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News For NOSYMBOL From The Last 14 Days Check below for free stories on NOSYMBOL the last two weeks. |
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| May 10, 2013 |
| 19:01 EDT |  | | Fed officials have mapped QE wind-down, WSJ reports
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| 15:35 EDT |  | | Treasury Closing Summary:
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| 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. |
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| 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." |
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| 15:00 EDT | | | Fed's George said the Bank is dealing with "challenging issues,"
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| 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. |
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| 14:30 EDT | | | Treasury Action: yields pulled back from highs
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| 14:10 EDT | | | U.S. Treasury posted a $112.9 B budget surplus in April
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| 14:02 EDT | | | Treasury Budget data reported
April Treasury Budget at $112.9B vs. consensus of $107.5B |
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| 14:00 EDT | | | Treasury Budget data reported
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| 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 |
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| 13:45 EDT | | | U.S. budget surplus preview:
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| 13:44 EDT | | | Mixed market trading in narrow range
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| 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. |
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| 12:07 EDT | | | U.S. corn surplus seen at 2B bushels vs. 1.2B a year ago
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| 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. |
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| 11:40 EDT | | | Treasury Option Action: still more "downside reaching"
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| 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 |
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| 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. |
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| 10:55 EDT | | | Treasury Option Action: some bearish put buying
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