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January 3, 2013
14:21 EDTMinutes show most Fed members support waiting until 2015 to raise funds rate
Thirteen of the Federal Open Market Committee's members believed that the federal funds rate shouldn't be raised until 2015, while one member felt that the rate shouldn't be increased until 2016, minutes of the committee's December meeting showed. Five members felt that the rate should be increased in 2013 or 2014. The 13 members who thought that the rate should be raised in 2015 anticipated that the rate would be 1.25% or lower at the end of that year. Meanwhile, about half of the participants who supported extending the Fed's asset buying program into 2013 felt that the central bank should stop buying securities around mid-2013, while the other half thought the program should be extended beyond that point, the minutes show. Some participants expressed concerns that continuing very accommodative monetary policy could lead to imbalances in the financial system. Regarding the economic outlook, members expressed some optimism about the future. Economic growth should accelerate in 2013, while economic growth in 2014 and 2015 was projected to be above longer run trend levels. However, members believed that the uncertainty facing the economy was also above normal levels.
News For NOSYMBOL From The Last 14 Days
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September 29, 2015
09:25 EDTFX Action: The dollar perked up marginally
FX Action: The dollar perked up marginally following the uptick in home prices, taking EUR-USD to 1.1196 lows, and USD-JPY briefly over 120.00. Equity futures remain higher,
09:25 EDTTreasury Action: yields cooled off from highs
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09:17 EDTBofa/Merrill to hold a conference
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09:17 EDTCredit Suisse to hold a tour
2015 Oilfield Services Bus Tour travels throughout Houston, Texas on September 29-30.
09:01 EDTS&P/Case-Shiller Home Price Index data reported.
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09:00 EDTEuro$ interest rate futures are mildly lower
Euro$ interest rate futures are mildly lower after the U.S. and European stock markets rebounded overnight, though the increased volatility this week could put a Fed hike further on the back burner as mixed signals from Fedspeak of late suggests the Fed remains very conflicted. Yellen will be speaking again Wednesday, but this is mainly welcome remarks for a Fed conference. Joining her on the circuit tomorrow will be Governor Tarullo, along with doves Evans and Williams. The December 2015 contract is a tick lower at 99.585 (0.415% implied 3-month rate), while the deferreds are mostly in very shallow negative territory.
08:56 EDTRedbook Store Sales data reported
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08:55 EDTFX Action: USD-CAD eased under the 1.34 mark
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08:45 EDTU.S. Case-Shiller home prices preview:
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08:43 EDTInternational trade in goods Exports % change data reported
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08:42 EDTInternational trade in goods Balance data reported
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08:05 EDTU.S. chain store sales fell 0.4% in the week ended September 26
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08:05 EDTU.S. equities have rebounded
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07:55 EDTTreasury Market Outlook: Treasuries are little changed to lower
Treasury Market Outlook: Treasuries are little changed to lower after unwinding overnight gains. The 10-year note tested 2.05% as Asian equities were sunk by the plunge in North American and European stocks Monday. Japan's Nikkei dropped over 4%, with China's Shanghai off 2%. Of note, the RBI cut rates 50 bps; 25 bps was the risk. Stronger than forecast Eurozone ESI confidence data and U.K. mortgage lending and CBI sales figures helped stocks recover in Europe, with spillover to the U.S. Also German state and Spaniish inflatrion data point to a decline in the HICP figure. That's adding to hopes for more ECB stimulus. There isn't a lot of U.S. data today. The July S&P/Case-Shiller home price index is on tap, along with September consumer confidence and weekly chain store sales. But the wait is on for the nonfarm payrolls figures (Friday).
07:55 EDTN.Y. FX Outlook
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07:35 EDTFX Update: The dollar rebounded
FX Update: The dollar rebounded from lows seen against its G3 peers during a firmly risk-off session in Asia as investor spirits revived in European trade. EUR-USD ebbed to the low 1.12s after logging a five-year peak of 1.1281 in early Europe. A bigger than expected deflation reading in Spanish HICP data, and German state figures pointing to a risk that German HICP might dip into negative territory, elicited euro selling as the data gives talking-down-the-currency ammunition to the ECB. These inflation numbers offset an unexpected rise in the September Eurozone ESI confidence survey headline, which in any case predates the VW emissions crisis. USD-JPY recovered to the 120.00 area after clocking a five-day low at 119.24 in Tokyo. The pair continues to been gravitationally pulled to the 120.0 level, which has been a pattern in play for over a month now. Sterling only managed limited gains following a much better than expected CBI distributive sales report and forecast-smashing mortgage lending data out of the UK. See summary
07:04 EDTFutures pointing to higher open despite overnight selloff in Asia
Stock index futures are pointing toward a higher open for the broader market, despite the weak stock trading seen in Asia overnight. In China, the Shanghai composite index slid 2% while in Japan the Nikkei dropped 4%, erasing year-to-date gains in the process. In the U.S., investors will receive the S&P/Case-Shiller home price index for July as well as a consumer confidence reading for September. In early pre-market trading, Dow futures are 75 points above fair value, Nasdaq futures are 26 points above fair value and S&P futures are 10 points above fair value.
05:46 EDTOn The Fly: Morning Wrap-Up for September 29
Globex S&P futures are recently up 6.00 from previous day's SPX cash close. Nikkei 225 down 4.05%, Shanghai Shenzhen CSI 300 Index down 2.97%, DAX down 0.30%. WTI Crude oil is recently at $44.81, natural gas down 0.37%, gold at $1125 an ounce, copper up 0.20%.
05:05 EDTOctober front month equity options last day to trade is October 16, 2015
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02:55 EDTFX Update: Risk has been most distinctly been off
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