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June 19, 2013
08:27 EDT			SEC may change policy on admissions of wrongdoing, FT reports Subscribe for More Information

08:10 EDT			Fed funds opened at 0.09% Subscribe for More Information

08:05 EDT			U.S. MBA mortgage market index sank 3.3% U.S. MBA mortgage market index sank 3.3% in data released earlier, in addition to a 3.0% slide in the purchase index and a 3.4% drop in the refinancing index for the Jun-14 week. Mortgage rates continued to back higher as market yields priced in risk the Fed could tip its hand on winding down QE today following rounds of contradictory Fedspeak and media speculation. The average 30-year fixed rate edged up 2 basis points to 4.17%, according to the MBA, while Zillow.com shows the national average near 3.83% including points and fees. Beginning to normalize policy prematurely by the Fed risks harming the still fragile recovery, though policy will still be highly stimulative even with the start of a QE windown. For more on the housing sector, see existing home sales, housing starts and new home sales.

08:01 EDT			Standard & Poor's to host a teleconference Subscribe for More Information

07:45 EDT			Deutsche Bank to host a conference Subscribe for More Information

07:45 EDT			FX Action: USD-CAD was steady overnight Subscribe for More Information

07:39 EDT			Federal Reserve Chairman Bernanke to hold a news conference Following the June 18-19 Federal Open Market Committee meeting, Federal Reserve Chairman Bernanke holds a news conference where he announces any changes in the Fed's policy decided at the meeting, and gives a general outlook for the economy on June 19 at 2:30 pm. Webcast Link

07:30 EDT			Futures above fair value in early trading Subscribe for More Information

07:25 EDT			Treasury Market Outlook: Treasuries are little changed Treasury Market Outlook: Treasuries are little changed, though there is a mild bid in the market. Trading volume was predictably light ahead of the FOMC announcement (14:00 ET). The 10-year yield ranged narrowly around 2.17%. The 2-year yield is at 0.26%. Core bonds overseas are slightly higher with Bunds outperforming. Equities are mixed with European bourses mostly lower, with the exception of the DAX, while Japan's Nikkei posted a 1.8% advance in contrast to losses around the region. There wasn't much data. Japan showed an encouraging 10.1% y/y rise in eqports. BoE minutes showed a 6-3 vote to refrain from more QE. The U.S. calendar is thin with just the MBA mortgage applications report, which showed a 3.3% decline for the week ended June 14. The only other items on the slate are oil inventories. There is no Fed buyback today.

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

07:10 EDT			Fed expected to keep options open on bond buying, Reuters reports Federal Reserve policymakers will likely announce today that they will keep buying bonds at a monthly pace of $85B, while keeping their options open to scale back the program later this year if the U.S. labor market continues to improve, reports Reuters. Reference Link

07:08 EDT			IMF says Spain's economy improving, Reuters reports 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 6/14 MBA Purchase Applications Refinance Index down -3.0% for the week

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

06:58 EDT			Bank of Japan not planning new stimulus measures, Reuters reports The Bank of Japan isn't planning to launch any new stimulus measures in the near-term, even though Japanese stocks have sold off sharply and the country's bond yields have risen significantly, according to Reuters, which cited unnamed sources. Reference Link

06:30 EDT			Nymex crude held steady ahead of $99 bbl Subscribe for More Information

05:59 EDT			On The Fly: Morning Wrap-Up for June 19 Globex S&P futures are recently up 3.40 from previous day's SPX cash close. Nikkei 225 up 1.83%, DAX up 0.56%. WTI Crude oil is recently at $98.84, NYMEX Natural Gas up 0.26%, gold at $1367, copper up 0.24%.

05:55 EDT			CBOE Volatility Index VIX closed at 16.61, 10-day moving average is 16.73 Subscribe for More Information

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

05:51 EDT			Bond investors race for the exits in fear of higher rates, WSJ reports Subscribe for More Information

04:05 EDT			FX Action: USD-JPY came back under pressure Subscribe for More Information

01:10 EDT			Asian stocks were mixed Subscribe for More Information

June 18, 2013
20:10 EDT			Japan's exports rose 10.1 y/y in May Japan's exports rose 10.1 y/y in May after a 3.8% rise in April. Analysts've now seen export increases in three consecutive months. Imports rose 10.0% from a year earlier after a 9.5% y/y increase (was 9.4%) in April. Exports to China rose 8.3% y/y while exports to the U.S. rose 16.3% y/y. The trade balance widened to a 993.9 B yen deficit in May from the 881.9 B yen deficit in April to mark the eleventh consecutive monthly deficit

16:28 EDT			Week of 6/29 Redbook to be released at 08:55

16:28 EDT			May Factory Orders to be released at 10:00 Subscribe for More Information

15:20 EDT			Treasury Closing Summary: Subscribe for More Information

14:40 EDT			Canada Wholesale Preview Subscribe for More Information

14:05 EDT			U.S. corporate bond update: the new issue market is relatively active today U.S. corporate bond update: the new issue market is relatively active today ahead of tomorrow's FOMC, but there hasn't been much fallout in the Treasury market. Note that Korea Development Bank filed for a $3 B mixed securities offering. Mylan is selling $1.15 B in 3- and 5-year notes; a floating rate portion was canceled. Boston Properties upped its initial $500 M 10-year offering to $700 M. Agilent Technologies has a $600 M 10-year. Gerogia Pacific has a benchmark 10-year on tap.

13:48 EDT			Market higher as FOMC meeting begins Subscribe for More Information

13:40 EDT			FOMC has started its meeting FOMC has started its meeting and will announce its decision tomorrow at 2:00 ET. The markets remain on pins and needles over what will happen to QE, case in point yesterday's volatility amid contradictory media reports (analysts continue to argue, and the FT's Harding also stated, journalists have no inside information, so comments should be taken with a grain of salt). Analysts don't look for any explicit signals on the timing of a pull back in asset purchases, though analysts do think the time is approaching. As all policymakers have indcated, the future course of QE is data dependent. So far analysts don't believe the economic reports have been sufficiently strong to give the dovish "Bernanke block" the confidence needed to start trimming QE yet. Probably of most importance with Wednesday's FOMC actions will be the new forecasts for this year and next, which will provide background on the Fed's outlooks. Analysts suspect the Fed could shave its forecasts on growth and prices for this year, which could suggest QE trimming could be a little farther off than anticipated, though analysts note the September 17, 18 FOMC could be the start, provided data don't disappoint.

13:17 EDT			Week of 6/29 ICSC-Goldman Store Sales to be released at 07:45 Subscribe for More Information

13:10 EDT			FOMC Forecast revisions FOMC Forecast revisions from the June FOMC meeting will be released Wednesday (and later in the July 10 FOMC minutes). Analysts expect a lowering of the Fed's near-term GDP and inflation forecasts, with a possible additional downward bump in jobless rate estimates. The mix should give a pessimistic spin to the growth and inflation estimates, and and consequently support expectations that imminent tapering is unlikely. For 2013, the GDP central tendency of 2.3%-2.8% could be lowered by 0.1% to more symmetrically bracket the 2.4% real Q4/Q4 GDP gain that analysts and many others assume, just as the PCE chain price central tendency of 1.3%-1.7% could be trimmed toward our 1.5% estimate. The 1.5%-1.6% PCE core central tendency hugs our 1.5% forecast. The 7.3%-7.5% jobless rate central tendency sits below the last 7.6% figure and brackets our 7.4% Q4 forecast. High-end estimates for 2014 and 2015 for GDP and inflation might also be trimmed. For a table of our assumptions for the Fed's revised forecasts, see our policy outlook page.

12:32 EDT			Fitch affirms Switzerland at 'AAA', outlook stable Subscribe for More Information

11:50 EDT			Treasury's $30 B 4-week bill auction was routine Treasury's $30 B 4-week bill auction was routine. The bill was awarded at 0.045%, right on the screws at the bid deadline and a little cheaper than last week's 0.04% stop. There were $137.9 B in bids for a 4.61 cover, in line wiht last week's 4.63 and close to the 4.57 average. Indirect bidders took 17.5% versus last week's 24.7% and a 23.9% average.

11:45 EDT			Another Tweet from PIMCO's Gross: Subscribe for More Information

11:38 EDT			BMO Capital's specialty pharma analyst holds an analyst/industry conference call Subscribe for More Information

11:30 EDT			U.S. equities are extending gains Subscribe for More Information

11:15 EDT			NY Fed bought $1.464 B in bonds Subscribe for More Information

11:05 EDT			FX Action: USD-JPY is consolidating earlier gains Subscribe for More Information

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

10:23 EDT			Gain in Chinese home prices adds to dilemma on credit, Bloomberg says Chinese property values increased in major cities at the fastest pace in more than two years despite tougher government curbs, making it more difficult for the country to ease credit amidst a weakening economy, says Bloomberg. Reference Link

10:05 EDT			Fed Outlook: market anxiety over tomorrow's outcome notched a bit higher Subscribe for More Information

10:03 EDT			Market opens with moderate gains Stock futures improved slightly during the pre-market trading session, leading to a higher open for the broader market. Reports on consumer prices and building permits were largely in-line with expectations, while housing starts were a bit below expectations. Trading may be light ahead of the Fed meeting, which begins today and concludes tomorrow with a statement and a planned press conference from Fed chairman Ben Bernanke, which will be closely watched and dissected. About 30 minutes into the session, the Dow is up 45 points, the Nasdaq is up 10 points and the S&P is up 2 points.

09:50 EDT			Today's U.S. reports Today's U.S. reports revealed only a small May housing starts rebound after a big April drop, with expected bounces in the multi-family sector and starts in the south, but persistent restraint for single-family starts and activity in the Midwest and Northeast. Analysts saw a restrained round of May CPI figures, with a 0.149% headline gain that rounded down from market estimates, but a 0.167% core figure that rounded-up. Neither report altered the overall outlook, as housing is still on track for a persistent recovery, and inflation was restrained in May before a gasoline price rise into June that will likely lift the CPI and PPI headlines to the 0.4%-0.5% area with the next monthly round of reports.

09:34 EDT			CBOE Volatility Index VIX is recently down 5c to 16.75 Subscribe for More Information

09:30 EDT			Treasury Action: yields remain moderately higher Subscribe for More Information

09:25 EDT			The U.S. housing starts report revealed a disappointingly small May starts bounce Subscribe for More Information

09:25 EDT			Treasury Action: bullish put spread selling Treasury Action: bullish put spread selling appears to be fading the downleg in prices vs 10-year futures, according to sources. This included a sale of 1.5k Aug 128/128.5 put spreads vs 10s and bullish purchase of 1k in Sep 130.5/132 call 1x2s. Sep 10s are about 9-ticks lower near 129-01 compared to a range of 129-10 to 128-30.

09:23 EDT			UBS U.S. leisure analyst holds an analyst/industry conference call Subscribe for More Information

09:21 EDT			Draghi says ECB stimulus to continue for some time, Globes reports Subscribe for More Information

09:05 EDT			U.S. equities held on to minor gains Subscribe for More Information

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

08:45 EDT			FX Action The dollar slipped some Subscribe for More Information

08:45 EDT			U.S. housing starts rebounded 6.8% to a 914k rate in May U.S. housing starts rebounded 6.8% to a 914k rate in May after a 14.8% drop in April to 856k (revised from 853k) and March's 3.7% gain to 1.005 M (revised from 1.021 M). Building permits fell 3.1% to 974k from a revised 1.017 M (was 1.017 M). Single family starts were up 0.3% after April's 4.2% decline. Multi-family starts climbed 21.6% following -32.2% in April. The headline pace are a little below expectations, but the report still reflects the improvement in the sector.

08:45 EDT			Treasury Action: a muted reaction to the data Subscribe for More Information

08:40 EDT			U.S. headline CIP rose 0.1% while the core rate was up 0.2% in May Subscribe for More Information

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

08:32 EDT			Housing Starts Permits data reported Subscribe for More Information

08:32 EDT			Housing Starts data reported May Housing Starts at 0.914M vs. consensus of 0.955M

08:32 EDT			Consumer Price Index CPI data reported Subscribe for More Information

08:32 EDT			Consumer Price Index CPI less food & energy data reported Subscribe for More Information

08:25 EDT			U.S. CPI Preview Subscribe for More Information

08:25 EDT			U.S. Housing Starts Preview Subscribe for More Information

08:25 EDT			Fed funds opened at 0.10% Fed funds opened at 0.10% after a like close last night. Monday's rate ranged from 0.05% to 0.3125% with a 0.11% effective. Interbank borrowing rates were mixed at today's Libor fixing. The overnight dollar Libor rate dipped to 0.12830% from 0.13080%. The 1-week rate edged up to 0.15981% from 0.15901%. The 3-month rate slipped lower to 0.27225% compared to yesterday's 0.27325%. The 12-month rate was flat at 0.66810%.

08:20 EDT			Obama may be ready to let Bernanke go Subscribe for More Information

08:16 EDT			JPMorgan's internet analyst holds an analyst/industry conference call Internet Analyst Anmuth discusses search and online advertising trends with Eric Papczun, President of Performics and Mark Ballard, Senior Research Analyst of Rimm-Kaufman Group, on an Analyst/Industry conference call on June 21 at 11 am.

08:00 EDT			U.S. ICSC Goldman Sachs chain store sales index rebounded a modest 0.3% Subscribe for More Information

07:59 EDT			JPMorgan's Mexico strategist holds an analyst/industry conference call Mexico Strategist Cristiani, along with Duncan Wood, Director of the Mexico Institute for the Woodrow Wilson Center, discuss Mexico's economy on an Analyst/Industry conference call on June 18 at 10 am.

07:55 EDT			Treasury Market Outlook: Treasuries are little changed Subscribe for More Information

07:50 EDT			FX Action: USD-CAD found support at 1.0200 Subscribe for More Information

07:48 EDT			House Financial Services Committee to hold a hearing Subscribe for More Information

07:47 EDT			House Energy and Commerce Committee to hold a hearing Energy and Power Subcommittee hold a hearing entitled, "U.S. Energy Abundance: Regulatory, Market and Legal Barriers to Export". Participants include Principal Deputy Assistant Secretary of the Dept of Energy, Christopher Smith, Director Wright of FERC and President of the National Mining Association, Harold Quinn in the hearing being held on June 18 at 10:15 am. Webcast Link

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

07:46 EDT			Senate Banking, Housing and Urban Affairs Committee to hold a hearing The Subcommittee on Housing, Transportation and Community Development holds a hearing entitled, "Long Term Sustainability for Reverse Mortgages: HECM's Impact on the Mutual Mortgage Insurance Fund" with CEO Bell of the National Reverse Mortgage Lenders Association on June 18 at 10 am. Webcast Link

07:45 EDT			House Transportation and Infrastructure Committee to hold a hearing Subscribe for More Information

07:44 EDT			House Financial Services Committee to hold a hearing Subscribe for More Information

07:40 EDT			Standard & Poor's to host a webcast Subscribe for More Information

07:35 EDT			Global Pacific & Partners to host a conference 4th Eastern Africa Oil, Gas & Energy Conference 2013 is being held in Nairobi, Kenya on June 18-20.

07:29 EDT			Futures signal higher open U.S. equity futures are indicating another higher open. Investors will be examining several pieces of economic data at 8:30 am ET, including reports on consumer prices, housing starts and building permits. Investors may be sitting on the sidelines as the FOMC begins its two day meeting which concludes tomorrow. They will be hoping the Fed clarifies its position on the potential tapering of its bond buying program.

07:26 EDT			BofA/Merrill to host a conference Metals & Mining Corporate Day is being held in Hong Kong on June 18-20.

07:25 EDT			ISI Group to host a conference Lodging CEO Investor Conference is being held in Kohler, Wisconsin on June 18-19.

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

07:20 EDT			BB&T to host a tour Subscribe for More Information

06:48 EDT			Nationalized Spanish banks drawing interest, Reuters reports Subscribe for More Information

06:21 EDT			On The Fly: Morning Wrap-Up for June 18 Subscribe for More Information

06:17 EDT			CBOE Volatility Index VIX closed at 16.79, 10-day moving average is 16.69 Subscribe for More Information

06:15 EDT			Commodities traded defensively Subscribe for More Information

06:14 EDT			June front month equity options expire, June 21, 2013

06:00 EDT			FX Action: USD-JPY filled in good offers over 95.00 Subscribe for More Information

05:06 EDT			Obama hints at replacing Bernanke, Reuters reports Subscribe for More Information

01:20 EDT			Asian markets experienced lacklustre trade Subscribe for More Information

June 17, 2013
16:27 EDT			May Construction Spending to be released at 10:00

16:27 EDT			June ISM Mfg Index to be released at 10:00 Subscribe for More Information

15:39 EDT			FT journalist says on Twitter 'been in September taper camp' Subscribe for More Information

14:55 EDT			U.S. CPI Preview U.S. CPI Preview: The May overall-CPI is expected to show a 0.2% increase (median 0.2%), while the core index rises 0.2% (median 0.2%). April's 0.4% U.S. CPI headline drop mostly reflected a hefty 4.3% energy price plunge that sharply outpaced the 2.5% decline in the April PPI report, alongside a 0.2% food price gain that bucked the 0.8% food price drop in the PPI report. Last Friday's PPI report for May saw energy prices rise 1.3% alongside a 0.6% rise in food prices.

14:40 EDT			Treasury Action: yields backed to highs Subscribe for More Information

14:25 EDT			FX Action: USD-JPY has rallied to session highs over 95.20 Subscribe for More Information

14:12 EDT			Fed likely to signal taper on Wednesday, FT reports Subscribe for More Information

14:05 EDT			U.S. equities have extended gains U.S. equities have extended gains as the better than expected data rounds provide some lift heading into the Fed decision midweek after the major indices caught a bid from Europe and Asia. The Euro Stoxx 50 largely held on to its 1.33% gain today, as did France's CAC 40, which outperformed at 1.5%. The Dow, S&P and NASDAQ are all comfortably above 1% gains, led by a 1.27% rise in NASDAQ. Within the Dow top gainers have a tech whiff about them as well, led by Cisco +3.15%, Microsoft +2.1% and UnitedHealth +2.05%, while Verizon is the weakest link at -0.33%.

13:58 EDT			Averages remain sharply higher Subscribe for More Information

13:40 EDT			U.S. Housing Starts Preview Subscribe for More Information

13:34 EDT			S&P cuts Venezuela's ratings to 'B' from 'B+', outlook negative Standard & Poor's Ratings Services said it lowered its long-term foreign and local currency sovereign credit ratings on the Bolivarian Republic of Venezuela to 'B' from 'B+'. The outlook on the long-term ratings is negative. "The downgrade on Venezuela reflects the government's diminishing ability to implement measures to reverse declining GDP growth, rising inflation, and weakening external liquidity in the context of growing political disagreements within the administration," said Standard & Poor's credit analyst Sebastian Briozzo. "Growing political uncertainty is weakening the implementation of economic policies and may possibly undermine governability."

13:15 EDT			Treasury Action: the front end of the curve is pacing today's gains Treasury Action: the front end of the curve is pacing today's gains, with the 5-year leading way after the big Fed buyback. Underpinning the drop in yields has been expectations that the Fed won't be announcing any tapering in QE purchases yet, and indeed could suggest via its revised economic projections, that and slowing in asset purchases is still off in the future, with any increase in rates still far down the road. Meanwhile, geopolitical instability in the MidEast are adding to some safe haven trades. The 2-year yield has dropped to 0.258% today, from a closing high of 0.328% last Tuesday. The 5-year rate has fallen to 1.01% from last week's high at 1.146%.

12:05 EDT			U.S. corporate debt: a quad-trancher from Chevron Subscribe for More Information

11:50 EDT			Treasury's $55 B 3- and 6-month bill auction was tepid Subscribe for More Information

11:15 EDT			NY Fed purchased $5.513 B in Treasury notes NY Fed purchased $5.513 B in Treasury notes ranging in maturities from March 2018 through February 2019. The Street offered $14.4 B. This is the first of four purchases this week (excluding Wednesday). The large buyback has helped cap the rise in yields after better than expected data, though of more importance holding down yields are expections the FOMC won't announce QE tapering Wednesday. The 5-year yield has dipped back to 1.01% from an earlier high of 1.03%, and 1.04% overnight.

11:10 EDT			Treasury announed a $30 B 4-week bill sale for Tuesday Treasury announed a $30 B 4-week bill sale for Tuesday. The size is unchanged from last week but down from $35 B the week before that. Later this morning the Treasury is offering $55 B in 3- and 6-month bills, also unchanged over the past several weeks.

11:10 EDT			FX Action: USD-CAD took a quick look over 1.0175 Subscribe for More Information

10:30 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			Euro$ interest rate futures are firmer Euro$ interest rate futures are firmer to start the FOMC week as the short-dated rate contracts bought into the idea that no great shifts in QE policy will be announced on Weds following WSJ Fedwatcher Hilsenrath's piece last week. This was followed by another WSJ Fed preview today that the Fed could tweak its economic assumptions that have consistently overestimated growth. Maintaining optimism in the forecasts could signal the intention to taper QE "in the next few meetings" as Bernanke last indicated, while lowering the bar on the forecasts would have the opposite impact. The Sep 2013 contract is a half-tick firmer at 99.71, while the deferreds are 1-2 ticks higher further out, seemingly pricing in relative calm on the Fed front for now.

10:15 EDT			FX Action: The dollar perked up again after the much better housing data Subscribe for More Information

10:15 EDT			Treasury Action: yields snapped back toward highs Subscribe for More Information

10:13 EDT			Averages up about 1% in early trading Subscribe for More Information

10:01 EDT			Housing Market Index data reported Subscribe for More Information

09:45 EDT			U.S. NAHB housing market index preview: Subscribe for More Information

09:36 EDT			CBOE Volatility Index VIX is recently down 79c to 16.36 Subscribe for More Information

09:10 EDT			The U.S. Empire State report Subscribe for More Information

09:00 EDT			FX Action: USD-JPY threatened 95.00 over the U.S. data Subscribe for More Information

08:55 EDT			U.S. equities are comfortably higher U.S. equities are comfortably higher to start off the week in line with gains on global stocks and regathering some confidence ahead of the FOMC meeting midweek. The Empire State index surged to 7.84 in Jun, lending a positive spin to momentum, though many of the data's components were stubbornly weak. In Asia, Japan's N-225 hurtled 2.73% higher, the HK Hang Seng rose 1.2% and the Shanghai Comp sank 0.25%. Bourses in Europe are stronger across-the-board, with the Euro Stoxx 50 up 1.4% and France's CAC 40 outperforming with a 1.5% gain. The Dow is 116-points higher, S&P gained 12-points and NASDAQ is 25-points consolidating gains after Empire data heading into the open. In corporate news, Smithfield Foods remains in play and volatile, rising 1.5% after one its stakeholders pushed for break-up of the company rather than its sale to China's Shuanghui. AMD ralled 5% after a bullish Barron's article. NAHB HMI is forecast to gain moderately next.

08:45 EDT			Treasury Action: yields popped up on Empire data Subscribe for More Information

08:44 EDT			Empire State Mfg Survey General Business Conditions Index data reported Subscribe for More Information

08:40 EDT			U.S. Empire State index surged over 9 points to 7.8 in June U.S. Empire State index surged over 9 points to 7.8 in June, more than erasing the 4.5 point drop to -1.4 in May. This is the higest since March's 9.2. But he components of the report were mixed and not quite as encouraging as the headline. The employment index fell to unchanged from 5.7. New orders dropped to -6.7 from -1.2. Prices paid little changed at 21.0 from 20.5. The 6-month index dipped to 25.0 from 25.5. The 6-month employment index slid to 1.6 from 11.4 while capital expenditures plunged to 3.2 from 22.7, with prices paid at 45.2 from 29.6. Ahead of the FOMC and given the mix in the data, Treasury yields should be little changed.

08:36 EDT			Futures remain higher Subscribe for More Information

08:35 EDT			FX Action: USD-CAD traded a narrow 1.0150-65 range in London Subscribe for More Information

08:10 EDT			U.S. NY Fed "Empire State" Index Preview U.S. NY Fed "Empire State" Index Preview: The June Empire State index will kick off the month's producer sentiment measures. Analysts expect the headline to improve to 3.0 from -1.4 in April, which should mark a month of improved sentiment measures after the slides that most major measures revealed in May.

07:55 EDT			Fed funds opened at 0.10% Fed funds opened at 0.10% after a 0.06% close on Friday. The rate ranged from 0.05% to 0.3125% with a 0.10% effective. Interbank borrowing rates were mixed at today's Libor fixing. The overnight dollar Libor rate rose to 0.13080% from 0.12900%. The 1-week rate was steady at 0.15901%. The 3-month rate edged up to 0.27325% from 0.27275%. The 12-month rate fell to 0.66810% versus 0.66910%.

07:40 EDT			Treasury Market Outlook: Treasuries are unchanged to higher Treasury Market Outlook: Treasuries are unchanged to higher, in tandem with modest gains in German Bunds, even as equities climb higher. Bond markets were mostly lower in Tokyo action as Japan's Nikkei soared over 2.7% as the yen softened. The 10-year Treasury yield has dipped modestly to 2.11%, the lowest in 8 days. Trading was thinned by the advent of the FOMC decision Wednesday. Overseas data was limited, while traders continued to monitor clashes in Syria and demonstrations in Turkey. Today's U.S. calendar is light with just the June Empire State index and the NAHB homebuilder index, some of the first readings for June. The NY Fed will buyback between $4.75 B to $5.75 B in March 2018 through February 2019 notes.

07:28 EDT			BofA/Merrill to host a conference Subscribe for More Information

07:27 EDT			CLSA to host a tour Asia Tech Tour will travel throughout Korea, Taiwan and Japan on June 17-21.

07:27 EDT			Futures suggest higher open Subscribe for More Information

07:05 EDT			National Investment Banking Association to host a conference Subscribe for More Information

07:00 EDT			German economy showing signs of slowing, Reuters reports Subscribe for More Information

06:31 EDT			On The Fly: Morning Wrap-Up for June 17 Subscribe for More Information

06:30 EDT			Commodity markets consolidated Subscribe for More Information

06:24 EDT			CBOE Volatility Index VIX closed at 17.14, 10-day moving average is 16.64 Subscribe for More Information

06:15 EDT			June front month equity options expire, June 21, 2013 Subscribe for More Information

03:55 EDT			FX Action: USD-JPY is close to 95.00 FX Action: USD-JPY is close to 95.00 following the overnight rally out of the 94.00-10 area. Sentiment is positive after the Nikkei closed 2.73% higher. Activity in Europe is slow due to the prevailing event risks this week, which include the FOMC meeting. Option expiries at 95.00 could dampen follow through activity, though the balance of risk should remain with the topside if stocks could sustain higher levels. Direct USD-JPY flows have been limited, but tentative interest for the JPY crosses was noted since the European, which fueled a EUR-JPY move up to the the 126.80 region from 126.10. USD-JPY offers are tipped into the 95.30-40 region and over 95.50. Larger Asian fund order flows is anticipated into 96.00.

June 16, 2013
20:15 EDT			Philadelphia Fed Survey General Business Conditions Index to be reported at 10:00 Subscribe for More Information

20:15 EDT			Housing Starts Permits to be reported at 08:30 May Housing Starts Permits will be reported at 08:30 . Current consensus is 0.973M

20:15 EDT			Consumer Price Index CPI to be reported at 08:30 Subscribe for More Information

20:15 EDT			Consumer Price Index CPI less food & energy to be reported at 08:30 Subscribe for More Information

20:15 EDT			FOMC Meeting Announcement Federal Funds Rate to be reported at 14:00 FOMC Meeting Announcement Federal Funds Rate will be reported at 14:00 . Current consensus is 0 to 0.25%

20:15 EDT			Empire State Mfg Survey General Business Conditions Index to be reported at 08:30 Subscribe for More Information

June 14, 2013
18:35 EDT			Russell releases preliminary additions, deletions to indexes Subscribe for More Information

16:07 EDT			June Chicago PMI to be released at 09:45 Subscribe for More Information

16:07 EDT			June Consumer Sentiment to be released at 09:55 Subscribe for More Information

15:30 EDT			Treasury Market Summary: Treasuries remained on a firmer footing Subscribe for More Information

14:28 EDT			Averages lower, off worst levels Each of the equity indices is in negative territory, but off the worst levels of the session. The Dow is logging the session's biggest losses, down about 0.6%. Declining stocks are ahead of advancing stocks by about 3:2, while down volume is ahead of up volume by about 2:1. Crude oil prices are higher by more than 1% and gold is up by 0.7%. The dollar has continued to soften against the Yen, trading near the Y94 level. The Dow is down 83 points, the S&P 500 is down 7 points and the Nasdaq is down 16 points.

14:10 EDT			Action Economics Survey results Action Economics Survey results: Fed policy will dominate next week, both before and after Wednesday's announcement. Our survey reveals expectations for no change in the current assessment that sees downside risks to growth. Analysts don't expect the Fed will lay the groundwork for any policy changes near term, as the labor market and inflation conditions for reduction of stimulus, let alone withdrawal, have not been met yet. Next week's calendar includes CPI, housing starts and sales, the final Q1 GDP revision and consumer confidence. Total and core CPI are both expected to rise 0.2% m/m in May, consistent with tame price pressures. Housing starts and sales are seen moving higher in May. The Q1 GDP gain is expected to be unrevised at 2.4% in Q1. Consumer confidence measures are expected to dip in June. None of the results seems likely to alter expectations on current conditions.

14:08 EDT			The Market Vectors Coat ETF volatility elevated as ETF at four-year low Subscribe for More Information

14:02 EDT			CBOE Volatility Index VIX is recently up 79c to 17.20 Subscribe for More Information

13:50 EDT			FOMC Outlook: Fed policy spotlights next week FOMC Outlook: Fed policy spotlights next week, especially as the markets, and policymakers for that matter, debate the timing of any QE tapering. Analysts don't expect any strong signals regarding a step down in asset purchases just yet as growth data have yet to be definitively strong, while key inflation figures remain subdued (despite today's hotter than expected PPI). Indeed, though there have been signs of improvement in the labor market, it's not clear the conditions of "substantial" and "sustained" with respect to employment growth have been met. And consistent with the variety in the economic reports, Fedspeak reflects very diverse opinions over the cost/benefit of the current $85 B purchase program. Additionally, as Fed hawk-dove Bullard said earlier this week, "surprisingly low" inflation gives policymakers time to maintain their aggressive asset purchase program. Analysts do expect language similar to the May 1 statement, with perhaps a slight upgrade to the characterization of the economy. And analysts do expect the FOMC to leave the conditional statement intact regarding increasing or decreasing asset purchases depending on conditions.

13:45 EDT			FOMC Outlook: Fed policy spotlights next week Subscribe for More Information

12:53 EDT			Week of 6/26 Fed Balance Sheet to be released at 16:30

12:53 EDT			Week of 6/17 Money Supply to be released at 16:30 Subscribe for More Information

12:53 EDT			June Farm Prices to be released at 15:00 Subscribe for More Information

12:53 EDT			Week of 6/21 EIA Natural Gas Report to be released at 10:30

12:53 EDT			May Personal Income and Outlays to be released at 08:30 Subscribe for More Information

12:53 EDT			May Pending Home Sales Index to be released at 10:00 Subscribe for More Information

12:53 EDT			Week of 6/22 Jobless Claims to be released at 08:30

11:45 EDT			IMF lowered its outlook on 2014 U.S. economic growth and looks for Fed to maintain QE through 2013 Subscribe for More Information

11:10 EDT			FX Action: The abrupt turnaround on Wall Street has seen USD-JPY tumble Subscribe for More Information

10:55 EDT			FX Action: USD-CAD tumbled through sell stops at 1.0145 Subscribe for More Information

10:40 EDT			U.S. equities have reversed modestly higher Subscribe for More Information

10:30 EDT			Fed Policy Outlook: WSJ's Hilsenrath didn't add any new insight to the QE taper debate Subscribe for More Information

10:15 EDT			The Michigan sentiment drop to 82.7 in June trimmed the May surge Subscribe for More Information

10:10 EDT			FX Action: The dollar pulled back a touch Subscribe for More Information

10:05 EDT			FX Action: USD-JPY is drifting lower Subscribe for More Information

09:55 EDT			FX Action: The dollar largely shrugged off the softer industrial production data Subscribe for More Information

09:50 EDT			Market nearly unchanged ahead of confidence reading Subscribe for More Information

09:40 EDT			Treasury Action: Treasuries have held onto modest gains Subscribe for More Information

09:40 EDT			The flat May U.S. industrial production figure undershot assumptions The flat May U.S. industrial production figure undershot assumptions, following modest net downward bumps to prior levels that left a smaller 0.4% (was 0.5%) April drop but smaller prior gains of 0.2% (was 0.3%) in March and 0.7% (was 0.9%) in February. Analysts're seeing a bigger than expected utility sector unwind of the huge Q1 weather-led utility surge to a record high, but with small expected gains for manufacturing, mining and business equipment. Industrial production is poised for a flat figure in Q2 following a weather-boosted 4.1% (was 4.4%) Q1 rate, a 2.5% (was 2.6%) pace in Q4 and a lean 0.3% clip in Q3, versus prior 1%-9% quarterly growth rates since the start of the expansion. Analysts've seen a persistent factory outperformance of GDP through this expansion, though this status was temporarily surrendered in Q3 of last year before the ensuing industrial production rebound, and now again in Q2 with the big utility sector unwind into the quarter.

09:32 EDT			CBOE Volatility Index VIX is recently up 13c to 16.54 Subscribe for More Information

09:25 EDT			The U.S. TIC data revealed a $12.7 B net inflow Subscribe for More Information

09:20 EDT			The U.S. current account deficit widened slightly Subscribe for More Information

09:00 EDT			FX Action: USD-CAD ramped up to 1.0185 from 1.0160 Subscribe for More Information

08:55 EDT			Treasury Action: Treasuries have trimmed gains Subscribe for More Information

08:51 EDT			BofA/Merrill's European rates strategist holds a conference call Subscribe for More Information

08:50 EDT			FX Action: The dollar edged higher Subscribe for More Information

08:50 EDT			The 0.5% U.S. May PPI rise capped big recent declines Subscribe for More Information

08:45 EDT			U.S. PPI rose 0.5% May after a 0.7% decline in April. The core rate edged up 0.1% Subscribe for More Information

08:35 EDT			Futures remain lower ahead of open Stock futures remain slightly lower following the release of several economic reports. The Producer Price Index showed an increase of 0.5% versus expectations of an increase of 0.1%. Excluding food and energy, the index rose 0.1%, in-line with expectations. The Current Account Balance had a deficit of $106.1B versus the expected deficit of $111.3B. Scheduled to be released later today are data on long-term treasury flows, industrial production and capacity utilization. All are due out prior to the open of the broader market.

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

07:28 EDT			Futures slightly lower following yesterday�s rally Subscribe for More Information

07:24 EDT			The Brookings Institution to host a discussion Subscribe for More Information

07:13 EDT			Investor's inflation expectations may get Fed's attention, WSJ reports Many investors have lowered their expectations for future inflation, a shift that could get the attention of Fed officials as they consider the course of their bond-buying program at a policy meeting next week. The Fed has a 2% inflation goal and doesn't want consumer prices to veer too much above or below that number over time, reports the Wall Street Journal.Reference Link

07:13 EDT			First quarter corporate profits may not have been so rosy, WSJ reports Subscribe for More Information

07:10 EDT			WisdomTree Japan Hedged Equity Fund volatility at 36, above average of 27 WisdomTree Japan Hedged Equity Fund overall option implied volatility of 36 is above its 22-week average of 27 according to Track Data, suggesting large price movement.

07:06 EDT			CurrencyShares Japanese Yen Trust volatility elevated on wide price movement Subscribe for More Information

07:02 EDT			Japan's PM promises to introduce more stimulus measures, Reuters reports Subscribe for More Information

06:39 EDT			On The Fly: Morning Wrap-Up for June 14 Subscribe for More Information

06:27 EDT			CBOE Volatility Index VIX closed at 16.41, 10-day moving average is 16.56 Subscribe for More Information

06:24 EDT			June front month equity options expire, June 21, 2013 Subscribe for More Information

06:20 EDT			Commodities were broadly higher Subscribe for More Information

06:13 EDT			FX rates may soon face global regulation in Libor review, Bloomberg reports Global regulators may soon begin overseeing currency rates in a growing response to benchmark-rate setting scandals that began with revelations on the manipulation of Libor, sources say, reports Bloomberg. The International Organization of Securities Commissions, a Madrid-based group that harmonizes market rules, may propose in the next month final guidelines improving transparency and oversight of benchmarks, including the WM/Reuters rates, the sources added. Reference Link

03:25 EDT			FX Action: USD-JPY drifted lower FX Action: USD-JPY drifted lower on Tokyo name selling to trade into 94.70. The move was pinned on profit taking as Asian based accounts headed home for the weekend. The USD-JPY upside was limited over 95.50 overnight by corporate offers and short term accounts playing the range. After the recent volatility there is no appetite to run positions for too long. Early European accounts have expressed mixed views over PM Abe's growth plan. The fact that is passed through the Diet was not surprising, but Abe did not provide any fresh details to flesh out the initial announcement last week, which gives credence to reports that reforms are more likely to be watered down over the longer term. Abe promised more measures in July after the Upper House election. However, market participants are starting to think he may be struggling to put in place the 'third arrow' of his big revival plans. Ongoing doubts also remain over BoJ and the inintended market volatility that has followed.

01:10 EDT			Asian stocks rebounded. Subscribe for More Information

June 13, 2013
16:10 EDT			U.S. Michigan Consumer Sentiment Preview Subscribe for More Information

16:05 EDT			U.S. Industrial Production Preview Subscribe for More Information

15:44 EDT			Fed likely to emphasize commitment to low rates, WSJ reports In light of indications that market participants are starting to think the Federal Reserve will raise interest rates sooner than previously thought, Fed Chairman Ben Bernanke is likely to emphasize at his press conference next week that the Fed is committed to keeping short-term rates low after it concludes its bond-buying program, reports The Wall Street Journal. Reference Link

15:05 EDT			U.S. Current Account Preview: Subscribe for More Information

15:05 EDT			U.S. PPI Preview: Subscribe for More Information

14:45 EDT			Canada Manufacturing Preview Subscribe for More Information

13:58 EDT			Averages sit near session highs Subscribe for More Information

13:55 EDT			CBOE Volatility Index VIX is recently down 1.47 to 17.12

13:40 EDT			FX Action: USD-JPY touched N.Y. session highs of 94.92 Subscribe for More Information

13:40 EDT			U.S. equities forged higher Subscribe for More Information

13:25 EDT			The U.S. 30-year bond auction was weak The U.S. 30-year bond auction was weak, with the auction tailing out badly. The $13 B sale was awarded at 3.355%, versus 3.324% at the bid deadline and up sharply from 2.98% in May. There were $32.0 B in bids for a 2.47 cover, slipping from 2.53 last month despite the smaller size. It compares with a 2.58 average over the past 12 auctions. Indirect bidders took 40.2%, versus 38.8% in May and a 36.4% average. But direct bidders took just 8.4%, versus 15.5% last month. And primary dealers were left with 51.2%, up from 45.7%.

13:15 EDT			Treasury Action: long yields blasted higher on the 30-year reopening Subscribe for More Information

12:10 EDT			Treasury Option Action: bearish call selling on bonds Treasury Option Action: bearish call selling on bonds has crept into the mix ahead of the 30-year reopening, sources say this is fading the upmove in prices. Some 2k in Aug 144 calls were sold with underlying Sep bonds 26-ticks firmer near 139-18 compared to their 139-28 to 138-22 range. Cash bond yields stalled at 3.36% earlier and sank to 3.31% before stabilizing near 3.33%.

11:25 EDT			NY Fed Ops: the Fed purchased $3.29 B in Treasuries Subscribe for More Information

11:10 EDT			Treasury Options Action: a variety of flows Treasury Options Action: a variety of flows have materialized even as the underlying Treasury futures are locked in a range ahead of the 30-year auction. Sources reported a "block seller" of 9.3k in Sep 5-year futures at 122-01, along with a "seller of 10k in Aug 121 puts vs a purchase of 10k in Aug 122.5/123 call spreads (net vol seller) and a bullish purchase of 3.5k in Sep 123/123.5/124 call butterflies." Among the larger 10-year positions were a bullish "sale of 6k in 2-week 127.5 puts, bullish seller of 5k in Jul 129.5 puts vs 5k purchase in Aug 130 calls and a bullish buyer of 8k in Sep 131 calls." Sep 10s are 7.5-ticks firmer near 128-275 compared to a 129-055 to 128-18 range.

10:35 EDT			FX Action: USD-JPY briefly tested overnight lows Subscribe for More Information

10:30 EDT			EIA Natural Gas Storage Change for the week ending June 7 Subscribe for More Information

10:30 EDT			NY Fed Ops: the Fed will be a buyer NY Fed Ops: the Fed will be a buyer of $2.75-3.50 B notes maturing from Aug 2020 and May 2023, which could help support the bond market on the margin, though the $13 B 30-year reopening will be the next hurdle.

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

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

10:10 EDT			FX Action: The dollar showed little reaction Subscribe for More Information

10:10 EDT			U.S. business inventories rose 0.3% in April U.S. business inventories rose 0.3% in April, matching expectations, after a revised -0.1% in March (previously unchanged). Shipments declined 0.1% after a revised -1.2% in March (previously -1.1%). And the I/S ratio edged up to 1.31 months from 1.30. That is the highest since October 2009.

09:55 EDT			The U.S. Treasury will sell $13 B in reopened 30-year bonds Subscribe for More Information

09:54 EDT			Averages off opening lows but still in negative ground Stock futures improved throughout the pre-market trading session but fell short of getting into positive territory. The averages opened slightly lower but the selling was minimal compared to the slides seen in foreign markets, most notably Japan. The retail sales figures were generally in-line overall and the jobless claims data were also mostly as expected. The averages have improved slightly from their opening prices but are still in negative territory, with the Dow down 12 points, the Nasdaq down 5 points and the S&P down 1 point.

09:40 EDT			U.S. Business Inventories Preview U.S. Business Inventories Preview: April business inventories are expected to show inventory growth of 0.2% (median 0.3%) with shipments declining by 0.1%. This would follow respective March figures of unchanged for inventories and -1.1% for shipments and would result in the I/S ratio increasing to 1.31 from 1.30 for the month.

09:35 EDT			U.S. May trade prices undershot estimates Subscribe for More Information

09:32 EDT			CBOE Volatility Index VIX is recently down 23c to 18.37 Subscribe for More Information

09:20 EDT			FX Action: USD-JPY buying accelerated FX Action: USD-JPY buying accelerated ahead of the N.Y. options cut, where a large digital option expiry is rolling off at 95.00. Digital options usually payout if spot is trading right on the strike level, above or below the level at expiry, depending on how the position is structured. Given the price action over recent weeks it is more likely that the writer of the option gambled that USD-JPY would remain above 95.00 and will have an interest to keep spot elevated to avoid a costly payout. Other maturities today include plain vanilla strikes at 94.50 and 94.85. So far, USD-JPY has reached 94.75 versus N.Y. session lows of 94.00.

09:10 EDT			U.S. equities recovered some poise Subscribe for More Information

09:10 EDT			U.S. retail sales modestly beat estimates Subscribe for More Information

08:55 EDT			FX Action: The dollar popped briefly higher Subscribe for More Information

08:50 EDT			Analysts saw a 12k U.S. initial claims drop to 334k Subscribe for More Information

08:50 EDT			Treasury Action: yields flicked higher on first glance Subscribe for More Information

08:45 EDT			U.S. initial jobless claims fell 12k to 334k in the week ended June 8 Subscribe for More Information

08:45 EDT			U.S. import prices sank 0.6% in May Subscribe for More Information

08:40 EDT			U.S. retail sales rose a stronger than expected 0.6% in May U.S. retail sales rose a stronger than expected 0.6% in May (median +0.4%), after a modest 0.1% gain in April. The ex-autos aggregate rose 0.3%, matching expectations, after -0.2% in April. Sales ex-gas/autos also rose 0.3%, after +0.2%.

08:38 EDT			Senate Banking, Housing and Urban Affairs Committee to hold a hearing Subscribe for More Information

08:36 EDT			Futures improve ahead of open Stock futures have continued to rise as the morning progresses. The futures are above their overnight lows, and investors will be looking for a catalyst that will help stocks maintain their momentum. The Advance Retail Sales figures were released and showed an increase of 0.6% versus the expected increase of 0.4%. Excluding autos, the number was up 0.3% versus the expected increase of 0.3%. There were 334,000 initial jobless claims versus the expected 346,000, while continuing claims came in at 2.97M, in line with expectations.

08:30 EDT			FX Action: USD-JPY backed away from 94.40 Subscribe for More Information

08:29 EDT			House Financial Services Committee to hold a hearing Subscribe for More Information

08:20 EDT			Barclays' analysts hold an analyst/industry conference call Subscribe for More Information

08:20 EDT			FX Action: USD-CAD eased into the 1.0150 region FX Action: USD-CAD eased into the 1.0150 region into the North American open, where good bidding interest has been in place. Weaker risk appetite, along with some general recovery of the greenback has supported the pairing so far, though 8:30 EDT data from the U.S. could shake things up near term. Sell stops are noted under 1.0145, though more bids are layered from 1.0120 to 1.0100.

08:18 EDT			Credit Suisse's analysts hold an analyst/industry conference call Subscribe for More Information

08:16 EDT			Bernstein's analysts hold an analyst/industry conference call Analysts discuss how to invest for European regulatory change on an Analyst/Industry conference call to be held on June 13 at 9:30 am.

08:15 EDT			U.S. Retail Sales Preview Subscribe for More Information

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

08:15 EDT			U.S. weekly jobless claims preview: U.S. weekly jobless claims preview: jobless claims for the June-6 week are expected to decline 5k to 341k (median 345k). Analysts saw an 11k claims drop to 346k in the Memorial Day week of June, following a 13k bounce to 357k (was 354k) in the final week of May, as claims have resumed their sideways trend above late-April's 327k five-year low. Analysts expect a 165k June nonfarm payroll gain following the 175k May rise.

07:58 EDT			FDA Microbiology Devices Panel to hold a meeting Subscribe for More Information

07:56 EDT			JPMorgan to host a conference Subscribe for More Information

07:55 EDT			Standard & Poor's to host a webcast Subscribe for More Information

07:54 EDT			JPMorgan to host a conference Subscribe for More Information

07:45 EDT			Credit Suisse to host a conference European Building Conference 2013 is being held in London on June 13.

07:45 EDT			BMO Capital to host a conference 2013 Fixed Income Insurance Conference is being held in Toronto on June 13.

07:45 EDT			N.Y. FX Outlook Subscribe for More Information

07:44 EDT			JPMorgan to host a conference Energy Infrastructure & MLP 1:1 Corporate Access Day is being held in Chicago on June 13.

07:40 EDT			Treasury Market Outlook: Subscribe for More Information

07:31 EDT			Futures suggest another lower open Subscribe for More Information

07:29 EDT			Deutsche Bank to host a conference Subscribe for More Information

07:28 EDT			Beckers Healthcare to host a conference 11th Annual Orthopedic, Spine & Pain Mgmt-Driven ASC Conference is being held in Chicago on June 13-15.

06:50 EDT			The World Bank trimmed its global GDP forecast to 2.2% Subscribe for More Information

06:24 EDT			On The Fly: Morning Wrap-Up for June 13 Subscribe for More Information

06:20 EDT			CBOE Volatility Index VIX closed at 18.59, 10-day moving average is 16.37 Subscribe for More Information

06:17 EDT			June front month equity options expire, June 21, 2013 Subscribe for More Information

05:30 EDT			Commodities were broadly lower Subscribe for More Information

04:35 EDT			FX Action: USD-CAD was weighed by Asian sovereign sales FX Action: USD-CAD was weighed by Asian sovereign sales. The pair crashed from 1.0225 in early Europe to the 1.0185 region after short term sell stops were triggered through 1.0190. USD-CAD received a small bid in the Asia afternoon from 1.0195 up to 1.0225 amid news that Sobey's will acquire Safeway's assets in Canada for $5.7 B. Canadian conglomerate Empire is the owner of U.S. Safeway and the deal will extend its reach in the western provinces. The deal will be subject to review by the Canadian Competition Burea later this year, but substantial dollar inflows could go back to the U.S. The USD-CAD downside should slow from here amid a plethora of bids in the 1.0170s and towards 1.0150, which held on Wednesday.

01:15 EDT			Asian stocks fell sharply Subscribe for More Information

June 12, 2013
21:45 EDT			Australia employment rose 1.1k in May Subscribe for More Information

17:04 EDT			Reserve Bank of New Zealand benchmark interest rate unchanged at 2.5% Reference Link

16:43 EDT			Week of 6/21 EIA Petroleum Status Report to be released at 10:30 Subscribe for More Information

16:15 EDT			U.S. Business Inventories Preview Subscribe for More Information

16:15 EDT			U.S. Retail Sales Preview U.S. Retail Sales Preview: May retail sales will be out on Thursday and analysts expect the headline to increase by 0.4% (median 0.4%) with the ex-autos aggregate growing by 0.3% (median 0.3%) following a 0.1% increase for the headline in April. Chain store sales for May should be supportive of retail sales as should the increase in auto sales which analysts discuss in our Monday commentary.

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

15:30 EDT			U.S. trade price preview: Subscribe for More Information

15:19 EDT			CBOE Volatility Index VIX is recently up 1.47 to 18.53 Subscribe for More Information

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

14:25 EDT			Treasury Action: yields are consolidating below highs Subscribe for More Information

14:10 EDT			U.S. Treasury posted a $139 B deficit in May Subscribe for More Information

14:01 EDT			Treasury Budget data reported Subscribe for More Information

14:01 EDT			Corporate Profits to be released at 08:30

14:01 EDT			GDP to be released at 08:30 Subscribe for More Information

14:01 EDT			Week of 6/21 MBA Purchase Applications to be released at 07:00 Subscribe for More Information

14:00 EDT			Averages lower, but off worst levels Each of the major equity indices is lower, but off their worst levels of the session. After opening higher, the averages quickly began losing ground, moving to their worst levels of session after midday. The averages have recouped some of these losses in the last hour of trading. Declining stocks are ahead of advancing stocks by about 3:1, while down volume is ahead of up volume by about 2:1. Crude oil prices are higher by about 0.8% and gold is higher by about 1%. The Dow is down 49 points, the S&P is down 5 points, and the Nasdaq is down 16 points.

14:00 EDT			The U.S. Treasury set to sell $13 B in reopened 30-year bonds Subscribe for More Information

13:35 EDT			U.S. Treasury budget preview: Subscribe for More Information

13:25 EDT			The U.S. 10-year note auction was mixed Subscribe for More Information

13:20 EDT			Treasury Action: yields probed higher after the 10-year reopening Subscribe for More Information

13:20 EDT			FX Action: USD-JPY continuing to trade in a manic fashion FX Action: USD-JPY continuing to trade in a manic fashion, now back over 96.00, after basing under 95.15 earlier. Dealers reported thick bids into the 95.00 level, and the move back over 95.50 prompted intra day shorts to quickly run for cover.

12:50 EDT			Bank of Japan Builds Policy Credibility: Subscribe for More Information

12:30 EDT			Treasury Option Action: other tenors were active too Treasury Option Action: other tenors were active too including the 5-year, with a bullish sale of 4.5k in Sep 121.5/122.5 put spreads. Note, a large 50k purchase of Sep 123.7 calls on 5s Tues was a liquidation. There was also a bullish purchase of 9k in 110/110.12/110.25 call butterflies vs 2-year futures and a bearish 2k purchase of 2-week 137/138 put spreads on bonds, among the larger trades today. Meanwhile, the yen continues to rally and pull stocks down with it, though long yields are reluctant to give chase near lows heading into the 10-year reopening.

12:10 EDT			FX Action: USD-JPY touched 95.17 lows so far Subscribe for More Information

12:02 EDT			CBOE Volatility Index VIX is recently up 99c to 18.06

11:45 EDT			FX Action: Some talk of fund backed USD-JPY offers parked at 96.00 now Subscribe for More Information

11:30 EDT			Treasury Option Action: mixed flows reported Subscribe for More Information

11:20 EDT			NY Fed Ops: purchased $0.92 B Treasuries Subscribe for More Information

11:05 EDT			The U.S. Treasury will sell $21 B in reopened 10-year notes The U.S. Treasury will sell $21 B in reopened 10-year notes (13 ET), the second leg of the $66 B mini refunding. Tuesday's weak 3-year note sale has extended lackluster demand for recent auctions. Indeed, March's sale was disappointing, with the stop tailing to 1.81%, with a slightly below average 2.70 cover (2.92 average) and a 33.9% indirect (36.7% average). However, the sell off in Treasuries has been losing losing momentum along with pause in the risk rally, with the yield on the wi note having pulled back around 10 bps from Tuesday's spike high to 2.203% bid.

10:40 EDT			NY Fed is purchasing Treasury $0.75-1.00 B notes Subscribe for More Information

10:40 EDT			Oil Action: Front month NYMEX crude rallied briefly over $96.00/bbl Oil Action: Front month NYMEX crude rallied briefly over $96.00/bbl from $95.80 following the EIA inventory data which showed a 2,5 M bbl rise in crude stocks. The street had been expecting a 0.5 M bbl decrease. Meanwhile, gasoline supplies, seen up 0.5 M bbls actually rose 2.7 M bbls, while distillate stocks were down 1.2 M bbls, versus expectations for a 1.5 M bbl rise. Refinery usage fell to 87.5% from 88.4%.

10:32 EDT			Crude oil inventories for week of June 7 Subscribe for More Information

10:25 EDT			U.S. equities are now back in negative territory U.S. equities are now back in negative territory led lower by NASDAQ after rapidly flipping opening gains back into a ditch of dispair. A sharp rally in the yen to session highs accompanied the move in stocks and suggests deleveraging effects again. The Euro Stoxx 50 also pulled back to flat after its rebound was undermined as well, with some citing the closure of Greek TV as a sign of a revival of austerity troubles there. Treasury yields have eased slightly from highs, but remain elevated as both asset classes were dumped unceremoniously yesterday.

10:20 EDT			FX Action: USD-JPY traders are tracking Nikkei futures Subscribe for More Information

10:10 EDT			And now here's Bill: PIMCO's Gross Tweets: Subscribe for More Information

10:05 EDT			FX Action: The dollar has mostly pulled back from N.Y. highs FX Action: The dollar has mostly pulled back from N.Y. highs, as Wall Street quickly gives back nearly half its opening gains. The DJIA had been up over 100 points, and is currently up less than 60. EUR-USD has reclaimed the 1.3300 handle, with some talk of real money bidding interest. USD-JPY meanwhile, is back under 96.20, after stalling earlier into 96.80. Dollar-yen stops are seen under 96.00, though Japanese buying is noted into the lows currently.

09:55 EDT			PIMCO is pumping out a few more missives on volatility Subscribe for More Information

09:49 EDT			Averages off opening highs but still firmly positive Subscribe for More Information

09:33 EDT			CBOE Volatility Index VIX is recently down 62c to 16.45

09:17 EDT			iPath MSCI India Index volatility increases as shares trade at nine-month low Subscribe for More Information

09:10 EDT			Treasury Action: yields were propped back up from lows Subscribe for More Information

09:05 EDT			FX Action: USD-JPY is still being capped on upticks Subscribe for More Information

08:40 EDT			U.S. equities are in a more positive mood U.S. equities are in a more positive mood after stocks rebounded in Europe from Asia's downturn, which came full circle after the yen and yields yesterday conspired against stocks. Both the dollar and yields have steadied, which allowed stocks to bubble back up. Though Japan's N-225 closed 0.21% lower, that was well above -2.4% lows, though the Shanghai Comp reopened and sank 1.33% after catching up. In Europe, the Euro Stoxx 50 is 0.45% higher after firmer industrial production, while Spain's IBEX 35 is outperforming at +1.5% after better earnings. The Dow is 65-points higher, S&P rallied 7-points and NASDAQ climbed 11-points in pre-market action, with "fair value" adjustments padding gains into open. In earnings, Yum Brands confirmed a drop in sales in China, while U.S. banks may have 2-years now to divest from swaps trading to comply with Dodd-Frank, which boosted some affected financials. Up next are EIA energy inventories and NY Fed Ops, though the Treasury budget gap will be much later.

08:15 EDT			FX Action: USD-CAD touched intra day lows of 1.0160 Subscribe for More Information

07:55 EDT			U.S. MBA mortgage market index rose 5.0% Subscribe for More Information

07:45 EDT			British Prime Minister Cameron holds a Q&A discussion Subscribe for More Information

07:40 EDT			Treasury Market Outlook: Subscribe for More Information

07:35 EDT			BMO Capital to host a forum 8th Annual Women in Fixed Income Industry Forum is being held in Toronto on June 12.

07:32 EDT			BofA/Merrill to host a conference Utilities & Renewables Conference 2013 is being held in London, England on June 12-13.

07:31 EDT			Futures suggest market rebound U.S. equity futures are pointing to a rebound after yesterday�s mild sell-off. The market was weak yesterday due to investors' concerns regarding a reduction in the size of the Fed�s bond buying program. Analysts have said that a recent string of weaker than expected economic reports should prevent the Fed from tapering soon. There will be little economic data today for investors to key in on, as the only data scheduled to be released is the weekly Department of Energy Inventory report.

07:29 EDT			Fitch upgrades India's outlook to stable, Economic Times reports In a boost to investor sentiment, Fitch ratings upgraded India's outlook to stable from negative, affirming the credit rating at BBB-, reports the Economic Times. Fitch expects the country to meet its FY14 fiscal deficit target of 4.8%.Reference Link

07:26 EDT			JPMorgan to host a forum Subscribe for More Information

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

07:23 EDT			Citigroup to host a conference European Travel & Leisure Conference 2013 is being held in London, England on June 12-13.

07:20 EDT			HMG Strategy to host a summit Subscribe for More Information

07:20 EDT			Deutsche Bank to host a conference dbAccess Australia Residential Round-Up is being held in Sydney, Australia on June 12.

07:09 EDT			Fed may be forced to rethink dollar printing policy, Reuters reports Subscribe for More Information

07:08 EDT			Markets worldwide questioning economic direction, WSJ reports Subscribe for More Information

07:03 EDT			MBA Purchase Applications Refinance Index data reported Week of 6/7 MBA Purchase Applications Refinance Index up 5.0% for the week

07:03 EDT			MBA Purchase Applications Index data reported Subscribe for More Information

07:03 EDT			MBA Purchase Applications Composite Index data reported Subscribe for More Information

06:45 EDT			U.K. jobless claims fall to two year low, Reuters reports Subscribe for More Information

06:28 EDT			On The Fly: Morning Wrap-Up for June 12 Globex S&P futures are recently up 7.70 from previous day's SPX cash close. Nikkei 225 down 0.21%, DAX up 0.12%. WTI Crude oil is recently at $95.40, NYMEX Natural Gas down 0.19%, gold at $1376, copper up 0.80%.

06:21 EDT			CBOE Volatility Index VIX closed at 17.07, 10-day moving average is 15.99 Subscribe for More Information

06:14 EDT			June front month equity options expire, June 21, 2013 Subscribe for More Information

06:10 EDT			Commodity prices steadied today Subscribe for More Information

05:40 EDT			FX Action: USD-JPY is holding up FX Action: USD-JPY is holding up, currently around the 96.70 area, following the move up from 96.00 in Asia to 97.00 after the London open. Early demand out of Europe was pinned on a Japanese agency, while good cross-JPY demand went through the commodity bloc currencies as retail names see value after Tuesday's meltdown. Of note, AUD-JPY managed to avoid a move through 90.00, where more large stops are noted. The move on 97.00 ran into sell-orders from exporters and there was light sell-interest from fast money accounts. If USD-JPY manages to hold steady today then large 97.00 option expiries may attract into the N.Y. session. On the downside a very large digital option at 95.00 is due to roll off tomorrow, but unlikely to be a factor unless stocks take another turn for the worse. Overnight, the Nikkei overcame earlier losses and closed close to flat following speculation that the GPIF may be looking to buy the index towards 13,000. The futures market is currently trading around 13,350 from overnight lows of 13,015.

01:10 EDT			Asian stocks were broadly weaker Subscribe for More Information

June 11, 2013
19:27 EDT			Traders rig forex markets to profit from clients, Bloomberg says A report from Bloomberg says that traders at "some of the world's biggest banks," though the report did not identify which banks, manipulated foreign-exchange markets by front-running client orders and pushing trades through during a window when benchmark rates are set. Reference Link

17:06 EDT			June Consumer Confidence to be released at 10:00

17:06 EDT			May New Home Sales to be released at 10:00 Subscribe for More Information

17:06 EDT			June State Street Investor Confidence Index to be released at 10:00 Subscribe for More Information

17:06 EDT			Week of 6/22 Redbook to be released at 08:55 Subscribe for More Information

15:57 EDT			May Durable Goods Orders to be released at 08:30

15:57 EDT			Week of 6/22 ICSC-Goldman Store Sales to be released at 07:45 Subscribe for More Information

15:10 EDT			FX Action: USD-JPY took another leg down Subscribe for More Information

15:05 EDT			Treasury Closing Summary: Treasury Closing Summary: Bonds recovered some lost territory on Tuesday as stocks remained underwater and Japan-bourne anxiety hit again in late NY trade as the yen sliced through Y97 to the mid-95s compared to Y99 in Asia into the BoJ meeting. Supply kept the front-end relatively defensive, however, after a rather uninspiring $32 B 3-year auction, though the long-end recovered with the latest Asian virus. There was also plenty of Fed taper talk to go around, with one rumor indicating a $5-10 B QE cut next week and another looking for a Sep move. Commodity weakness and liquidation continued, compounding risk-off trade.

14:30 EDT			The U.S. Treasury will sell $21 B in reopened notes on Wednesday Subscribe for More Information

14:03 EDT			Market retreats from best levels Subscribe for More Information

13:30 EDT			The U.S. 3-year note auction was weak. The U.S. 3-year note auction was weak. The $32 B sale was awarded at 0.581%, versus 0.574% at the bid deadline and a 0.354% stop in May. There were $94.3 B in bids for a very light 2.95 cover. That compares with 3.38 at May's disappointing auction and a 3.55 average over the past 12 auctions. The the indirect bid rose to 33.1%, versus 30.7% in May and a 26.3% average. Direct bidders were awarded 8.4%, versus 14.6% in May. And primary dealers took 58.4%, versus 54.7% in May. The auction gets the mini-refunding off to a disappointing start, following on from lackluster demand for recent auctions in the face of Fed tapering fears.

13:15 EDT			Treasury Action: yields backed up on 3-year auction Subscribe for More Information

12:00 EDT			U.S. corporate debt: a few more IG deals U.S. corporate debt: a few more IG deals will hit the street, including Ascension's $430 M 40-year, MidAmerican's 22-year and Rice University's $115 M 50-year. Several high yield issues remain on deck as well, but nothing here to crowd the Treasury's $32 B 3-year offering much.

11:40 EDT			The U.S. 4-week bill auction was solid Subscribe for More Information

11:25 EDT			The U.S. mini-refunding gets underway today, The U.S. mini-refunding gets underway today, with the jump in yields since Friday's jobs data having suggested traders are nervous about having to take down more paper, especially at the long end, in advance of next week's FOMC announcement. Treasury will sell $32 B in 3-year notes (13 ET), the first leg of this week's $66 B mini-refunding. Recent auctions have met with lackluster demand. Indeed, May's 3-year sale was disappointing, with a 0.354% stop, a below average 3.38 cover (3.55 average) and a 30.7% indirect (26.3% average). The yield on the wi note is trading with a 0.571% bid, having pulled back from a 0.605% session high.

11:25 EDT			FX Action: USD-CAD is flirting with Asian session lows Subscribe for More Information

11:15 EDT			NY Fed Ops: Fed bought $1.464 B in bonds NY Fed Ops: Fed bought $1.464 B in bonds set to mature from Feb 2036 to Feb 2043, out of $3.51 B submitted by dealers for consideration. This is a drop in the bucket compared to the upcoming $32 B sale of 3-year notes, but marginally positive for Treasuries.

11:02 EDT			Vanguard REIT ETF volatility increases on sharp sell off Vanguard REIT ETF overall option implied volatility of 17 is above its 26-week average of 13 according to Track Data, suggesting larger price movement.

11:00 EDT			Treasury Action: yields are drifting down from highs Subscribe for More Information

10:30 EDT			Treasury Option Action: bullish call demand at the long-end Subscribe for More Information

10:30 EDT			The U.S. wholesale trade report The U.S. wholesale trade report revealed a 0.5% April sales rise that defied commodity price declines thanks to strength in durable goods sales, alongside a restrained 0.2% inventory gain that trimmed some of the March divergence between a big 1.4% (was 1.3%) March sales drop but a 0.3% (was 0.4%) inventory rise. The report was good news for the wholesale sector that has been hit in 2013 by global trade weakness and commodity price declines, though the upside sales surprise wasn't large enough to impact the growth outlook overall. Analysts still expect a 0.2% April business inventory rise, given today's 0.2% wholesale gain and already-reported 0.2% factory inventory increase, alongside an assumed 0.2% retail inventory rise. Analysts expect no net Q1 GDP growth revision from 2.4%, though analysts expect a $2 B wholesale and overall Q1 inventory boost that's a tad smaller than the $4 B boost signaled with the annual wholesale trade revisions released on May 31.

10:15 EDT			Treasury Action: yields remained below highs Subscribe for More Information

10:11 EDT			Market sharply lower in early trading Subscribe for More Information

10:10 EDT			U.S. wholesale trade rose 0.5% U.S. wholesale trade rose 0.5% in April (median unch) following a revised 1.4% decline in March (previously -1.3%). Inventories rose 0.2%, as expected, after growing a revised 0.3% in March (previously +0.4%). And the I/S ratio dipped to 1.21 months from 1.22 in March.

10:03 EDT			Vanguard Emerging Market ETF volatility elevated on wide price movement Vanguard Emerging Market ETF overall option implied volatility of 20 is above its 26-week average of 17 according to Track Data, suggesting larger price movement.

09:51 EDT			Government buildings evacuated in Georgia after bomb threats, WSBTV says Subscribe for More Information

09:35 EDT			FX Action: USD-JPY has chopped either side of 97.00 Subscribe for More Information

09:31 EDT			CBOE Volatility Index VIX is recently up 1.47 to 16.91 Subscribe for More Information

09:28 EDT			SPDR Lehman High Yield Bond volatility flat on wide price movement Subscribe for More Information

09:27 EDT			iShares iBoxx Investment Grade Corp Bond volatility flat on wide price movement Subscribe for More Information

09:15 EDT			Treasury Action: Fed $5-10 B taper talk for next week Subscribe for More Information

09:10 EDT			Euro$ interest rate options: position rolls and call positioning Subscribe for More Information

09:05 EDT			U.S. Redbook same store sales index fell 0.5% June to date Subscribe for More Information

09:00 EDT			Treasury Option Action: more activity in the belly Subscribe for More Information

08:40 EDT			U.S. equities are on the back foot U.S. equities are on the back foot after disappointment that the BoJ didn't offer any fresh steps to cool the bond market or deepen liquidity steps. The 14-month high on longer Treasury yields and much stronger yen also dampened investor spirits after the T-note trespassed above the 2.25% psych level. In Asia, the N-225 sank 1.45%, while the Aussie ASX 200 rose 0.41% and China was still closed. In Europe, the Euro Stoxx 50 extended losses to -2.0%, while the Spain IBEX is -2.6% as peripheral spreads blow out and German courts debate the constitutionality of the ECB's OMT. The Dow is 124-points lower, S&P sank 16-points and NASDAQ is off 28-points in pre-market trade. In corporate news, Lululemon tanked 13% after its CEO abruptly resigned, though its earnings were more solid than its shear yoga pants. Softbank reached an upsized $21.6 B deal to buy Sprint Nextel. Boeing forecast a doubling of jet liner demand over the next 20-years. Dole Foods surged 21% after its CEO offered a $1.5 B MBO. NFIB small business optimism reached year-highs of 94.4, though overshadowed, while wholesale trade data is due later, along with the 3-year note auction.

08:34 EDT			Futures remain sharply lower ahead of open Stock futures remain sharply lower as investors show their disappointment over the Bank of Japan�s failure to launch a new stimulus program. The decision has unnerved investors who are sensitive to any signs of a lack of commitment by central banks to loose monetary policies.

08:00 EDT			U.S. ICSC-Goldman Sachs chain store sales fell 2.7% U.S. ICSC-Goldman Sachs chain store sales fell 2.7% for the week ending June 8 versus +1.9% in the week ending June 1. The index moderated to +2.2% y/y from +4.3% y/y in the prior week.

07:41 EDT			Credit Suisse to host a conference Subscribe for More Information

07:40 EDT			U.S. small business confidence rose 2.3-points to 94.4 in May U.S. small business confidence rose 2.3-points to 94.4 in May the highest level in a year, according to the National Federation of Independent Business survey. A least that's one positive sign against the tide of pessimism overnight.

07:37 EDT			CBOE Interest Rate 5 Year Note at 11.25, above its 50-day moving average of 8.02 Subscribe for More Information

07:35 EDT			BofA/Merrill to host a conference Subscribe for More Information

07:35 EDT			Treasury Market Outlook: Subscribe for More Information

07:35 EDT			N.Y. FX Outlook N.Y. FX Outlook: A sharply weaker USD-JPY in the aftermath of no action from the BoJ resulted in the dollar easing more broadly overnight. Dollar yen moved back under 96.50 after closing in over 99.00 in N.Y. on Monday. EUR-USD approached 1.3300, and lost ground to the CHF and GBP as well. The dollar bloc moved lower however, led by further AUD-USD losses. Treasury yields firmed, while equity futures are firmly underwater heading toward the open. Looks like another "sky is falling" session is in store. The U.S. calendar reveals just April wholesale data at 10:00 EDT.

07:33 EDT			Futures suggest a sharply lower open Subscribe for More Information

07:28 EDT			JPMorgan to host a conference Subscribe for More Information

07:24 EDT			Deutsche Bank to host a conference Subscribe for More Information

07:13 EDT			EU to seek WTO ruling against Chinese duties on steel, Reuters reports Subscribe for More Information

07:09 EDT			Regulators go after bank fees, WSJ reports Subscribe for More Information

06:40 EDT			German court to weigh legality of ECB promise, NY Times says Subscribe for More Information

06:30 EDT			Commodities fell broadly Commodities fell broadly as stocks in Asia and Europe weighed. China growth concerns continued to dampen general demand for commodities, while specifically for equity markets there was BoJ disappointment. It left policy unchanged, but failed to take measures to dampen volatility in JGB markets and comments from BoJ Kuroda underwhelmed. The dollar lost ground against JPY and CHF on deleveraging, but rallied against the commodity bloc currencies. Nymex crude was close to 0.5% weaker around $95.35 bbl, while copper fell to five week lows under $3.20 and nominal gold lost more than 1% to trade under $1370.

06:17 EDT			On The Fly: Morning Wrap-Up for June 11 Subscribe for More Information

06:14 EDT			CBOE Volatility Index VIX closed at 15.44, 10-day moving average is 15.74 Subscribe for More Information

06:11 EDT			June front month equity options expire, June 21, 2013

06:06 EDT			Stocks, bonds, commodities lower on BOJ as yen increases, Bloomberg reports Stocks, bonds and commodities declined worldwide and the yen strengthened after Bank of Japan Governor Haruhiko Kuroda left his stimulus efforts unchanged, raising speculation central banks will fail to keep the global recovery on track, reports Bloomberg. Reference Link

05:30 EDT			FX Action: USD-JPY selling intensified Subscribe for More Information

04:35 EDT			FX Action: USD-JPY remained stable FX Action: USD-JPY remained stable over the BoJ press conference, which followed the unchanged policy stance overnight. BoJ Governor Kuroda assured markets that the BoJ will consider steps to calm the JGB market if needed and is prepared to be more flexible in response to the rise in yields. USD-JPY dipped from 98.40 at the European open into 97.87 and then headed back to the 98.00 level, where it ended the Tokyo session, leaving it around 1% lower from early Asia highs and below yesterday's 99.28 peak. There was disappointment that BoJ did not extend the maturity of the existing loan program, though economic data has indicated that the current program is having a positive impact on the economy.

01:10 EDT			Asian stocks were mostly were today Subscribe for More Information

June 10, 2013
14:01 EDT			Averages mixed, trading in narrow range Subscribe for More Information

13:30 EDT			Treasury Option Action: a bullish buyer of call spreads in 5-years Treasury Option Action: a bullish buyer of call spreads in 5-years included a purchase of 6k in Sep 123/123.75 call spreads. This came on top of a lot of bullish put selling in 10-years earlier. In addition to the large seller of Jul 128+ puts in a block trade vs 10s already reported, there were sellers of 2k in Jul 126/128 put spreads, 2k in Jul 130+/131+ put spreads, 4k in Aug 127 puts, 2k in Jul 128/129 put spreads vs a 2k purchase of Aug 126+/127/128+ put butterflies, and a sale of 3k in Sep 127 puts. On the buy side was a purchase of 5k in Aug 127 puts and a buyer of 1k in Sep 125/126 put spreads. Yet Sep 10s are now 13-ticks lower near 128-215 thanks to the late sell-off on Bunds following Draghi-speak.

13:15 EDT			Supply will dominate U.S. action Subscribe for More Information

12:35 EDT			U.S. Wholesale Trade Preview Subscribe for More Information

12:25 EDT			Treasury Action: yields edged back toward highs after ECB's Draghi Treasury Action: yields edged back toward highs after ECB's Draghi sounded relatively hawkish, driving Bund yields back up to highs as well. The T-note yield cracked back over 2.21% from under 2.20% vs session highs of 2.222%. The 2s-10s spread is back up near 1.90%.

12:10 EDT			U.S. corporate debt: a variety of investment grade issues Subscribe for More Information

11:50 EDT			Treasury Option Action: some bullish put liquidation Subscribe for More Information

11:45 EDT			Treasury's 3-month bill auction result Subscribe for More Information

11:45 EDT			Treasury's 6-month bill auction result Subscribe for More Information

11:20 EDT			The U.S. will sell $30 B in 4-week bills Subscribe for More Information

10:35 EDT			More from Fed's Bullard: More from Fed's Bullard: he thinks it is a reasonable prediction that the U.S. jobless rate will continue to tick down. As to low inflation, there could be some noise in the data and it may turn around, but the Fed wants reassurance before tapering the bond purchase program. Any indication that inflation is moving toward its target would be welcome, while he has been nervous in the past that inflation hasn't shown signs of turning around.

10:29 EDT			BofA/Merrill's economists hold an analyst/industry conference call Subscribe for More Information

10:20 EDT			Another Tweet from PIMCO's Gross on China: Subscribe for More Information

10:05 EDT			St. Louis Fed hawk-dove Bullard is fairly balanced on QE St. Louis Fed hawk-dove Bullard is fairly balanced on QE noting the one hand that "surprisingly low" inflation may mean the Fed can maintain aggressive asset buying over a longer time frame, but on the other hand improvements in labor market conditions suggests the Fed could slow the pace of monthly asset purchases. Moreover, he says that global commodities softening could reflect recession in Europe and slowing in China. He's not too concerned about excessive risk taking due to low interest rates, which has been limited since 2009, while noting that Dodd-Frank financial regulation may be helping contain excessive risk taking too. Overall, this about what expected from the voter. Bonds seem to be getting some relief, however, from his balanced tone.

10:03 EDT			Averages pare gains, trade little changed in early going Subscribe for More Information

09:50 EDT			FX Action: USD-JPY triggered stops FX Action: USD-JPY triggered stops on the way to intra-day highs over 99.25. The dollar move was broad based after S&P revised up the U.S. sovereign rating to stable from negative. Offers from Japanese corporates were filled between 99.00 and 99.20, which protected light stops above. There is more order congestion noted into 99.50 and heavy offers are anticipated towards 100.00. Ahead of tomorrow's BoJ policy decision the USD-JPY downside should remain limited. However, an unchanged policy stance is widely expected. Comments from BoJ Governor Kuroda will be scrutinised after last week's volatility via stocks and FX. Analysts expect him to maintain his dovish credentials and assure market participants that BoJ is monitoring the impact from its recent policy measures.

09:45 EDT			U.S. Vehicle Assemblies continue to track expectations Subscribe for More Information

09:36 EDT			CBOE Volatility Index VIX is recently up 11c to 15.25 Subscribe for More Information

09:30 EDT			Euro$ interest rate options: large screen trades on Greens Euro$ interest rate options: large screen trades on Greens were highlighted by sale of 23k in Green Jun 87/90 put spreads vs a purchase of Green Aug 85/87 put spreads. Also purchased was a Green Aug put spread "blocked" at the same level, thought to be "rolling" out of the Jun spread and into the Aug, which is a new position. Underlying Sep 2013s are a half-tick lower near 99.685, while the deferreds are 0.5-1.0 ticks lower as the short-dated rate contracts tweak the QE3 horizon a bit.

09:10 EDT			Barclays analysts hold an analyst/industry conference call Industrials Analysts provide a weekly update on an Analyst/Industry conference call to be held on June 10 at 11 am.

09:06 EDT			Barclays' healthcare analyst team holds an analyst/industry conference call Healthcare analysts discuss important trends within the industry on an Analyst/Industry conference call to be held on June 10 at 10:30 am.

09:05 EDT			Standard & Poor revises outlook on U.S. to stable from negative Subscribe for More Information

09:00 EDT			FX Action: USD-CAD is fairly steady under 1.0200 Subscribe for More Information

08:57 EDT			Citigroup's healthcare analyst team holds an analyst/industry conference call Subscribe for More Information

08:57 EDT			S&P raises outlook on U.S. to Stable from Negative Subscribe for More Information

08:55 EDT			Deutsche Bank's energy economist to hold an analyst/industry conference call Subscribe for More Information

08:45 EDT			Treasury Option Action: a large block trade Subscribe for More Information

08:30 EDT			Investors continue to look to a higher open Stock futures remain slightly higher ahead of the day�s open. Little economic data is expected to be released today, so investors are hoping that last week�s momentum can extend to today�s session. The market looks poised to shake off the weaker industrial production outlook which was released last week and instead focus on the gains made in the U.S. economy.

08:30 EDT			U.S. equities are starting the week firmer Subscribe for More Information

08:29 EDT			Jefferies' energy analysts hold an analyst/industry conference call Energy analysts provide an industry update on an Analyst/Industry conference call to be held on June 10 at 8:15 am.

08:10 EDT			Canada Housing Starts Preview Subscribe for More Information

07:55 EDT			St. Louis Federal Reserve Bank President Bullard speaks at conference Subscribe for More Information

07:25 EDT			ISI Group to host a field trip European Healthcare Field Trip travels in Switzerland, Germany and Denmark on June 10-12.

07:25 EDT			Futures suggest a slightly higher open U.S. equity futures are pointing to a positive open as investors hope that the rally which began at the end of last week can continue. The market began last week with a big sell-off, but stocks recouped their losses within a couple of days and finished the week in the black. The futures are higher based on the strength of the dollar against the yen, as prospects for economic growth in the U.S. and Japan outweigh concerns about a global slowdown.

07:16 EDT			CLSA to host a tour Subscribe for More Information

07:11 EDT			U.S. expansion showing signs of longevity, Bloomberg reports Subscribe for More Information

07:10 EDT			Japan's growth policies begin to pay off, Reuters reports Subscribe for More Information

07:09 EDT			Investors holding on for volatility over the summer, WSJ reports Subscribe for More Information

06:50 EDT			Chinese data continues to be relatively weak, NY Times says China's industrial production last month grew at the slowest pace since last September, while its imports in May rose by the lowest amount since last August, the country reported over the weekend, according to The New York Times. On a positive note, retail sales growth inched up to 12.9% in May from 12.8% in April, the newspaper noted. Reference Link

06:46 EDT			On The Fly: Morning Wrap-Up for June 10 Subscribe for More Information

06:43 EDT			June front month equity options expire, June 21, 2013 Subscribe for More Information

06:40 EDT			CBOE Volatility Index VIX closed at 15.14, 10-day moving average is 15.49 Subscribe for More Information

06:10 EDT			Commodities keyed off China data Subscribe for More Information

05:05 EDT			FX Action: USD-JPY extended overnight gains Subscribe for More Information

June 9, 2013
11:45 EDT			ECB says there is no limit to bank's bond buying, Reuters reports Subscribe for More Information

June 8, 2013
15:58 EDT			China's export growth slows amid fake trade invoice crackdown, Bloomberg says Subscribe for More Information

June 7, 2013
20:34 EDT			Consumer Sentiment Index to be reported at 09:55 Subscribe for More Information

20:34 EDT			Industrial Production Manufacturing to be reported at 09:15 Subscribe for More Information

20:34 EDT			Industrial Production Capacity Utilization Rate to be reported at 09:15 May Industrial Production Capacity Utilization Rate will be reported at 09:15 . Current consensus is 77.9%

20:34 EDT			Producer Price Index PPI less food & energy to be reported at 08:30 Subscribe for More Information

20:34 EDT			Producer Price Index PPI to be reported at 08:30 Subscribe for More Information

20:34 EDT			Export Prices data reported. May Export Prices at % vs. consensus of down 0.1% for the month.

20:34 EDT			Import Prices data reported. Subscribe for More Information

20:34 EDT			Retail Sales Less Autos & Gas to be reported at 08:30 Subscribe for More Information

20:34 EDT			Retail Sales less autos to be reported at 08:30 May Retail Sales less autos will be reported at 08:30 . Current consensus is 0.4% for the month

20:34 EDT			Wholesale Trade Inventories to be reported at 10:00 Subscribe for More Information

15:30 EDT			Treasury Closing Summary: Treasury Closing Summary: Payrolls Friday injected its usual dose of volatility into the markets on Friday, though it rose almost exactly as predicted and the jobless rate backed up as well. The report provided an intersection for heavy trading in fixed income and interest rate products, and even a little front-running, if nano-second leaks of the data are to be believed. Though the data didn't tip the taper scales either way really, WSJ Fedwatcher Hilsenrath said the Fed could signal a pullback in purchases as early as the June FOMC for a taper later in the year. Philly Fed hawk Plosser crowed that the data was a sign that sequester effects were "less that feared."

15:10 EDT			U.S. consumer credit rose $11.1 B in April Subscribe for More Information

15:01 EDT			Consumer Credit data reported Subscribe for More Information

14:35 EDT			U.S. consumer credit preview: Subscribe for More Information

14:20 EDT			Philly Fed hawk Plosser is getting some jabs Subscribe for More Information

14:01 EDT			Averages remain sharply higher Each of them major equity indices is sharply higher following this morning's jobs report, with the Dow and Nasdaq each up my almost 1%. Advancing stocks are ahead of declining stocks by more than 2:1 and up volume is ahead of down volume by about the same margin. Crude oil prices are higher by more than 1.3% but gold is lower by more than 2.3%. The Dow is up 147 points, the Nasdaq is up 33 points, and the S&P is up 13 points.

13:30 EDT			Fedspeak is on holiday all next week Fedspeak is on holiday all next week thanks to the upcoming FOMC meeting on Jun 18-19 that will have the full press conference and updated economic projections, barring any unscheduled PR visits to financial TV.

13:15 EDT			Treasury Option Action: heavy artillery in the 5-year was rumored Treasury Option Action: heavy artillery in the 5-year was rumored earlier adding to the price violence following payrolls and sources have subsequently confirmed a "purchase of 50k in Sep 124 calls on 5-year futures" that certainly fits that bill. Sep 5s are down over 10-ticks near 122-092, however, compared to their 122-25 to 122-08 range. Sources mention talk of central bank buying on 3-year area now as well.

12:55 EDT			Treasury Action: supply considerations continue to weigh on the bond market Subscribe for More Information

12:35 EDT			PIMCO's Gross-speak now on Twitter: Subscribe for More Information

12:20 EDT			May U.S. Jobs Report Boosts April Hours-Worked Subscribe for More Information

11:56 EDT			Fed on track to ease bond purchases, WSJ reports As long as the economy doesn't disappoint, Federal Reserve officials are likely to signal at their June policy meeting that they are on track to begin reducing the pace of their monthly bond purchases later this year, reports The Wall Street Journal. Reference Link

11:42 EDT			WSJ's Hilsenrath says Fed likely on track to reduce bond buying, DJ says Subscribe for More Information

11:20 EDT			NY Fed outright purchase: no Fed buybacks today Subscribe for More Information

10:30 EDT			U.S. equities have extended opening gains Subscribe for More Information

10:20 EDT			Euro$ interest rate options: heavy rolling of put positions Subscribe for More Information

10:16 EDT			Averages continue upward momentum, up nearly 1% after jobs report Stock futures moved to the upside following the better than expected monthly nonfarm payrolls report, which led to a moderately higher open for the broader market. The averages have trended higher since the open and the Dow and S&P are both now up about 1%, with the Nasdaq only slightly behind. With the day's, and in fact the week's, major data point out of the way, the market may spend most of the session drifting. The Dow is up 148 points, the Nasdaq is up 31 points and the S&P is up 16 points about 45 minutes into the session.

10:10 EDT			Treasury Option Action: a large bullish position in the belly Treasury Option Action: a large bullish position in the belly was reported, specifically the purchase of 20k in Sep 124-00 calls on 5-year futures, fading the post-payrolls sell-off. Yield on cash 5s shot back above 1.0% to highs near 1.05% after the data.

09:45 EDT			FX Action: USD-JPY is filling in buy stops Subscribe for More Information

09:35 EDT			For the U.S monthly outlook after the May jobs report Subscribe for More Information

09:35 EDT			For the U.S quarterly outlook, Subscribe for More Information

09:33 EDT			CBOE Volatility Index VIX is recently down 86c to 15.78 Subscribe for More Information

09:30 EDT			The U.S jobs data revealed minor and offsetting surprises The U.S jobs data revealed minor and offsetting surprises in the various components, though analysts saw a small upside surprise on net given an April hours-worked boost and firm household data. Payrolls rose by a larger than expected 175k in May, but after 12k in downward revisions, while the workweek was unchanged from an upwardly-revised 34.5 (was 34.4) in April that trimmed the April hours-worked drop to just 0.1% from 0.4%. Analysts saw big May civilian employment and the labor force gains, and the participation rate rose a tick from the 63.3% 34-year low, though the jobless rate rose to 7.6%. Private payrolls were a tad weaker than expected via downward revisions, but headline payrolls were stronger because of a surprisingly small 3k drop in government employment after small 7k boost in the March-April data. Today's figures have done nothing to change the broad outlook for May or Q2.

09:20 EDT			Treasury Action: a large block trade Treasury Action: a large block trade was reportedly responsible for the subsequent sell-off on Treasuries, according to sources, who confirmed a 22k position on Sep 10-year futures at 129-24 that set the bears back in motion. Sep 10s are off about 11-ticks near 129-14, compared to their 130-035 to 129-025 range.

09:10 EDT			FX Action: USD-CAD took a nose-dive after the twin U.S./Canada employment reports FX Action: USD-CAD took a nose-dive after the twin U.S./Canada employment reports, trading under 1.0170 from 1.0240. The outsized Canadian jobs add was responsible for the bulk of the CAD rally, though there was a bit of a sigh of relief from the U.S. side as well. USD-CAD has since rebounded back toward 1.0220, as the greenback overall posts gains.

09:05 EDT			Fed Policy Outlook: the mix in the May employment data isn't sufficiently strong to argue for QE tapering Subscribe for More Information

09:05 EDT			U.S. equities rebounded from negative territory U.S. equities rebounded from negative territory to post gains ahead of the open after the neutral payrolls report likely kept the Fed in the QE game for at least another meeting or two. Speculation in the press as to whether the 200k level would provide a taper trigger was rendered moot by the 175k gain, though stock bulls had to overcome the bounce in the jobless rate to 7.6%. Prior to the data, equities had been trading in shallow negative territory after losses in Asia and Europe. In Japan, the N-225 was very volatile, though it recovered late to close down just -0.21% after talk of pension fund support to raise equity holdings a percent, while the Aussie ASX 200 sank 1.21% and the Shanghai Comp fell 1.33%. Half of Europe is back in the green, with a slight gain on the Euro Stoxx 50, though the price action is mixed across the Continent. The Dow is 57-points firmer, S&P gained 9-points, and NASDAQ is 12-points higher in pre-market action. Wal-Mart delivered more upbeat news on its forecast that customer confidence will rise in the second half of the year. Soros Fund Management indicated it had liquidated much of its Japan long-equity positions in May before sell-off. The back-up in Treasury yields to highs in response could provide some headwinds for stock investors into the close if it continues, whereas only consumer credit remains later to provide a small economic hurdle into the weekend.

08:58 EDT			Credit Suisse's economist holds an analyst/industry conference call Subscribe for More Information

08:55 EDT			FX Action: USD-JPY traded all over the shop Subscribe for More Information

08:45 EDT			Credit Suisse's healthcare analyst research team holds a conference call Subscribe for More Information

08:45 EDT			U.S. nonfarm payrolls increased 175k in May Subscribe for More Information

08:45 EDT			FX Action: The dollar rebounded following the in-line NFP print Subscribe for More Information

08:45 EDT			Treasury Action: yields pulled back from highs Treasury Action: yields pulled back from highs following the near-median print on payrolls, with back revisions virtually a wash, though the unemployment rate backed up to 7.6%. That gave the markets pause and yields eased even further as the news was digested. The T-note yield had run up to 2.10% prior to the snap, then plunged to 2.05% again in its wake. Whether 200k is any kind of threshold, or not, the Fed hasn't reached it in a sustainable way just yet. Taper-off...

08:34 EDT			Futures rise following jobs data Subscribe for More Information

08:33 EDT			Economists hold a press conference on the economy Chief Economists from the nation's largest banks forecast the future of the U.S. economy, including the sequester on jobs and growth at a press conference to be held on June 7 at 11 am. Webcast Link

08:33 EDT			Employment Situation Private Payrolls data reported Subscribe for More Information

08:33 EDT			Employment Situation Av Workweek data reported Subscribe for More Information

08:33 EDT			Employment Situation Average Hourly Earnings data reported May Employment Situation Average Hourly Earnings up 0.0% vs. consensus of 0.2% for the month

08:33 EDT			Employment Situation Unemployment Rate data reported Subscribe for More Information

08:33 EDT			Employment Situation Nonfarm Payrolls data reported May Employment Situation Nonfarm Payrolls at 175,000 vs. consensus of 167,000 for the month

08:31 EDT			U.S. May non-farm payrolls rise 175,000, jobless rate rises to 7.6%

08:30 EDT			Treasury Action: yields are backing up into NFPs Treasury Action: yields are backing up into NFPs as the bond market braces for an outsized number vs the 165k median. Anything much above that level would keep the Fed QE taper in play, while a 150k and below might calm the taper talk somewhat. Some sources are point to an MNI Beckner story that 200k is not the minimum target for a taper, though that's self-evident as the Fed has been looking for consecutive months of sustainable gains to justify any relaxing of QE via the taper. The T-note yield has jumped from the 2.05% area to 2.09%.

08:25 EDT			ECB's Draghi: Governments must fight recession, boost credit, Bloomberg reports Almost a year since his promise to do �whatever it takes� to protect the euro soothed investors, and a month since cutting interest rates, European Central Bank President Mario Draghi has signaled that governments, not the ECB, should do more to fight recession and boost credit to businesses in cash-strapped countries such as Spain, reports Bloomberg. Reference Link

08:15 EDT			U.S. Employment Preview Subscribe for More Information

08:00 EDT			Fed funds opened at 0.09% Fed funds opened at 0.09%. The rate ranged from 0.03% to 0.375% yesterday with a 0.10% effective. Interbank borrowing rates were mixed at today's Libor fixing. The overnight dollar Libor rate slipped to 0.13260% from 0.13300%. The 1-week remained steady at 0.15851%. The 3-month rate rose to 0.27515% versus 0.27425%. The 12-month rate was unchanged at 0.68520%.

07:55 EDT			CBOE VIX futures June at 16.55, Aug at 18, Feb 20.75�, VIX at 16.63 Subscribe for More Information

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

07:43 EDT			Investors retreat from U.S. junk bond funds, FT reports Subscribe for More Information

07:23 EDT			TheStreet holds a conference Subscribe for More Information

07:22 EDT			Futures trade near fair value ahead of jobs data Subscribe for More Information

07:19 EDT			HMG Strategy to host a summit 2013 London CIO Executive Leadership Summit is being held in London, England on June 7.

07:11 EDT			Gold traders most bullish in two months, Bloomberg reports Gold traders are the most bullish since before the bear market began two months ago after a retreat in equities from an almost five-year high and a weakening dollar spurred demand for bullion. Nineteen analysts surveyed by Bloomberg expect prices to rise next week, with eight bearish and six neutral, the largest proportion of bulls since March 22, reports Bloomberg.Reference Link

07:11 EDT			Economists see Fed cutting asset buying by lesser amount, Bloomberg reports Subscribe for More Information

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

06:50 EDT			FX Action: USD-JPY hit lows of the week at 95.52 Subscribe for More Information

06:30 EDT			Commodity markets were stable Subscribe for More Information

06:14 EDT			On The Fly: Morning Wrap-Up for June 7 Subscribe for More Information

06:10 EDT			CBOE Volatility Index VIX closed at 16.62, 10-day moving average is 15.40 Subscribe for More Information

06:05 EDT			June front month equity options expire, June 21, 2013 Subscribe for More Information

05:52 EDT			Soros buying Japanese stocks again, WSJ reports Subscribe for More Information

05:10 EDT			FX Action: USD-JPY is on steady footing Subscribe for More Information

02:01 EDT			Week of 6/19 Fed Balance Sheet to be released at 16:30 Subscribe for More Information

02:01 EDT			Week of 6/10 Money Supply to be released at 16:30

01:10 EDT			Asian stocks fell Subscribe for More Information

June 6, 2013
18:33 EDT			S&P revises outlook on Brazil to negative, affirms 'BBB/A-2' FC ratings Subscribe for More Information

16:14 EDT			Week of 6/14 EIA Natural Gas Report to be released at 10:30 Subscribe for More Information

20:15 EDT			Existing Home Sales to be reported at 10:00 Subscribe for More Information

16:14 EDT			June Philadelphia Fed Survey to be released at 10:00

20:15 EDT			Jobless Claims to be reported at 08:30 Subscribe for More Information

15:16 EDT			CBOE Volatility Index VIX is recently down 6c to 17.44 Subscribe for More Information

15:00 EDT			Action Alert: the surge in JPY has elicited talk of a hedge fund blow up in Tokyo Subscribe for More Information

14:40 EDT			Canada Employment Preview Subscribe for More Information

13:55 EDT			Averages turn mixed, recoup some losses Subscribe for More Information

13:45 EDT			More from Fed hawk Plosser: "maybe yes" was his response Subscribe for More Information

13:15 EDT			FX Action: Talk of huge Japanese liquidation of short yen positions Subscribe for More Information

13:00 EDT			U.S. Household net worth rose Subscribe for More Information

13:00 EDT			Treasury Action: yields are finding some footing Treasury Action: yields are finding some footing above lows after plunging with the dollar, even as Twit-o-sphere jokes about "payrolls leaks" take on a life of their own now (there is no leak of NFPs). There has been some talk about "real money" selling on Treasuries near highs and the cash note yield has stabilized near 2.03% after testing 2.0% psych area vs highs of 2.125% earlier. If this is the appitiser for payrolls, what will the main course bring tomorrow?

12:46 EDT			CBOE Volatility Index VIX +4.7% to 18.32 Subscribe for More Information

12:40 EDT			U.S. equities are rolling over Subscribe for More Information

12:22 EDT			Moody's cuts Illinois GO rating to 'A3' from 'A2', outlook negative Subscribe for More Information

12:15 EDT			Treasury-FX Action: yields and the dollar have plunged Treasury-FX Action: yields and the dollar have plunged with disappointment setting in that the ECB hasn't taken further easing steps as the primary trigger, while there has been some talk of selling triggered by FX bonds. The euro shot to highs of 1.3270 vs the buck and the yen has strengthened to 97.80, very large intraday moves from 1.3074 and 99.47 respectively. The T-note yield has come full-circle, diving from 2.125% session highs to lows under 2.06%, pulling some yield support out from under the dollar index, which is down 1.15% on aggregate to 81.50. Stocks are beginning to wilt again too.

12:15 EDT			FX Action: EUR-USD rammed through stops from 1.3200 Subscribe for More Information

11:45 EDT			NY Fed bought $3.677 B in intermediate Treasury notes Subscribe for More Information

11:35 EDT			Treasury Option Action: bullish call demand at long-end Subscribe for More Information

11:25 EDT			Treasury announced a $66 B mini-refunding package Treasury announced a $66 B mini-refunding package for next week, as expected. This includes a $32 B 3-year sale (Tuesday), a $21 B 10-year reopening (Wednesday), and a $13 B 30-year reopening (Thursday). Debe managers also announced a $55 B 3- and 6-month bill sale for Monday. It will be a tug-of-war for the coupon auctions amid cheaper yields and fears over possible tapering of Fed QE purchases, and overall diminished demand for Treasuries given easing in eurozone financial stresses.

10:50 EDT			Treasury Action: analysts expect debt managers to announce a $66 B mini-refunding Treasury Action: analysts expect debt managers to announce a $66 B mini-refunding as supply ramps back up next week. That size would be unchanged from prior offerings and would include a $32 B 3-year sale, a $21 B 10-year reopening, and a $13 B 30-year reopening. Demand for Treasuries at many of this year's auctions has underwhelmed as safe haven flows have diminished and Fed taper fears have increased. How next week's offerings fare will depend significantly on tomorrow's employment report and subsequent market action.

10:40 EDT			Philly Fed's Livingston survey shows private forecasters upgraded growth estimates slightly Philly Fed's Livingston survey shows private forecasters upgraded growth estimates slightly for this year, while unemployment and inflation outlooks were revised down. According to the new data, growth over 1H this year is now seen at a 2.2% pace versus 2.1% previously, while 2H was left unchanged at 2.3%. For 1H 2014 growth is projected at a 2.8% clip. The unemployment rate for June is now forecast at 7.5% versus 7.8% in the previous survey, and it's expected to fall to 7.4% by December, compared to the prior estimate of 7.7%. The June 2014 is put at 7.2%. CPI is expected to average 1.5% this year and 2.0% in 2014, down from 2.1% forecasts for the prior estimates. The growth and unemployment data are at the low end of the FOMC's central tendency ranges set out last March.

10:30 EDT			EIA Natural Gas Storage Change for the week ending May 31 Subscribe for More Information

10:25 EDT			NY Fed outright purchase: the Fed is buying $3.0 B to $3.75 B in notes NY Fed outright purchase: the Fed is buying $3.0 B to $3.75 B in notes ranging from March 31, 2019 through May 31, 2020. Yields remain higher, in tandem with bearish action in German Bunds after Draghi comments and slightly higher ECB growth estiamtes. A rebound in stocks is also pressuring bonds. And the 5- to 7-year sector has been one of the weakest of late amid the debacle in the mortgage market. The yield on the 7-year is up just over 2 bps to 1.53. But the buyback is helping temper further increases in yields.

10:25 EDT			Euro$ interest rate options: put positioning Subscribe for More Information

10:15 EDT			Market searching for direction in early trading Stock futures weakened towards the end of the pre-market trading session, leading to a relatively quiet open for the broader market. The averages have spent a bit of time in both negative and positive ground, but have moved in a narrow range for the opening part of the session. The major averages have sold off the last two trading days, though it bears noting that the market has not had three consecutive losing sessions so far this year. About 45 minutes into trade, the Dow is up 11 points, the Nasdaq is up 5 points and the S&P is up 2 points.

10:15 EDT			FX Action: USD-CAD moved from 1.0310 to over 1.0355 Subscribe for More Information

10:05 EDT			Treasury Option Action: mostly defensive positioning Subscribe for More Information

10:03 EDT			Quarterly Services Survey Information Revenue data reported Quarterly Services Survey Information Revenue up 4.3% for the year

10:03 EDT			Quarterly Services Survey Information Revenue data reported Subscribe for More Information

09:32 EDT			CBOE Volatility Index VIX is recently up 25c to 17.75 Subscribe for More Information

09:10 EDT			Treasury Action: yields snapped higher with those of Bunds Subscribe for More Information

09:00 EDT			U.S. equities are on the mend Subscribe for More Information

08:50 EDT			Analysts saw an 11k U.S. initial claims drop to 346k Analysts saw an 11k U.S. initial claims drop to 346k in the first week of June, following a 13k bounce to 357k (was 354k) in the final week of May, as claims have resumed their sideways trend above late-April's 327k five-year low, after a May rise from restrained April readings that reflected holiday-distortions. Claims are entering June below the 350k May average, versus a lower 341k April average but similar prior averages of 354k in March and 352k in February. The 344k May BLS survey week reading was lean relative to recent BLS readings of 355k in April, 341k in March, and 366k in February. Analysts still expect a 165k May nonfarm payroll gain that matches the April increase but undershoots prior averages of 206k for Q1 and 183k for 2012 overall. May payrolls face upside risk from gains in most consumer confidence measures in May, Friday's Chicago ISM strength, and sustained firmness in AutoNews vehicle assembly rates. Analysts face downside risk from the May rise in claims, declines in the May ISM, Empire State and Philly Fed headlines and components, a lean May ADP figure, and weakness in the ISM-NMI jobs component.

08:45 EDT			Treasury Action: yields steadied below earlier highs Subscribe for More Information

08:40 EDT			U.S. initial jobless claims fell 11k to 346k in the week ended June 1 Subscribe for More Information

08:40 EDT			FX Action: The dollar shrugged off the in-line jobless claims FX Action: The dollar shrugged off the in-line jobless claims outcome, as focus turns to the ECB press conference which is just kicking off. EUR-USD maintains altitude over 1.3100, while USD-JPY holds over 99.00 for now. Stock futures are in positive territory, though did not really react to the claims data.

08:36 EDT			Futures remain slightly higher Stock futures remain slightly higher following the weekly jobless claims data. There were 346,000 initial claims versus the expected 345,000, while continuing claims came in at 2.95M versus the expected 2.97M. Earlier the Challenger Job cuts report showed that job cuts were down 41.2% in May versus the same period a year ago.

08:32 EDT			Jobless Claims data reported Subscribe for More Information

08:32 EDT			Jobless Claims 4-week Moving Average data reported Subscribe for More Information

08:32 EDT			Jobless Claims data reported Week of 6/1 Jobless Claims at 346K vs. consensus of 345K

08:20 EDT			FX Action: USD-CAD followed the greenback broadly lower Subscribe for More Information

08:20 EDT			Philly Fed hawk Plosser is on deck Philly Fed hawk Plosser is on deck to give an economic lecture before a finance conference at Boston College from 12 noon ET. Plosser is one of the more hawkish regional Fed presidents, but is a non-voter in this rotation.

08:15 EDT			U.S. weekly jobless claims preview: Subscribe for More Information

08:02 EDT			Brussels wants Libor under EU supervision, FT reports Subscribe for More Information

07:50 EDT			Fed funds opened at 0.09% Subscribe for More Information

07:47 EDT			ECB keeps key interest rates unchanged Subscribe for More Information

07:45 EDT			U.S. Challenger reported announced layoffs declined 1.7k in May U.S. Challenger reported announced layoffs declined 1.7k in May to 36,398. That's a third consecutive monthly decline and is down 41.2% y/y. Retail trade (-4.5k) paced the announced cuts for a second straight month and was followed by services (-1.9k). Announced hirings edged up 0.3k. Data are consistent with the modest improvement in the job market.

07:40 EDT			Treasury Market Outlook: Treasuries are modestly higher Subscribe for More Information

07:33 EDT			Challenger Job-Cut Report Announced Layoffs data reported Subscribe for More Information

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

07:26 EDT			ISI Group to host a field trip Subscribe for More Information

07:23 EDT			Futures suggest small bounce Subscribe for More Information

07:23 EDT			Morgan Stanley to host a conference Subscribe for More Information

07:13 EDT			Vietnam acts to attract foreign investors to its stock market, Bloomberg reports Subscribe for More Information

07:12 EDT			China to show export decline as yuan falls, Bloomberg reports Subscribe for More Information

07:12 EDT			SEC to tighten regulations on money market funds, Reuters reports Subscribe for More Information

07:11 EDT			European Central Bank President Draghi to hold a press conference Press conference following the meeting of the Governing Council of the European Central Bank with President of the ECB, Mario Draghi is being held in Frankfurt, Germany on June 6 at 8:30 am. Webcast Link

07:03 EDT			Bank of England keeps official bank rate at 0.5% The Bank of England voted to maintain the official bank rate paid on commercial bank reserves at 0.5%. The committee also voted to maintain the stock of asset purchases financed by the issuance of central bank reserves at 375B pounds.

06:42 EDT			On The Fly: Morning Wrap-Up for June 6 Subscribe for More Information

06:23 EDT			CBOE Volatility Index VIX closed at 17.50, 10-day moving average is 15.20 Subscribe for More Information

06:21 EDT			June front month equity options expire, June 21, 2013

04:05 EDT			FX Action: USD-JPY steadied ahead of 99.00 Subscribe for More Information

01:05 EDT			Asian stocks headed lower Subscribe for More Information

June 5, 2013
16:32 EDT			Week of 6/14 EIA Petroleum Status Report to be released at 10:30 Subscribe for More Information

15:00 EDT			U.S. weekly jobless claims preview: Subscribe for More Information

14:50 EDT			Canada Ivey PMI Preview Subscribe for More Information

14:20 EDT			Treasury Action: markets were unimpressed by the Beige Book Subscribe for More Information

14:15 EDT			Fed's Beige Book said the economy is growing at a "modest to moderate pace." Fed's Beige Book said the economy is growing at a "modest to moderate pace." Only Dallas reported "strong" growth. "Slight to moderate" gains were reported in consumer spending. Manufacturing expanded in most Districts. While some may be surprised by that, it's not really inconsistent with overall economic activity despite the fact that the ISM manufacturing index dropped to 49 (reflecting contraction). A "wide variety" of business services expanded while transportation traffic increased for producer, consumer, and trade goods. Hiring increased at a "measured pace." There was some difficulty in finding qualified workers. Wage pressures remained contained, while prices were level to "mildly" higher. The anecdotal report for the June 18, 19 FOMC was prepared by the Minneapolis Fed and was based on information collected on or before May 24.

14:14 EDT			Fed's says economy expanded at modest to moderate pace Subscribe for More Information

14:01 EDT			Fed says overall economic activity growth 'modest to moderate' Subscribe for More Information

13:53 EDT			Averages lower ahead of Fed Beige book report Subscribe for More Information

13:25 EDT			IMF to admit errors in Greek bailout program, WSJ reports Subscribe for More Information

13:20 EDT			Dallas Fed hawk Fisher doesn't see a housing bubble yet Subscribe for More Information

13:05 EDT			Treasury Action: yields continue to be dragged lower Subscribe for More Information

11:55 EDT			Treasury Option Action: bullish call demand at long-end Treasury Option Action: bullish call demand at long-end included a "purchase of 2k in Jul 145/148 call 1x2s" by a customer who bought similar upside calls yesterday. Sep bonds are 20-ticks higher near 140-23 compared to a range of 140-30 to 139-24.

11:44 EDT			Week of 6/14 MBA Purchase Applications to be released at 07:00 Subscribe for More Information

11:40 EDT			U.S. equities extended declines Subscribe for More Information

11:10 EDT			NY Fed bought $1 B in bonds NY Fed bought $1 B in bonds with maturities ranging from the usual February 15, 2036 through May 15, 2043. The bond is extending gains with the 30-year yield is down nearly 5 bps to 3.26%.

11:10 EDT			Today's U.S. reports tracked assumptions Subscribe for More Information

11:03 EDT			CBOE Volatility Index VIX is recently up 1.01 to 17.29

10:45 EDT			The U.S. factory goods report closely tracked assumptions Subscribe for More Information

10:40 EDT			Oil Action: Front month NYMEX crude rallied to $94.45 from $93.94 Oil Action: Front month NYMEX crude rallied to $94.45 from $93.94 following the EIA inventory data which showed a 6.3 M bbl fall in crude stocks. The street had been expecting a 0.5 M bbl decrease. Meanwhile, gasoline supplies, seen up 0.5 M bbls actually fell 400k bbls, while distillate stocks were up 2.6 M bbls, versus expectations for a 1.0 M bbl increase. Refinery usage rose to 88.4% from 86.4%.

10:40 EDT			FX Action: USD-JPY experienced limited upside Subscribe for More Information

10:35 EDT			Gross from PIMCO back at it again on Twitter: Subscribe for More Information

10:30 EDT			Crude Inventories for the week of May 31 Crude oil inventories 6.27M draw vs. consensus of 800K draw. Gasoline inventories 366K draw vs. consensus of 1.0M build. Distillates 2.6M build vs. consensus of 1.4M build.

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

10:20 EDT			The U.S. ISM-NMI May rise to 53.7 only slightly beat assumptions Subscribe for More Information

10:15 EDT			Treasury Action: yields consolidated above lows Treasury Action: yields consolidated above lows after the ISM services report came in higher than expected and the factory orders rebound was shy of expectations. So, round one data came up on the soft side, while round two is a little better. Accordingly, the 10-year yield is grinding along above 2.10% after falling from overnight highs of 2.155% and the curve is flattening just inside +182 bp.

10:15 EDT			U.S. factory orders rebounded 1.0% in April Subscribe for More Information

10:10 EDT			U.S. ISM non-manufacturing index inched up 0.6 to 53.7 in May U.S. ISM non-manufacturing index inched up 0.6 to 53.7 in May after dipping 1.3 points to 53.1 in April. The index has been as high as 56.0 in February, and hit a recent high of 56.1 in February 2012. The business activity index rose to 56.5 from 55.0. But, the employment component slid back to 50.1, just barely in expansionary territory, from 52.0. New orders rose to 56.0 from 54.5. New export orders declined to 50.0 from 53.5. Imports dropped to 49.. from 58.5. Prices paid were steady at 51.1 from 51.2. The composite services and manufacturing index was unchanged at 53.1. Not a great report and suggests a moderate gain in payrolls on Friday.

10:10 EDT			FX Action: The dollar was steady though perhaps a touch softer Subscribe for More Information

10:05 EDT			FX Action: USD-CAD was supported by noted bids from 1.0320 Subscribe for More Information

10:01 EDT			ISM Non-Mfg Index Composite data reported May ISM Non-Mfg Index Composite at 53.7 vs. consensus of 53.8

10:01 EDT			Factory Orders data reported Subscribe for More Information

10:00 EDT			Treasury Option Action: bullish put selling Treasury Option Action: bullish put selling has been spotted over the course of the morning between data releases, with a sale of 2k in Aug 127 puts and another 5k sale in Jul 130.5/131.5 put spreads. Also reported was bullish small-lot "purchases of 1-week 141/142 call spreads" on bond futures, set to expire Friday. Sep 10s are 5.5-ticks firmer near 129-155 compared to a 129-245 to 129-06 range.

09:53 EDT			Dow, S&P lower in early trade, Nasdaq recovering Subscribe for More Information

09:45 EDT			U.S. Factory Goods Preview Subscribe for More Information

09:35 EDT			U.S. Non-Manufacturing ISM Preview Subscribe for More Information

09:33 EDT			Bloomberg to host a webinar Subscribe for More Information

09:33 EDT			CBOE Volatility Index VIX is recently up 62c to 16.86 Subscribe for More Information

09:20 EDT			Euro$ interest rate options: bearish put spread demand Euro$ interest rate options: bearish put spread demand has been the main feature of early option trade in the short-dated rate contracts, with sources reporting "purchases totaling 100k in Green Sep 85/87 put spreads" by a large money center bank. The Sep 2013 contract is flat near 99.695, without much change further out the curve.

09:20 EDT			Fed Policy Outlook: recent data has been underwhelming Subscribe for More Information

09:13 EDT			Bernstein's biotech analysts hold an analyst/industry conference call Subscribe for More Information

09:05 EDT			U.S. equities remained on the defensive Subscribe for More Information

09:00 EDT			The U.S. Q1 productivity report revealed the big compensation and unit labor cost revisions Subscribe for More Information

08:50 EDT			FX Action: The dollar stayed down Subscribe for More Information

08:45 EDT			Treasury Action: yields remained subdued Subscribe for More Information

08:40 EDT			BofA/Merrill's Japanese rates strategist holds analyst/industry conference call Japanese Rates Strategist Shogo Fujita discusses the market reaction to the recent announcements from the Bank of Japan, as well as asset allocation shifts by Japan's largest portfolio investors on an Analyst/Industry conference call to be held on June 5 at 9 am.

08:40 EDT			U.S. Productivity Preview: Subscribe for More Information

08:40 EDT			U.S. productivity growth was revised down to 0.5% in Q1 Subscribe for More Information

08:36 EDT			Goldman's media analyst holds an analyst/industry conference call Media Analyst Drew Borst, along with Sharon Hartwell, Executive Director of Magid Generational Strategies at Frank N. Magid Associates, discuss how media consumption habits are changing and how it impacts the content ecosystem on an Analyst/Industry conference call to be held on June 6 at 11 am.

08:35 EDT			Futures remain lower following economic data Subscribe for More Information

08:35 EDT			U.S. ADP reported private payrolls rose 135k in May Subscribe for More Information

08:30 EDT			The 135k May ADP Employment payroll rise Subscribe for More Information

08:30 EDT			Treasury Action: the ho-hum ADP report Treasury Action: the ho-hum ADP report kept yields biased lower after equity weakness overnight revived a modest bid in bonds again, though the markets aren't treating the ADP too seriously yet. The T-note yield eased from 2.155% in Asia to lows of 2.11% in early NY and equities are poised for a moderately negative start, though there's plenty of data on tap to keep markets engaged.

08:26 EDT			U.S. Agriculture Secretary Vilsack to speak at luncheon meeting Subscribe for More Information

08:18 EDT			ADP Employment Report employment data reported May ADP Employment Report employment at 135,000 vs. consensus of 171,000

08:15 EDT			Fed funds opened at 0.10% Subscribe for More Information

08:03 EDT			JPMorgan's biotech analyst holds an analyst/industry conference call Subscribe for More Information

07:57 EDT			New York governor Cuomo proposes tax-free zones, FT reports Subscribe for More Information

07:55 EDT			FX Action: USD-CAD topped out over 1.0365 overnight Subscribe for More Information

07:45 EDT			U.S. MBA mortgage market index fell 11.5% Subscribe for More Information

07:36 EDT			Futures lower again Subscribe for More Information

07:35 EDT			Credit Suisse to host a conference Subscribe for More Information

07:30 EDT			Fashion Footwear Association of New York to host a convention Subscribe for More Information

07:24 EDT			Deutsche Bank to host a conference DbAccess Australia Retail Corporate Day is being held in Sydney, Australia on June 5.

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

07:13 EDT			SEC money fund rule faces less opposition, Bloomberg reports Subscribe for More Information

07:11 EDT			Fed's Fisher: Time to 'fine tune' monetary stmulus, Reuters reports Subscribe for More Information

07:09 EDT			MBA Purchase Applications Refinance Index data reported Subscribe for More Information

07:09 EDT			MBA Purchase Applications Index data reported Subscribe for More Information

07:09 EDT			MBA Purchase Applications Composite Index data reported Week of 5/31 MBA Purchase Applications Composite Index down -11.5% for the week

06:51 EDT			U.K. services PMI surged last month, Reuters reports Subscribe for More Information

06:47 EDT			Euro zone GDP dropped slightly in Q1, Reuters reports Subscribe for More Information

06:16 EDT			On The Fly: Morning Wrap-Up for June 5 Globex S&P futures are recently down 4.60 from previous day's SPX cash close. Nikkei 225 up 2.05%, DAX up 0.51%. WTI Crude oil is recently at $93.79, NYMEX Natural Gas up 0.23%, gold at $1395 and ounce copper up 0.16%.

06:15 EDT			Nymex crude is steady above $93.50 bbl Nymex crude is steady above $93.50 bbl. The mild dollar downturn supported commodities overnight, but follow through demand is contained as equity markets stumbled and the FX majors maintained a holding pattern in Europe. Oil received support on rumors that South Korea could create a series of incentives for refiners to import crude, which has the potential to boost demand. Middle Eastern tensions are also an underlying influence still. Wire reports said that Syria warplanes attacked the Lebanon border regions and there are concerns that the conflict could escalate and a possible supply threat. Meanwhile, nominal gold pulled back below $1400, but lacked direction in choppy London trading.

06:12 EDT			CBOE Volatility Index VIX closed at 16.27, 10-day moving average is 14.79 Subscribe for More Information

06:10 EDT			June front month equity options expire, June 21, 2013 Subscribe for More Information

05:30 EDT			FX Action: USD-JPY found a base close to 99.40 Subscribe for More Information

01:20 EDT			Asian markets traded defensively Subscribe for More Information

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