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Stock Market & Financial Investment News

News For NOSYMBOL From The Last 14 Days
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February 26, 2015
14:30 EDTCleveland Fed's Mester: she is in favor of making sure June is a viable option
Cleveland Fed's Mester: she is in favor of making sure June is a viable option in terms of rate liftoff, in a CNBC interview. That's not a new position from her as she's a moderate hawk who spent a lot of time at the Philly Fed before moving to Cleveland. She echoed Yellen's Humphrey Hawkins sentiments that taking patient out of the statement wouldn't necessarily mean there will be a rate hike in June. She could not really say how she would vote come June (hypothetically, as she is not a voter) since the Fed is data dependent and she'll need to see the panoply of data before voting. She expect a 3% GDP growth rate for 2015, and expects inflation to be near the 2% target by the end of next year. She added that "auditing the Fed is mis-named and misguided" in a CNBC interview. She corrected and noted that the Fed is audited. She doesn't think the Fed has become political, and assured policymakers are going to focus on policy and the dual mandate. But she said politics can be a distraction.
14:19 EDTAverages remain mixed, locked in narrow range
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13:55 EDTFed hawk Fisher said the economy is seeing "stout" growth but no inflation
Fed hawk Fisher said the economy is seeing "stout" growth but no inflation, in his comments from London. Never short on analogies, he added the U.S. economy is in the 4th act of a Shakespearean play, but he is not sure whether it is as comedy or a tragedy. Fisher, a long time hawk, will retire following the upcoming March 17, 18 FOMC meeting.
13:55 EDTU.S. GDP Preview
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13:50 EDTFX Action: USD-JPY topped out at 119.49
FX Action: USD-JPY topped out at 119.49, following the greenback broadly higher. Traders reported some short covering ahead of Friday's busy Japan economic calendar, which took some pressure off the pairing, while the uptick in Treasury yields was helpful as well, though from 19.50 up to 120.00, standing offers are reportedly moving in. Tuesday's 119.83 peak will be the first test, with a break there opening up the February 12 peak of 120.37.
13:15 EDTTreasury Action: yields bounced through highs
Treasury Action: yields bounced through highs following the mediocre takedown on the 7-year auction, which tailed out a tad and had mixed underpinnings. That hijacked a potential relief rally with the series out of the way for the week, driving the current 7-year yield out over 1.83% compared to morning lows of 1.747% and the 1.834% award rate on the new notes. The benchmark 10-year yield cleared 2.0%, with the cash bond testing 2.60% as well.
13:00 EDTSt. Louis moderate hawk Fed's Bullard is concerned that low-yield
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12:45 EDTTreasury 7-year auction outlook:
Treasury 7-year auction outlook: the $29 B 7-year sale completes this week's batch of offerings which have seen decent to good demand, especially from indirect bidders. Today's sale should be similarly well bid from said account, especially with the German 7-year having turned sub-zero. Also there could be some front running of month-end trades since there is a big extension in February (a refunding month). Additionally, the wi 7-year has cheapened 3 bps to 1.815% -- however, a stop there would be the second richest levels in years and that could leave some potential buyers sidelined. The auction could be on the sloppy side however, thanks to some big price swings since the open. Additionally, the 7-year has tailed in the last five auctions. The January auction was awarded at 1.59% and garnered a 2.50 cover (2.54 average) and a 56.1% indirect bid (47.8% average).
12:30 EDTEuro$ interest rate options update:
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12:00 EDTSF Fed dove Williams sees full employment reached this year
SF Fed dove Williams sees full employment reached this year in impromptu remarks earlier with Fox, saying as well that its important to to look at underlying inflation trends, with core inflation relatively stable. He sees the stronger labor market in turn leading to wage growth and 2% inflation by the end of next year. Williams thinks that some accommation should be removed before analysts get to full employment and 2% inflation, accordingly seeing a first hike some time this summer or fall. He also believes the Fed needs to get away from explicit forward guidance on the rate path. This is relatively hawkish for this voter, but roughly in line with the bulk of recent Fedspeak on the cycle.
11:25 EDTToday's U.S. reports
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11:10 EDTTreasury announced a $52 B 3- and 6-month bill sale for Monday
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11:10 EDTEnergy Action: Natural gas futures took a nose dive
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11:07 EDT6-Month Bill Announcement CUSIP Number data reported
6-Month Bill Announcement CUSIP Number at 912796GC7
11:07 EDT3-Month Bill Announcement CUSIP Number data reported
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11:07 EDT52-Week Bill Announcement Min Bid Amount data reported
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11:07 EDT52-Week Bill Announcement CUSIP Number data reported
52-Week Bill Announcement CUSIP Number at 912796FZ7
11:07 EDTKansas City Fed Manufacturing Index Level data reported
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10:35 EDTTreasury Action: TIPS and breakevens are rallying again today
Treasury Action: TIPS and breakevens are rallying again today, extending recent gains, with shorter maturities outperforming. The 5-year breakeven is up 10 bps since Tuesday to 156 bps. The long end is lagging a bit but is picking up steam given some front running of the big 0.15 year month-end extension tomorrow given a possible squeeze. Traders are overlooking the largest decline in headline CPI since 2008, and instead are focusing on the 0.2% increase in the core and the steady 1.6% y/y figure. Additionally helping underpin the move have been the rally in copper and signs that gas prices have bottomed. Fed officials have also maintained their mantra that the drop in consumer prices is transitory. Indeed, the hawkish Bullard said earlier today that the rise in core CPI bolsters confidence that inflation will be rising.
10:30 EDTEIA natural gas storage change for week ending February 20
Gas inventories 219 Bcf draw vs. consensus of 238 Bcf draw.
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