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Stock Market & Financial Investment News

News For NOSYMBOL From The Last 14 Days
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February 10, 2016
12:25 EDTWeek of 2/19 MBA Mortgage Applications to be released at 07:00
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12:05 EDTYellen discussed negative rates overseas
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11:20 EDTFX Action: USD-JPY gains stalled out
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11:20 EDTYellen doesn't expect the FOMC will be in a situation of having to ease again
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11:20 EDTYellen wouldn't budge on tipping her policy hand
Yellen wouldn't budge on tipping her policy hand in response to a question about the deterioration in the stock markets relative to the increased volatility overseas, noting that she didn't think a rate cut was warranted as it is important to not prematurely jump to conclusions about global market turmoil. But she did suggest that low inflation remained a concern, especially as some measures of inflation compensation had moved to historically low levels (from testimony), and the Fed is continuing to study the inflation outlook as it assesses the policy impact.
11:05 EDTYellen argued against a rule based approach to policy
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10:55 EDTYellen Q&A: Committee members are railing against the FOMC's IOER
Yellen Q&A: Committee members are railing against the FOMC's IOER policy tool, and specifically paying interest or excess reserves, seeing that as yet another subsidy to big banks. The Fed Chair countered and said IOER it's a "critical tool for control of short term rates" and noted it's widely used by a variety of central banks. She did note another policy option, shrinking its balance sheet by selling long term assets, but that would be too disruptive to the economy, she warned. Yellen added that the Fed has transferred over $600 B to the Treasury over the last several years.
10:55 EDTEnergy Action: Front month NYMEX crude spiked
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10:45 EDTU.S. equities are extending gains as Yellen speaks
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10:30 EDTCrude inventories for week of February 5
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10:20 EDTTreasury 10-year auction outlook
Treasury 10-year auction outlook: today's $23 B auction should see better sponsorship than the 3-year yesterday, which suffered from uncertainties over Yellen's outlook, as well as from a lack of concession. The wi 10-year yield is slightly higher at 1.745%, though down from an intraday peak of 1.77% earlier, before Yellen released her prepared remarks that didn't give anything away on the policy stance, repeating that action remains data dependent. The auction should benefit from the general demand for yield, as well as the wide differentials to foreign sovereigns, with a 149 bp yield pick up versus the German Bund. The offering should also benefit at the margin from the $1 B cut in size, along with the reductions in coupon volumes from the 5-year maturity and beyond. The $54.4 B in maturing issues is also supportive. The $21 B January reopening stopped at 2.090% and saw a 2.77 cover (2.65 average) and a stellar 71.0% indirect bid (60.5% average).
09:55 EDTFX Action: USD-CAD has been on the rise
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09:31 EDTMarket rebounds as investors await Yellen testimony
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09:25 EDTFed VC Fischer said the Fed maintains the ability to lend in times of stress
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09:18 EDTHouse Agriculture Committee to hold a hearing
The Committee holds a hearing entitled, "Review of the 2016 Agenda for the Commodity Futures Trading Commission" with Chairman of the CFTC, Timothy Massad, on February 10 at 10 am. Webcast Link
09:15 EDTYellen didn't give much away in her prepared remarks
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09:00 EDTFed funds futures are only modestly lower
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08:50 EDTTreasury Action: yields cooled off slightly
Treasury Action: yields cooled off slightly in the wake of Yellen's written testimony, which struck a balance as expected by warning that further equity declines and dollar strength could weigh on the economy, while China has been a source of volatility. But she stuck with data dependency and moderate growth themes. The 2-year yield pulled back from 0.74% highs to the 0.726% area, while the T-note yield stalled at 1.77% and eased to 1.75%. Yields are still up a couple basis points along the curve, however, following the rebound in stocks that started in Europe, while stocks are below earlier highs. Markets may reserve judgment until Yellen's Q&A after 10 ET.
08:45 EDTFed Chair Yellen said policy is not on a preset course and is data dependent
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08:39 EDTYellen says lower path of federal funds rate appropriate if economy disappoints
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