeast Asian stocks, bonds, Reuters reports Subscribe for More Information

06:58 EDT			New issues complicating U.S.-EU free trade talks, Washington Post says Subscribe for More Information

06:36 EDT			On The Fly: Morning Wrap-Up for May 14 Subscribe for More Information

06:29 EDT			CBOE Volatility Index VIX closed at 12.55, 10-day moving average is 13.08 CBOE Volatility Index VIX 50-day moving average is 13.39.

06:27 EDT			May front month equity options expire, May 17, 2013 Subscribe for More Information

06:00 EDT			Nymex crude traded close to $95 bbl Subscribe for More Information

05:00 EDT			FX Action: USD-JPY maintained a heavier tone Subscribe for More Information

01:00 EDT			Asian stocks were mixed Asian stocks were mixed. U.S. stocks closed unchanged, which offered a limited lead for Asia and the MSCI Asia Pacific Index ex Japan held around flat. USD-JPY's pullback from over 102.00 to the 101.35 region restricted Japan's Nikkei and it was just 0.1% higher on the session on profit taking. The SSEC fell sharply and was 1.6% lower by the afternoon session as domestic investors continue to worry over the economic outlook after yesterday's mixed domestic data. The Kospi overcame some of its recent weakness as car makers and electrical companies bounced back leaving the benchmark index 0.7% higher. The Hang Seng was 0.1% weaker, while the ASX was up just 0.2% as mining stocks capped gains.

May 13, 2013
16:20 EDT			U.S. trade price preview: Subscribe for More Information

15:25 EDT			Treasury Closing Summary: Treasury Closing Summary: Mixed form on global stocks allowed Treasury yields to drift back down from highs initially on Monday before bottom-fishers were caught slightly offsides by the better than expected Apr retail sales reading. The headline sales gain wasn't that impressive, however, though above low median forecasts. Fixation on the Fed's QE exit strategy was amplified by a WSJ Fedwatcher piece, however, that leaned heavily toward Fed VC Yellen taking over the great bond unwind after Bernanke, though she's even more dovish. Stocks rebounded from lows, but didn't really make much forward progress, while the dollar stalled out as well.

14:50 EDT			Treasury Action: yields have held steady through the afternoon Subscribe for More Information

14:40 EDT			Beware Volatile Bond-Market Mood Subscribe for More Information

14:05 EDT			Averages mixed, as Dow remains in negative territory The major equity indices are mixed, with the Nasdaq nearly unchanged and the S&P 500 down by less than 2 points. Declining stocks are ahead of advancing stocks by almost 3:2 and down volume is only slightly ahead of up volume. Crude oil prices are lower by 0.6% and gold is down just 0.1%. The Dow is down 54 points, the Nasdaq is nearly unchanged, and the S&P is down 1 point.

14:05 EDT			Treasury Option Action: heavy bearish put liquidation Subscribe for More Information

13:20 EDT			SF Fed research on the labor force participation rate Subscribe for More Information

13:15 EDT			U.S. equities have backed up to session highs Subscribe for More Information

12:30 EDT			U.S. corporate bond update: the calendar is on the light side today Subscribe for More Information

11:55 EDT			Treasury's $53 B 3- and 6-month bill sale was a solid Subscribe for More Information

11:50 EDT			Fed Chairman Bernanke slated to testify on May 22 before the JEC Fed Chairman Bernanke slated to testify on May 22 before the JEC. This will be a much anticipated event considering the Hilsenrath story that the FOMC has mapped out an exit strategy, though the timing of such is still much debated. It's not obvious, though, that the Fed chief will be able to drop clear indications on the latter, as much is still dependent on economic conditions.

11:37 EDT			Some in Congress want to eliminate Iran's energy exports, Washington Post says Some members of Congress are proposing completely preventing Iranian gas and oil from being sold on world markets, according to The Washington Post. The Obama administration is against taking such a step, but is looking at ways of reducing the amount of oil that Iran sells, the newspaper added. Reference Link

11:30 EDT			FX Action: USD-CAD found support into 1.0080 FX Action: USD-CAD found support into 1.0080, after tripping stops under 1.0100 earlier. Noted bids into 1.0070 have supported to date, while London short covering and softer equity and commodity prices have resulted in a move back over 1.0100. Offers are in place from 1.0140.

11:10 EDT			Treasury announcd a $20 B 4-week bill auction for Tuesday Subscribe for More Information

10:55 EDT			Euro$ interest rate futures are fairly flat Euro$ interest rate futures are fairly flat with equities giving little away today in directional terms, the data not really that compelling, the WSJ Fed tapering story interesting on Yellen Chairwomanship but purely speculative on policy. With all this ambiguity, why wouldn't the Jun 2013 contract be flat at 99.725, while the deferreds area flat to a half-tick lower? 3-mont dollar Libor was fixed at unchanged vs 0.2751% on Friday, while the Libor-OIS spread widened a bp to +15 bp.

10:54 EDT			Leerink's biotech analysts hold an analyst/industry conference call Subscribe for More Information

10:53 EDT			Leerink's biotech analysts hold an analyst/industry conference call Subscribe for More Information

10:50 EDT			Today's U.S. reports Today's U.S. reports revealed upside retail sales surprises through April with a big April decline in the price-sensitive gasoline component that left a particularly firm "real" trajectory into Q2, hence adding upside risk to our 2.0% Q2 GDP growth forecast. Yet, business inventories undershot assumptions in both February and March, and this disappointment eliminated our prior assumption of a boost in the 2.5% "advance" Q1 GDP growth estimate. For Q1 GDP revisions, analysts now expect downward bumps of $11 B in inventories and $9 B in construction that offset upward revisions of $16 B in net exports, $3 B in equipment and software, and $2 B in consumption.

10:49 EDT			Leerink's biotech analysts hold an analyst/industry conference call Subscribe for More Information

10:46 EDT			Leerink's biotech analysts hold an analyst/industry conference call Biotech Analysts provide a preview on ASCO's upcoming Annual Meeting with a focus on Lymphoma on an Analyst/Industry conference call to be held on May 21 at 12 pm.

10:44 EDT			Leerink's biotech analysts hold an analyst/industry conference call Subscribe for More Information

10:28 EDT			Jefferies' U.S. industrials research team holds a conference call Subscribe for More Information

10:25 EDT			Another Gross Tweet from PIMCO: Subscribe for More Information

10:25 EDT			U.S. business inventories undershot estimates Subscribe for More Information

10:15 EDT			Treasury Action: yields are off earlier highs Subscribe for More Information

10:13 EDT			ISI Group's pharma/biotech analysts hold an analyst/industry conference call Subscribe for More Information

10:11 EDT			Morgan Stanley's macroeconomics analysts hold a conference call Subscribe for More Information

10:08 EDT			DA Davidson's financial services analysts hold analyst/industry conference call Financial Services Analysts Rulis and Tenner discuss the recently held DA Davidson's 15th Annual Financial Services Conference on an Analyst/Industry conference call to be held on May 13 at 11 am.

10:06 EDT			Barclays' healthcare analyst team holds an analyst/industry conference call Healthcare Analyst Research Team provides an industry update on an Analyst/Industry conference call to be held on May 13 at 10:30 am.

10:05 EDT			U.S. retail sales beat assumptions in April Subscribe for More Information

10:00 EDT			Business Inventories data reported March Business Inventories up 0.0% vs. consensus of 0.3% for the month

10:00 EDT			Averages begin week lower despite retail sales data Subscribe for More Information

09:50 EDT			WSJ Hilsenrath also profiled Fed VC Janet Yellen WSJ Hilsenrath also profiled Fed VC Janet Yellen and touted her as the possible successor to Chairman Bernanke. A long time employee at the Fed, starting as a staffer in 1977, then SF Fed President, and now Fed VC, she is one of the most qualified to take over. She is also one of the most dovish on the Committee. If she were to assume the helm, that could damp somewhat the aggressiveness of the stimulus unwind. Also of interest is her husband, Nobel Prize winner George Akerlof, who is "skeptical of markets," noting in a speech last year that "the public and economists have too great an acceptance that whatever markets do is right." If she also ascribes strongly to that view, she's likely to disregard the any ups and downs in prices and maintain a more dovish stance longer than the markets anticipate.

09:40 EDT			U.S. Vehicle Assemblies continue to track slightly above expectations U.S. Vehicle Assemblies continue to track slightly above expectations in the first week of May given data from AutoNews. May light vehicle sales are expected to rise to 15.4 M units from 15.2 M in April. Expectations are for a 0.1% April industrial production decline after a 0.4% rise in March. There was an Empire State plunge to 3.1 from 9.2 in March, while analysts saw a decrease in the Philly Fed to 1.3 from 2.0 in March. Meanwhile, there was an April ISM tally of 50.7 from 51.3 in March, alongside a Chicago ISM fall to 49.0 from 52.4. The initial claims pattern has returned to trend levels, while analysts saw nonfarm payroll gains in April of 165k total and 176k for the private component, with expected May gains of 165k and 180k.

09:35 EDT			U.S. Business Inventories Preview Subscribe for More Information

09:33 EDT			CBOE Volatility Index VIX is recently down1c to 12.58

09:15 EDT			Jefferies glass analyst research team holds an analyst/industry conference call Subscribe for More Information

09:10 EDT			U.S. equities trimmed pre-open losses U.S. equities trimmed pre-open losses following the better than expected retail sales print in Apr, though this was relative to very low expectations and the ex-gasoline gain was 0.7%, implying firmer underlying consumer spending that should prove supportive to growth. Stocks had been a tad anxious over more Fed tapering stories, this time on the topic of a Bernanke's potential replacement in Janet Yellen in the WSJ. They had also been disappointed over Chinese data. In Asia, the N-225 rose 1.20% thanks to a dollar probe over Y102 after no G7 complaint, while the Shanghai Comp in China fell 0.22% after missing data targets on output and investment. In Europe, the Euro Stoxx 50 is off 0.35%, with shallow losses across most of the rest of the region, led by -1.3% in Italy. The Dow is 15-points lower, S&P fell 2-points and NASDAQ is 3-points lower, though "fair value" adjustments may push these into the green at the open. In corporate activity, SoftBank reportedly snubbed banks for its upcoming IPO who took part in rival DISH's $25 B bid for Sprint Nextel. Yum Brands reported a 29% dive in China sales due to bird flu. Elan paid $1 B for Theravance royalties from Glaxo. Business inventories are due next.

09:08 EDT			Citigroup's chemicals and agriculture analyst holds a conference call Subscribe for More Information

09:05 EDT			WSJ's Hilsenrath indicated the Fed has mapped out an exit strategy Subscribe for More Information

09:00 EDT			FX Action: The dollar rallied for a few moments Subscribe for More Information

08:55 EDT			FX Action: USD-JPY options are expected to influence Subscribe for More Information

08:40 EDT			U.S. retail sales rebounded 0.1% in April, but was down 0.1% excluding autos U.S. retail sales rebounded 0.1% in April, but was down 0.1% excluding autos. March's 0.4% headline decline was revised down slightly to -0.5% from -0.4%, while February's 1.0% gain was revised to 1.1%. The 0.4% decline in ex-autos from March was not revised. But the 1.0% February gain was boosted to 1.1%. Retail sales excluding autos, gas, and building materials rose 0.6% versus unchanged in March (revised from -0.2%). Vehicle and parts sales rebounded 1.0%. Gas station sales dropped 4.7%. Building materials climbed 1.5%. Furniture sales were flat. Electronics sales edged up 0.8%. Clothing rose 1.2%. Non-store retailers were up 1.4%. Miscellaneous sales inched up 0.1%. Sales were better than expected.

08:40 EDT			Treasury Action: yields rebounded to highs Subscribe for More Information

08:34 EDT			Futures remain lower ahead of open Subscribe for More Information

08:32 EDT			Retail Sales Less Autos & Gas data reported April Retail Sales Less Autos & Gas up 0.6% vs. consensus of 0.4% for the month

08:32 EDT			Retail Sales less autos data reported Subscribe for More Information

08:32 EDT			Retail Sales data reported April Retail Sales up 0.1% vs consensus of -0.3% for the month

08:20 EDT			U.S. Retail Sales Preview U.S. Retail Sales Preview: April retail sales are expected to reveal further declines. Analysts expect the headline to decline by 0.4% (median -0.3%) with the ex-autos figure falling by -0.4% (median -0.1%) as well. Both measures were also down by 0.4% in March as well.

08:15 EDT			Fed funds opened at 0.13% Subscribe for More Information

08:10 EDT			Treasury Market Outlook: Treasuries are unwinding overnight gains Subscribe for More Information

08:00 EDT			Citigroup's managed care analysts holds an analyst/industry conference call Subscribe for More Information

07:55 EDT			Deutsche Bank's energy economist to hold an analyst/industry conference call Subscribe for More Information

07:52 EDT			Jefferies' energy analysts hold an analyst/industry conference call Subscribe for More Information

07:49 EDT			Credit Suisse's macroeconomics research team holds a conference call Subscribe for More Information

07:47 EDT			JPMorgan's small cap analysts hold an analyst/industry conference call Subscribe for More Information

07:38 EDT			Imperial Capital to host a summit Subscribe for More Information

07:36 EDT			UBS to host a conference Subscribe for More Information

07:35 EDT			Standard & Poor's to host a webcast Quarterly Teleconference U.S. Banking Sector webcast will be held on May 13 at 11 am. Webcast Link

07:25 EDT			Futures slightly lower in early trading U.S. equity futures are pointing to a slightly lower open. There is little news for investors to key in on, as earnings season is nearly over and most bellwether companies have already reported their results. Investors will be examining several pieces of economic data, however. Advance retail sales figures are due out at 8:30 am ET, and analysts are expecting to see a drop of 0.3%. Analysts expect a drop of 0.2% excluding autos. Due out after the market opens are business inventories for March.

07:21 EDT			Longview Solutions to host a conference 19th Annual Global Consumer Conference is being held in Atlanta, Georgia on May 13-16.

07:10 EDT			Bond sales to decline for first time since 2010, Bloomberg reports Subscribe for More Information

07:09 EDT			China's April factory output misses expectations, Reuters reports Subscribe for More Information

07:09 EDT			Nikkei jumps tot 5 1/2-year high, Reuters reports Japan's Nikkei share average surged to a new 5-1/2-year high today as the weakening yen further bolstered exporters, while brokerage shares attracted buyers who see growing volume bringing in much more fee income, reports Reuters.Reference Link

07:09 EDT			IPOs look to raise most money since 2007, WSJ reports U.S. companies are on track to raise the most money through IPOs since before the financial crisis, driven by the same thirst for risk among investors that has pushed the stock market to new highs. Already this year, 64 U.S.-listed public offerings have raised $16.8B, according to Dealogic, reports the Wall Street Journal.Reference Link

06:54 EDT			China becoming more involved in U.S. auto sector, NY Times says Subscribe for More Information

06:24 EDT			May front month equity options expire, May 17, 2013 Subscribe for More Information

06:22 EDT			CBOE Volatility Index VIX closed at 12.59, 10-day moving average is 13.20 Subscribe for More Information

06:21 EDT			On The Fly: Morning Wrap-Up for May 13 Subscribe for More Information

06:09 EDT			Europe, pressured by U.S., focused on economic growth, Bloomberg reports Subscribe for More Information

06:00 EDT			Nymex crude moved back below $95 bbl, leaving it just over Nymex crude moved back below $95 bbl, leaving it just over 1% lower on the session. The underlying dollar bid tone weighed on the commodity market complex, while China industrial production also acted as a negative lead. China industrial production data improved in April, but it was a bit below expectations at 9.3% y/y. China data over the last month has fueled a mixed opinion on the state of the economy and there is some nervousness over the demand outlook. Fed policy was also back in focus after WSJ's Hilsenrath suggested that the Fed had mapped out a policy exit, but was still uncertain on the timing. Recent data strength and more upside improved could see tapering of QE toward the latter part of the year. With this in mind, nominal gold headed back to $1427 from $1449.70 at the Asia pacific open, which compared with $1421.75 lows on Friday.

05:48 EDT			Markets focused on strength of dollar, WSJ reports Subscribe for More Information

03:45 EDT			FX Action: USD-JPY corrected from fresh trend highs Subscribe for More Information

May 12, 2013
13:59 EDT			Fed has a strategy for ending stimulus, WSJ says Subscribe for More Information

May 10, 2013
19:30 EDT			Consumer Sentiment Index to be reported at 09:55 Subscribe for More Information

19:30 EDT			Philadelphia Fed Survey General Business Conditions Index to be reported at 10:00 May Philadelphia Fed Survey General Business Conditions Index will be reported at 10:00 . Current consensus is 2.2

19:30 EDT			Consumer Price Index CPI less food & energy to be reported at 08:30 Subscribe for More Information

19:30 EDT			Housing Starts Permits to be reported at 08:30 April Housing Starts Permits will be reported at 08:30 . Current consensus is 0.945M

19:30 EDT			Consumer Price Index CPI to be reported at 08:30 Subscribe for More Information

19:30 EDT			Industrial Production Manufacturing to be reported at 09:15 Subscribe for More Information

19:30 EDT			Industrial Production Capacity Utilization Rate to be reported at 09:15 Subscribe for More Information

19:30 EDT			Empire State Mfg Survey General Business Conditions Index to be reported at 08:30 May Empire State Mfg Survey General Business Conditions Index will be reported at 08:30 . Current consensus is 3.75

19:30 EDT			Producer Price Index PPI less food & energy to be reported at 08:30 Subscribe for More Information

19:30 EDT			Import Prices data reported. Subscribe for More Information

19:30 EDT			Export Prices data reported. April Export Prices at % vs. consensus of down 0.1% for the month.

19:30 EDT			Producer Price Index PPI to be reported at 08:30 Subscribe for More Information

19:30 EDT			Retail Sales Less Autos & Gas to be reported at 08:30 Subscribe for More Information

19:30 EDT			Retail Sales less autos to be reported at 08:30 April Retail Sales less autos will be reported at 08:30 . Current consensus is [0.1]% for the month

19:01 EDT			Fed officials have mapped QE wind-down, WSJ reports Subscribe for More Information

15:35 EDT			Treasury Closing Summary: Subscribe for More Information

15:25 EDT			More from George: More from George: in Q&A the Fed hawk said the FOMC is focused especially on "being transparent." The Fed will need to exit stimulus without sudden rate increases. Analysts don't think sudden or large rate increases will be an issue for the markets for quite some time given the criteria for rate hikes and the Fed's openness. As Chairman Bernanke and others on the Fed have indicated, she does believe the U.S. needs to address the "too big to fail" issue, but Dodd-Frank legislation really hasn't done the trick.

15:10 EDT			More from George: More from George: the lone FOMC dissenter remains concerned the current policy stance poses long term risks. And she worries the near-zero rate posture is creating incentives for investors to reach for yield. The Fed's large balance sheet also risks boosting long term inflation expectations. Nevertheless, she doesn't believe higher rates are needed currently. But when rates are raised, it's likely to be a "painful adjustment" process. She'd be against expanding asset purchases at this point as it could lead to "complications."

15:00 EDT			Fed's George said the Bank is dealing with "challenging issues," Subscribe for More Information

14:45 EDT			Treasury Action: the improvement in the budget is certainly good news for the debt market Treasury Action: the improvement in the budget is certainly good news for the debt market, though it was presaged by the Treasury's revision in its Q2 financing estimate to a $35 B paydown for Q2, versus an initial projection of a $103 B borrowing need. This now gives the Treasury wiggle room to come under the debt limit, with the suspension to the ceiling is set to expire on May 18. It now looks as though the cap won't be a real issue for the bond market until Labor Day. Also giving the Treasury some flexibility under the cap are expected payments from Fannie and Freddie. However, analysts're not yet sanguine that the improvement is long term since much of the increase in receipts could be a one-off, resulting from the changes in the tax laws late last year.

14:30 EDT			Treasury Action: yields pulled back from highs Subscribe for More Information

14:10 EDT			U.S. Treasury posted a $112.9 B budget surplus in April Subscribe for More Information

14:02 EDT			Treasury Budget data reported April Treasury Budget at $112.9B vs. consensus of $107.5B

19:51 EDT			Durable Goods Orders to be reported at 08:30 April Durable Goods Orders will be reported at 08:30 . Current consensus is 1.1% for the month

14:00 EDT			Treasury Budget data reported Subscribe for More Information

13:45 EDT			U.S. budget surplus preview: Subscribe for More Information

13:44 EDT			Mixed market trading in narrow range Subscribe for More Information

13:15 EDT			Philly Fed's Survey of Professional Forecasters expect a better labor market Philly Fed's Survey of Professional Forecasters expect a better labor market, but slower growth in the economy near term. The Survey shows nonfarm payrolls averaging 169.8k this year (versus 164.1k in the previous survey) and 180.4k in 2014 (versus 176.8). The unemployment rate is seen holding at an annual average of 7.6% this year (down from 7.7% previously) and falling to 7.1% in 2014 (previously 7.2%), and 6.6% in 2015 (from 6.7%). Real GDP growth is estimated at 1.8% for Q2, down from a 2.3% forecast in the previously survey, 2.3% in Q3 (compared to 2.6% earlier), and picking up to a 2.7% rate in Q4 (from 2.5%). Q1 2014 growth is estimated at 2.5%, down from 2.7% previously. These forecasts suggest the Fed will be basically on hold in terms of rates for some time to come.

12:07 EDT			U.S. corn surplus seen at 2B bushels vs. 1.2B a year ago Subscribe for More Information

11:45 EDT			FX Action: USD-CAD peaked just over 1.0150 FX Action: USD-CAD peaked just over 1.0150 after tripping stops at 1.0130. The pairing subsequently eased back under 1.0120 in light trade, though with the weekend approaching, analysts look for range bound trade into the close.

11:40 EDT			Treasury Option Action: still more "downside reaching" Subscribe for More Information

11:39 EDT			China's producer price index fell in April, Xinhua reports China's producer price index, a measure of future consumer inflation, dropped 2.6% year-over-year in April, China said yesterday, according to Xinhua. Reference Link

11:15 EDT			NY Fed bought $1.445 B in bonds NY Fed bought $1.445 B in bonds with maturities ranging from February 15, 2036 through February 15, 2043. The Street offered $3.32 B. Treasury yields remain sharply higher on the day and the week, feeling some indigestion following the $72 B refunding, even as equities are in the red. The 30-year yield is 9 bps higher today at 3.10% and is up about 13 bps on the week. Pimco's tweet on the end of the secular bull market in bonds certainly hasn't helped the long end.

10:55 EDT			Treasury Option Action: some bearish put buying Subscribe for More Information

10:45 EDT			FX Action: Dollar buying picked up after the options cut Subscribe for More Information

10:45 EDT			Another Gross Tweet from PIMCO: Subscribe for More Information

10:40 EDT			Action Alert: a pick up in margin debt could be a sign of a another brewing asset bubble Subscribe for More Information

10:25 EDT			Bernanke on "too big to fail:" Subscribe for More Information

10:15 EDT			Bernanke Q&A: regarding identifying bubbles, Bernanke said the Fed monitors asset valuations Subscribe for More Information

10:07 EDT			Citigroup's analysts hold an analyst/industry conference call Analyst Research Team, along with International Agribusiness Group Consultant Rob fisher, discuss the recently released World Agricultural Supply and Demand Estimates (WASDE) Report on an Analyst/Industry conference call to be held on May 10 at 2 pm.

10:05 EDT			Treasury Option Action: some unwinding of bearish positioning Subscribe for More Information

10:01 EDT			Averages all back in positive ground, with Nasdaq leading Subscribe for More Information

09:55 EDT			Euro$ interest rate options: a bearish package traded Euro$ interest rate options: a bearish package traded ahead of Bernanke's speech that included a Long Green Mar package that "bought 6k in Mar 2016 80/87 put spreads vs a sale of Mar 2016 97 calls," in effect a doubly bearish trade. Sources also reported some more "conditional steepeners" via options, buying 6k in Short Mar 2013 90/92 put spreads vsa a sale of Green Mar 2013 82/87 put spreads." Yet, the Jun 2013 contract is still stuck near 99.725 and the deferreds are a half-tick lower.

09:45 EDT			Fed Chairman Bernanke didn't address policy or the economy Fed Chairman Bernanke didn't address policy or the economy in his prepared remarks. He's speaking at a bank structure conference, and focused on monitoring of the financial system. Analysts didn't believe this was a likely venue for policy revelations, and indeed it was not. He indicated there are still important risks in short term funding markets, including the response to the failure of a broker-dealer or other major borrower. He warned the money markets, which are still vulnerable to "runs." There will be Q&A, but again the Fed chief is not likely to spill any policy beans.

09:35 EDT			CBOE Volatility Index VIX is recently down 5c to 13.09 Subscribe for More Information

09:31 EDT			Brean Capital will be trading for charity Brean will donate all commissions generated on May 10, 2013, in both equity and fixed income, to The One Fund Boston to help the people most affected by the tragic events which occurred in Boston on April 15, 2013.

09:05 EDT			U.S. equities are moderately higher Subscribe for More Information

08:25 EDT			Guggenheim's Washington Research Group's political analyst holds conference call Subscribe for More Information

08:25 EDT			One more heavy dose of Fedspeak Subscribe for More Information

08:23 EDT			Barclays analysts hold an analyst/industry conference call Subscribe for More Information

08:10 EDT			Credit Suisse's analyst research team holds a conference call Analyst Research Team, along with industry expert George Olsen, provide an update on Washington healthcare policy on an Analyst/Industry conference call to be held on May 10 at 10 am.

08:05 EDT			Fed funds opened at 0.13% Fed funds opened at 0.13% after a 0.15% close last night. The rate ranged from 0.03% to 0.3125% yesterday with a 0.12% effective. Interbank borrowing rates were flat to lower at today's Libor fixing. The overnight dollar Libor rate fell to 0.14600% versus yesterday's 0.14750%. The 1-week rate dropped to 0.16470% from 0.16720%. The 3-month rate was unchanged at 0.27510%. The 12-month rate slid to 0.70110% from 0.70210%.

07:55 EDT			Treasury Market Outlook: a big risk-on rally is weighing heavily on bonds globally Subscribe for More Information

07:55 EDT			Canadian Employment Preview Canadian Employment Preview: Our projection is for employment (8:30 ET) to rebound 20k in April (median +11k) after having tumbled 55k in March. The unemployment rate is projected to dip to 7.1% (median 7.2%) from 7.2% in March, but holding above the 7.0% seen in January and February that was a post recession low. Hours worked are expected to improve 0.3% after the 0.4% drop in March, leaving a trajectory that is broadly consistent with improved GDP growth in Q1 and Q2. And average hourly wages are expected to rise 0.1%, leaving an annual growth rate of 2.5%.

07:53 EDT			Federal Reserve Chairman Bernanke to speak at conference Subscribe for More Information

07:35 EDT			N.Y. FX Outlook Subscribe for More Information

07:35 EDT			FX Action: U.S. name triggered stops in USD-JPY FX Action: U.S. name triggered stops in USD-JPY into the N.Y. open on the successful breach of 101.50 barriers. London dealing desks tipped large stops at 101.55 and 101.60 to fuel highs over 101.70. EUR-JPY extended its rally to fresh three year highs over 132.20 on the flows, while a strong Middle Eastern account bid was reportedly behind EUR-USD's rebound back over 1.3000. The yen sell-off has gained traction into the G7 interestingly. BoJ's Kuroda said he will tell the G7 that easing in April was for domestic purposes and it is not targeting FX rates. Overnight, South Korea raised fresh concerns over yen weakness, while U.S. Treasury Secretary Lew said Japan must respect FX rules as it seeks growth.

07:30 EDT			Futures suggest higher open Subscribe for More Information

07:08 EDT			China closes wealth management funds loophole, Reuters reports Subscribe for More Information

07:08 EDT			Small investors trend: margin debt, WSJ reports Small investors are borrowing against their portfolios at a rapid rate, reaching levels of debt not seen since the financial crisis. The trend, driven by rising stock values and low interest rates, is sparking a growing debate among market watchers, reports the Wall Street Journal.Reference Link

06:40 EDT			Confirmation of EPA nominee in jeopardy, Politico says The fate of President Obama's nominee for head of the EPA, Gina McCarthy, is in doubt after Republicans prevented a Senate committee from voting on the nomination by boycotting the vote, according to Politico. Reference Link

06:06 EDT			Fed officials debate QE3, Reuters reports Subscribe for More Information

06:05 EDT			May front month equity options expire, May 17, 2013

06:05 EDT			Commodities were tipped lower Commodities were tipped lower by dollar gains. The USD index edged up through 83.00, which were its best levels since late April and leaned on the commodity market complex despite broad based equity market gains. Investor rotation out of gold forced a move into $1445 from $1462 in late Asia, while Nymex crude headed back to $95.75 bbl, leaving it 0.70% lower on the session. Copper prices held up around $3.346 and a touch higher intra-day. The improvement in China trade raised expectations of increasing demand and there are renewed hopes that Germany may have overcome its soft path. The U.S. economy is also on the recovery path and there are even signs that the U.K. economy may be over its worst.

06:03 EDT			CBOE Volatility Index VIX closed at 13.13, 10-day moving average is 13.30 Subscribe for More Information

06:02 EDT			On The Fly: Morning Wrap-Up for May 10 Subscribe for More Information

05:48 EDT			SEC looks at new rules for 'prime' funds, WSJ reports Subscribe for More Information

05:46 EDT			SEC pressured to tighten rules for executive trading plans, WSJ reports Subscribe for More Information

05:30 EDT			FX Action: USD-JPY made a run on 101.50 barriers Subscribe for More Information

01:33 EDT			Week of 5/22 Fed Balance Sheet to be released at 16:30

01:33 EDT			Week of 5/13 Money Supply to be released at 16:30 Subscribe for More Information

01:15 EDT			Asian stocks were mixed Subscribe for More Information

May 9, 2013
16:32 EDT			Fed Balance Sheet Reserve Bank credit data reported Week of 5/8 Fed Balance Sheet Reserve Bank credit at $10.4B

16:32 EDT			Fed Balance Sheet Total Assets data reported Subscribe for More Information

16:32 EDT			Money Supply M2 Weekly Change data reported Subscribe for More Information

16:06 EDT			Week of 5/17 EIA Natural Gas Report to be released at 10:30

19:51 EDT			New Home Sales to be reported at 10:00 Subscribe for More Information

15:35 EDT			Treasury Closing Summary: Subscribe for More Information

15:15 EDT			"Fed insider" taper talk is doing the rounds again Subscribe for More Information

14:55 EDT			Canadian Employment Preview Subscribe for More Information

14:55 EDT			FX Action: USD-JPY has spiked to 100.50 Subscribe for More Information

14:42 EDT			Dan Loeb calls Japan 'best idea,' is short Yen, long Nikkei, CNBC reports Subscribe for More Information

14:02 EDT			Averages back in positive territory Subscribe for More Information

14:00 EDT			Treasury Action: supply is out of the way until the end of the month Subscribe for More Information

13:50 EDT			Philly Fed hawk Plosser: 2BTF reforms are falling short Philly Fed hawk Plosser: 2BTF reforms are falling short and Basel III requirements may be simply too low, arguing that higher leverage ratios could be based upon bank size, interconnectedness and complexity. He views higher capital as unlikely to be prohibitively costly and has serious doubts about breaking up too-big banks. Plosser warns that Dodd-Frank is too arbitrary, unpredictable and vulnerable to politics, suggesting that a new Chapter 14 bankruptcy law would be far preferrable. He still feels creditors believe they will be bailed out by the government and is not a fan of the living will program. Overall he seems pretty sour on the process, but at least is offering some alternatives. No near-term monetary policy implications.

13:20 EDT			FX Action: USD-JPY has made fresh highs over 99.60 Subscribe for More Information

13:15 EDT			Treasury's $16 B 30-year auction was better than feared. Subscribe for More Information

13:15 EDT			Treasury Action: solid bond auction results Treasury Action: solid bond auction results helped knock long-yields back down to session lows again as the refunding wraps up in style and the relief rally spreads as smoothly as the likely distrubution in the secondary market. The current 30-year yield stalled out ahead of the 3.0% area ahead of the sale and plunged back down to 2.95% in its wake, compared to the 2.98% award rate that priced slightly through the WI.

19:51 EDT			Jobless Claims to be reported at 08:30 Subscribe for More Information

12:45 EDT			Treasury 30-year auction preview: Subscribe for More Information

12:28 EDT			China's inflation accelerated in April, China Daily reports Subscribe for More Information

12:10 EDT			Euro$ interest rate options: put spread flood continues Euro$ interest rate options: put spread flood continues, padding outstanding positions according to sources. "50k in Short Dec 92/95 put spreads were sold vs Green Dec 86/90 put spreads" in addition to a like trade of 100k two days ago. Jun 2012s remain slightly lower near 99.72, with little of this hefty options activity spilling over to underlying futures per se.

11:25 EDT			Treasury announced a $53 B 3- and 6-month bill auction Subscribe for More Information

11:20 EDT			NY Fed bought $1.369 B in TIPS Subscribe for More Information

11:20 EDT			Euro$ interest rate options: a hefty put spread steepener Subscribe for More Information

11:05 EDT			Fed's Evans said accommodation has been appropriate Subscribe for More Information

10:30 EDT			EIA Natural Gas Storage Change for the week ending May 3 Subscribe for More Information

10:30 EDT			U.S. wholesale trade report revealed a big 1.6% price-led March sales drop Subscribe for More Information

10:25 EDT			FX Action: The dollar showed no reaction FX Action: The dollar showed no reaction to the wholesale data, which is normally the case, and the dollar remains at, or near session highs versus major currencies. The previously noted dollar buy order appears to have run its course, and overall, the greenback is on a more stable footing now.

10:25 EDT			NY Fed outright purchase: the Fed is buying $1 B to $1.5 B in TIPS Subscribe for More Information

10:15 EDT			Treasury Action: yields held steady near highs Treasury Action: yields held steady near highs despite the weak wholesale sales data, with stocks still in shallow negative territory and the dollar on the warpath. The 10-year yield is testing overnight highs in the 1.80/1.81% area, having bounced from 1.78% after the claims drop. The curve remains steep heading into the 30-year bond auction later and a small TIPS purchase by the NY Fed not really material. The 2s-30s spread is wide of +276 bp.

10:01 EDT			Wholesale Trade Inventories data reported Subscribe for More Information

10:00 EDT			FX Action: The dollar was buoyed by a real money order Subscribe for More Information

10:00 EDT			Treasury Option Action: bullish positioning Subscribe for More Information

09:45 EDT			U.S. Wholesale Trade Preview Subscribe for More Information

09:33 EDT			CBOE Volatility Index VIX is recently up 22c to 12.88 Subscribe for More Information

09:20 EDT			Treasury Option Action: demand for "cheap calls" Subscribe for More Information

09:05 EDT			U.S. equities are still mildly lower U.S. equities are still mildly lower to start the session, despite another drop in jobless claims, even with the lack of caveats to the ongoing downtrend, with some fatigue setting in after recent highs. Changes in global shares were mostly to the downside, as the N-225 in Japan sank 0.66% and the Shanghai Comp fell 0.59%, though the Kospi rose 1.2% after BoK cut. In Europe the Euro Stoxx 50 is off 0.6% even as many bourses on the Continent are closed for Ascension Day, while the UK FTSE was fractionally lower after the BoE held pat. The Dow is off 14-points, S&P is 2-points lower and NASDAQ traded 7-points lower prior to the opening bell, above earlier lows. In corporate news, Groupon surged over 12% after posting revenue growth of 7.5%, while News Corp saw revenues surge 14% and its shares rallied. Fannie Mae reported plans to refund the Treasury $59.4 B after a tax-related windfall, though its CEO warned that this was not a sign that reforms of the GSEs should be slowed. Up next are wholesale trade figures, 30-year auction and more Fedspeak.

08:50 EDT			The 4k U.S. initial claims drop to a five-year low 323k Subscribe for More Information

08:45 EDT			Treasury Action: yields ticked up as claims fell again Subscribe for More Information

08:40 EDT			U.S. jobless claims declined 4k to 323k in the week ended May 4 Subscribe for More Information

08:35 EDT			Richmond Fed hawk Lacker favors increasing capital Subscribe for More Information

08:32 EDT			Futures continue to trade quietly ahead of market open Subscribe for More Information

08:31 EDT			Jobless Claims data reported Subscribe for More Information

08:31 EDT			Jobless Claims 4-week Moving Average data reported Subscribe for More Information

08:31 EDT			Jobless Claims data reported Subscribe for More Information

08:20 EDT			U.S. weekly jobless claims preview: Subscribe for More Information

08:00 EDT			Fed funds opened at 0.13% Subscribe for More Information

07:55 EDT			Treasury Market Outlook: Treasuries are higher Treasury Market Outlook: Treasuries are higher, along with Bunds and Gilts, while equities are lower, as risk-off trades dominated overnight. Peripheral spreads are wider. The 10-year Treasury yield is 3 bps lower at 1.78%. Profit taking after another record gain is weighing on U.S. equity futures. Trading volume in bonds was good but some regions in Europe were closed for Ascension Day. The Bank of Korea surprised with a 25 bp rate cut to 2.50%. On the other hand, the BoE left rates unchanged, as expected. U.K. manufacturing data beat expectations. Spain successfully sold bonds. The U.S. calendar remains thin with just initial claims, wholesale trade, and a 30-year bond offering. The Treasury will try again today with $16 B 30-year sale. The wi trades at 3.0%. The NY Fed will buy $1 B to $1.5 B in TIPS. There's Fedspeak today from Plosser, Lacker and Evans.

07:36 EDT			British PM Cameron says Britain must stay in European Union, Reuters reports Subscribe for More Information

07:35 EDT			Fedspeak resumes with a vengence Subscribe for More Information

07:30 EDT			N.Y. FX Outlook Subscribe for More Information

07:19 EDT			Futures quiet in early trading Subscribe for More Information

07:11 EDT			Junk bond yields hit new low, WSJ reports Subscribe for More Information

07:02 EDT			Bank of England leaves benchmark rate unchanged Subscribe for More Information

06:52 EDT			Senator introduces bill to slash interest rate on student loans, Politico says Subscribe for More Information

06:42 EDT			Egypt sovereign credit ratings downgraded by S&P Subscribe for More Information

06:34 EDT			Euro zone economy expected to contract this year, Reuters reports A survey of economists, academics and other professional forecasters indicates that the euro zone economy will shrink 0.4% this year, according to the European Central Bank, which conducted the survey, Reuters reported. That's down from a forecast of 0% growth in the previous survey of the forecasters, conducted three months ago, the news service added. Reference Link

06:20 EDT			On The Fly: Morning Wrap-Up for May 9 Globex S&P futures are recently down 0.90 from previous day's SPX cash close. Nikkei 225 down 0.66%, DAX down 0.02%. WTI Crude oil is recently at $96.01, NYMEX Natural Gas down 1.18%, gold at $1471 and ounce copper down 0.90%.

06:10 EDT			CBOE Volatility Index VIX closed at 12.66, 10-day moving average is 13.35 Subscribe for More Information

06:10 EDT			Commodities recorded modest losses intra-day Subscribe for More Information

06:07 EDT			May front month equity options expire, May 17, 2013 Subscribe for More Information

04:35 EDT			FX Action: Japan bids held the USD-JPY downside FX Action: Japan bids held the USD-JPY downside, helping it to drift back to the 98.85 region in quiet trade. USD-JPY option expiries may see another frustrating session close to 99.00. There are several good size maturities at 98.50, 98.75, 98.80, 98.85 and 99.00, which could result in another frustrating session either side of 99.00. Meanwhile, EUR-JPY's move out of 129.80 back to the 130.20 was a supportive lead and the crosses could drive action ahead of today's U.S. data releases. EUR is looking poised for more topside movement, while GBP may also see increased buying interest over the BoE decision.

01:15 EDT			Asian equities were more mixed today Subscribe for More Information

May 8, 2013
21:32 EDT			FOMC Minutes to be released at 14:00 Subscribe for More Information

16:43 EDT			Week of 5/17 EIA Petroleum Status Report to be released at 10:30 Subscribe for More Information

19:51 EDT			Existing Home Sales to be reported at 10:00 April Existing Home Sales will be reported at 10:00 . Current consensus is 5.00M

15:35 EDT			Treasury Closing Summary: Subscribe for More Information

15:15 EDT			U.S. weekly jobless claims preview: Subscribe for More Information

14:40 EDT			U.S. corporate bond update: corporates continue to take advantage of a favorable borrowing environment Subscribe for More Information

14:06 EDT			Averages drifting in positive territory Subscribe for More Information

13:25 EDT			U.S. Wholesale Trade Preview Subscribe for More Information

13:20 EDT			Treasury Action: yields bounced from lows on 10-year auction results Treasury Action: yields bounced from lows on 10-year auction results, which came in shy of expectations and caught the bond market leaning the other way after the more bullish run earlier following option and real money positioning. The current T-note yield rebounded from 1.75% lows to clear 1.77%, compared to the 1.81% award rate on the new notes and earlier highs of 1.80%.

13:10 EDT			Treasury's $24 B 10-year refunding auction was quite disappointing Subscribe for More Information

13:02 EDT			Week of 5/17 MBA Purchase Applications to be released at 07:00 Subscribe for More Information

12:55 EDT			Treasury Option Action: bullish positioning accompanied the rebound Treasury Option Action: bullish positioning accompanied the rebound in underlying 10-year futures, according to sources. This included "purchases of 6k in Jun 134 calls, 10k in Jun 135 calls and 3.6k in Jun 133/133+/134 call butterflies." Also bullish were "sales of 4k in Jul 132+ puts, 4k in Jun 132 puts and 10k in Jun 131/132 put spreads." It would appear that the options market is betting recent post-payrolls ranges will hold, as analysts head into the 10-year auction results shortly. Jun 10s are 6.5-ticks firmer near 132-265, compared to their 132-27 to 132-17 range, while the T-note yield stalled at 1.80% and reversed to 1.75%.

12:45 EDT			Treasury 10-year auction preview: Subscribe for More Information

12:20 EDT			G7 to review demand, growth in Japan Subscribe for More Information

12:15 EDT			Fed's Fisher said fiscal policy is the main culprit Fed's Fisher said fiscal policy is the main culprit behind the failure of the FOMC's massive stimulus to boost the job market, in a CNBC interview. He noted businesses cannot make decisions under the fog of fiscal policy, not knowing what tax and spend policies will be, what healthcare costs will be, or what regulations will be in place. On QE, the Dallas Fed hawk reiterated there is no QE infinity. There must be limits. , still not seeing transmission of ultra accommodation to job market. Why not job creation....? Answer: fiscal policy, cannot make decisions under uncertainty. total fog from fiscal policy. don't know what taxes, spending, cost of health care, etc. Won't see kind of growth analysts want until Washington "get's its act together." Fed exit: No central bank has experience to navigate back home from where analysts are now. Need practible limits, can't go on forever. there is no QE infinity.... theoretically how analysts can exit, but how do you get it done is the real question. For instance flow basis...buying neaerly 90% of MBS, but how do you sell them, do you sit on them. before talk about exit, question is do analysts continue the $85 B pace of purchases. would taper be more towrd mbs or tsy, fish thinks it should be via MBS. at risk of overkill. accumulating too much, what are analysts going to do with it?Dodd Frank likely to be reformed...premise and purpose of the legislation, too big to fail, has yet to be solved...dood frank way to far, way to complicated.

11:35 EDT			FX Action: USD-CAD slipped to lows just under 1.0020 Subscribe for More Information

11:15 EDT			NY Fed bought $3.646 B in notes NY Fed bought $3.646 B in notes with maturities ranging from February 15, 2019 through April 30, 2020. Treasuries have climbed to their highs of the session, in tandem with gains in Bunds, while stocks also rebound. The 10-year yield is down 2 bps to 1.76%.

10:30 EDT			Crude Inventories for the week of May 3 Subscribe for More Information

10:09 EDT			Averages open lower, turn mixed in early trading Subscribe for More Information

10:00 EDT			PIMCO's Gross at Twitter again: Subscribe for More Information

09:35 EDT			Treasury Action: Treasuries have erased overnight losses Subscribe for More Information

09:32 EDT			CBOE Volatility Index VIX is recently up 2c to 12.86 Subscribe for More Information

09:30 EDT			Euro$ interest rate futures are roughly flat Euro$ interest rate futures are roughly flat after easing back a bit so far this week following brighter data and historic highs on blue chip stocks. Today's start is a bit more subdued, though data in China and Europe was better. The Jun 2013 contract is a half-tick lower, while deferreds are flat to 0.5-ticks lower. 3-month dollar Libor was again fixed steady at 0.2751%, while the Libor/OIS spread held at +15 basis points, giving away little on the rate front. In options, sources reported a bearish "purchase of 4k in Sep 90/92/93/95 put condors."

09:15 EDT			Treasury Option Action: a NOB flattener Subscribe for More Information

09:10 EDT			Treasury 10-year auction outlook: Subscribe for More Information

09:00 EDT			FX Action: USD-CAD remains inside of painfully narrow ranges FX Action: USD-CAD remains inside of painfully narrow ranges, managing just a 1.0040-60 band since the North American close on Wednesday. Bids remain at 1.0020, with option barrier defense expected ahead of 1.0000. The risk backdrop is fairly neutral, and currently offering few leads for the CAD.

08:55 EDT			U.S. equities are tilting lower Subscribe for More Information

08:48 EDT			ECB may buy bad loans from southern Europe, Reuters reports Subscribe for More Information

08:20 EDT			Fed funds opened at 0.13% Fed funds opened at 0.13%. The rate ranged from 0.08% to 0.3125% yesterday with a 0.14% effective. Interbank borrowing rates were mixed at today's Libor fixing. The overnight dollar Libor rate dipped to 0.14850% from 0.15000%. The 1-week rate was steady at 0.16720%. The 3-month rate was unchanged at 0.27510%. The 12-month rate rose to 0.70310% versus 0.70210%.

07:40 EDT			U.S. MBA mortgage market index surged 7.0% Subscribe for More Information

07:27 EDT			Deutsche Bank to host a conference dbAccess Chile One-on-One Conference is being held in London England on May 8-9.

07:26 EDT			Futures flat in early trading Subscribe for More Information

07:26 EDT			BofA/Merrill to host a conference Subscribe for More Information

07:26 EDT			Armada Health Care to host a summit Subscribe for More Information

07:25 EDT			BMO Capital to host a conference Subscribe for More Information

07:25 EDT			Treasury Market Outlook: Treasuries are little changed to modestly lower Treasury Market Outlook: Treasuries are little changed to modestly lower as global stocks powered higher following the Dow's record closing high above 15000. Better than expected Chinese trade data and stronger German production further supported equity gains. Nevertheless, German Bunds and U.K. Gilts managed to recover slightly from recent losses, which gave some support to Treasuries. The current 10-year Treasury yield has crept higher to 1.788%, and the 30-year bond is at 3.01% ahead of today's $24 B 10-year sale, the second leg of the May refunding, and tomorrow's $16 B 30-year bond offering. Today's data calendar remains thin with just the MBA mortgage figures and oil inventories. The MBA reported a 7.0% increase in applications for the week ended May 3. The NY Fed will buy $3.0 B to $3.75 B in February 15, 2019 through April 30, 2020 notes. Governor Stein will speak at the Chicago Fed's conference on "Dollar Funding and the Lending Behavior of Global Banks."

07:22 EDT			Credit Suisse to host a conference Subscribe for More Information

07:11 EDT			Fed faces test as inflation moves below target, Reuters reports Subscribe for More Information

07:10 EDT			Americans are borrowing again, WSJ reports Subscribe for More Information

07:10 EDT			N.Y. FX Outlook Subscribe for More Information

07:02 EDT			MBA Purchase Applications Index data reported Subscribe for More Information

07:02 EDT			MBA Purchase Applications Refinance Index data reported Week of 5/3 MBA Purchase Applications Refinance Index up 8.0% for the week

07:02 EDT			MBA Purchase Applications Composite Index data reported Subscribe for More Information

07:01 EDT			ECB weighing steps to spur lending to businesses, Reuters reports Subscribe for More Information

06:55 EDT			Grand bargain deficit deal can still be reached, Politico says Subscribe for More Information

06:18 EDT			On The Fly: Morning Wrap-Up for May 8 Globex S&P futures are recently up 0.80 from previous day's SPX cash close. Nikkei 225 up 0.74%, DAX up 0.35%. WTI Crude oil is recently at $95.35, NYMEX Natural Gas down 0.54%, gold at $1452 and ounce copper up 0.65%.

06:15 EDT			CBOE Volatility Index VIX closed at 12.83, 10-day moving average is 13.44 CBOE Volatility Index VIX 50-day moving average is 13.62.

06:12 EDT			May front month equity options expire, May 17, 2013 Subscribe for More Information

05:55 EDT			China's April trade data beat expectations, Reuters reports Subscribe for More Information

05:55 EDT			Nymex crude consolidated close to $95.50 bbl Nymex crude consolidated close to $95.50 bbl, leaving it largely unchanged on the session. Buying interest went through in Asia after China trade data came in on the stronger side. However, gains were limited ahead of today's EIA data, which will reveal the latest snapshot on crude stockpiles. API data came in below expectations on Tuesday after crude stocks rose 0.7 M barrels, but inventories are still at historically high levels. This has been a major cap on prices, along with ongoing concerns over the demand outlook. Meanwhile, nominal gold was supportive ahead of $1450 amid reports of strong physical demand out of China over the last two weeks. Zhang Bingham, secretary general of the China Gold Association, told Reuters that investment demand should continue to stay strong due to the lack of investment alternatives. China gold imports hit record highs in March and are expected to gain further this year.

05:51 EDT			Some hedge funds, big investors cautious on selling Canada short, WSJ reports Subscribe for More Information

04:55 EDT			FX Action: USD-JPY was capped over 99.00 FX Action: USD-JPY was capped over 99.00 overnight as non-Japanese accounts pared back long positions after increased exporter hedging on Monday and Tuesday. Positive risk appetite has helped the JPY crosses, but yen selling has lost some its intensity. The BoJ have eased policy and are likely to digest the impact from the new asset purchase scheme before shifting again. There are also very heavy outstanding 100.00 barriers that are still intact, which has encouraged hedging from lifers and exporters that want to lock current levels. Until these flows run their course USD-JPY may be a range trade. On an intra-day basis, support is noted into 98.50-60. Offers are noted from 99.20-30.

01:10 EDT			Asian stocks were boosted by China trade Subscribe for More Information

May 7, 2013
15:20 EDT			Treasury Closing Summary: Subscribe for More Information

15:15 EDT			Treasury Action: yields remained stalled near highs Subscribe for More Information

15:10 EDT			U.S. consumer credit rose only $8.0 B in March U.S. consumer credit rose only $8.0 B in March, half of what was expected, from a revised $18.6 B surge in February (was $18.1 B). Revolving credit, i.e. credit cards, declined $1.7 B after a 0.5 B gain previously. Nonrevolving credit, including auto loans and student loans, climbed $9.7 B following February's $18.2 B jump (revised from $17.6 B). The data shouldn't have market impact.

15:10 EDT			Canada Housing Starts Preview Subscribe for More Information

14:30 EDT			U.S. consumer credit preview: Subscribe for More Information

14:15 EDT			U.S. equities are consolidating higher U.S. equities are consolidating higher though forward progress has stalled a bit after Europe's strong close. The Euro Stoxx 50 rose 0.67%, helped by solid German manufacturing orders, while the Italian MIB outperformed at +1.54% as yield spreads continued to narrow there. The Dow and S&P are up about 0.5%, with the NASDAQ comp lagging for a change just in positive territory. Biggest gainers so far have been Caterpillar at +2% and JPMorgan +1.95%, while the losing column has been led by Cisco -1.9% and Microsoft -1%. Yet that's been enough to keep risk assets lording it over safety. The T-note remains lodged just below session 3-week highs of 1.79%

14:09 EDT			Dow, S&P at all-time highs The market began the day in quiet fashion but has steadily tacked on gains, pushing the Dow and S&P 500 to new all-time highs with the Dow poised to close above 15,000 for the first time. Advancing stocks are ahead of declining stocks by more than 2:1 and up volume is ahead of down volume by the same margin. Crude oil prices are lower by 0.6% and gold is lower by 1.2%. The Dow is up 74 points, the Nasdaq is up 4 points, and the S&P is up 7 points.

13:26 EDT			Sequestration's effects on economy will accelerate, The Hill reports Subscribe for More Information

13:20 EDT			Treasury Action: yields inched higher Subscribe for More Information

13:10 EDT			Treasury's $32 B 3-year note auction was disappointing Subscribe for More Information

13:03 EDT			Week of 5/18 Redbook to be released at 08:55 Subscribe for More Information

12:45 EDT			Treasury 3-year note auction preview: Subscribe for More Information

12:25 EDT			Treasury Option Action: more unwinding of bearish positioning Treasury Option Action: more unwinding of bearish positioning has been reported into the sell-off, with profit-taking sales of 5k in Jun 132.5 puts on 10-year futures. Note, there was a build-up in such bearish positioning into the payrolls report on Friday and so far this week there has been mainly squaring up of these positions, suggesting some are playing for the range to remain intact rather than have the sell-off deepen.

11:49 EDT			Week of 5/18 ICSC-Goldman Store Sales to be released at 07:45

11:45 EDT			Treasury's $20 B 4-week bill auction results were very strong Subscribe for More Information

11:15 EDT			NY Fed bought $1.456 B in bonds NY Fed bought $1.456 B in bonds in today's buyback. The Street offered $4.43 B. Treasury yields are modestly higher given the advance in stocks but off their intraday peaks. The yield on the current 30-year is at 2.989%, having found some buyers (along with the Fed) at the 3.0% level. Though demand for risky assets has been on the rise since the jobs report, traders believe the stimulus from central banks around the world (Australia just cut 25 bps) will generally be supportive of bonds.

11:05 EDT			Euro$ interest rate options: a large curve steepener Subscribe for More Information

10:30 EDT			NY Fed outright purchase: the Fed is buying $1.25 B to $1.75 B in bonds Subscribe for More Information

10:25 EDT			Another Gross Tweet from PIMCO: Subscribe for More Information

10:21 EDT			Explosions heard near missile site in Tehran, Jerusalem Post says Subscribe for More Information

10:15 EDT			U.S. JOLTS report showed job openings fell 55k in March to 3,844 Subscribe for More Information

09:56 EDT			Dow retakes 15K, moves to all-time high in early trading Subscribe for More Information

09:55 EDT			Treasury Option Action: some profit-taking on bearish positioning Subscribe for More Information

09:31 EDT			CBOE Volatility Index VIX is recently down 3c to 12.59

09:20 EDT			Euro$ interest rate futures are lower Subscribe for More Information

08:56 EDT			Redbook Store Sales data reported Subscribe for More Information

08:50 EDT			U.S. equities are nosing higher again U.S. equities are nosing higher again after a listless session on Monday, with the financial markets back to full strength after recent bank holidays. Not that there's any more data to sink our teeth into, but at least the liquidity is there today. A quarter point base rate cut in Australia didn't help the Aussie ASX 200, which fell 0.24%, though Japan's N-225 surged 3.55% higher after Japan returned from holiday break (playing catch-up to ECB cut and payrolls). In Europe, the Euro Stoxx 50 is 0.8% higher, wih the DAX 0.9% firmer after strong German manufacturing orders. But the Italian MIB is the leading gainer at +1.4%. The Dow is 36-points higher, S&P climbed 3-points and NASDAQ rose 7-points in pre-market action. In corporate news, Emerson Electric sales missed and it cut its outlook, though Fossil rallied over 4% after beating the Street. OfficeMax surged nearly 2% after announcing a $1.50 special dividend after its earnings miss. Apple is extending gains from Monday, while BofA is facing a new suit by the NY Attorney General after its settlement with MBIA yesterday saw its shares surge. The Treasury 3-year note auction and consumer credit due later may provide some indirect influence.

08:05 EDT			Treasury Market Outlook: risk-on moves in global equities has Treasuries and other core sovereign markets slightly lower Subscribe for More Information

08:05 EDT			FX Action: USD-CAD took out standing1.0050 bids FX Action: USD-CAD took out standing1.0050 bids in early North American trade, on its way to 1.0037 lows. Since then, buyers have emerged ahead of reported 1.0020 bids, taking the pairing back over 1.0055. The improved risk backdrop, and noted offers from 1.0080 may keep further gains in check for now.

08:05 EDT			Fed funds opened at 0.13% Subscribe for More Information

08:00 EDT			U.S. ICSC Goldman Sachs chain store sales index fell 1.0% in the week ended May 4 Subscribe for More Information

07:55 EDT			Treasury Market Outlook: risk-on moves in global equities has Treasuries and other core sovereign markets slightly lower Subscribe for More Information

07:46 EDT			ICSC-Goldman Store Sales data reported Subscribe for More Information

07:46 EDT			ICSC-Goldman Store Sales data reported Subscribe for More Information

07:33 EDT			FCC to hold a committee meeting Subscribe for More Information

07:31 EDT			Futures quiet in early trading Subscribe for More Information

07:30 EDT			Lazard to host a bus tour Subscribe for More Information

07:26 EDT			Goldman to host a conference European Small & Mid Cap Conference is being held in London on May 7-10.

07:25 EDT			Bloomberg LINK to host a summit Subscribe for More Information

07:22 EDT			Standard & Poor's to host a conference Subscribe for More Information

07:20 EDT			N.Y. FX Outlook Subscribe for More Information

07:11 EDT			Saudis seeks to attract institutional funds to its stock market, Bloomberg says Subscribe for More Information

06:59 EDT			FCC nominee likes major government, industry deals, Politico says Subscribe for More Information

06:48 EDT			Health care spending deceleration could continue, NY Times reports Subscribe for More Information

06:20 EDT			Nymex crude traded back below $96 bbl Nymex crude traded back below $96 bbl, leaving it 0.45% lower, in line with other losses across the commodity market complex. However, the much stronger than expected German manufacturing orders data could boost commodities amid hopes that a revival in activity would boost demand for raw materials. Tomorrow's trade data from China will also be an important barometer for commodities. In recent weeks, concerns over the China outlook have added some weight, but the local press expected China Q2 GDP to pick up to 8% and HSBC also tipped H2 growth to accelerate in the statement released with today's earnings report.

06:15 EDT			On The Fly: Morning Wrap-Up for May 7 Subscribe for More Information

06:04 EDT			iPath S&P 500 VIX Short-Term Futures at 18.20, 10-day moving average is 18.97

06:03 EDT			CBOE Volatility Index VIX closed at 12.66, 10-day moving average is 13.51 CBOE Volatility Index VIX 50-day moving average is 13.75.

06:00 EDT			May front month equity options expire, May 17, 2013 Subscribe for More Information

03:50 EDT			FX Action: USD-JPY is tied up around 99.00 Subscribe for More Information

01:20 EDT			Asian stocks were mostly higher Subscribe for More Information

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