Kevin Warsh floated plenty of ideas for how he would run the Federal Reserve during his campaign for the job as chair. For Wall Street, few are as cryptic — or potentially consequential — as his call for a new accord with the Treasury Department. Processing Content Warsh has voiced support for overhauling the relationship […]
Warsh call for Fed-Treasury accord stirs debate in $30 trillion bond market Read More »
At 8:15 ADP was expected to report 46,000 non-farm and non-government jobs were created last month but the number came in at just 22,000. The ADP report never carries the weight of the BLS report, but without one of those likely due to the shutdown, I thought today might be different, but it wasn’t. Processing
ADP jobs miss barely registers in choppy Treasury trade Read More »
After opening softer yesterday, treasuries caught bids just after 9:00 which carried the 5-year yield below Monday’s low while the 10-year yield fell just short, but the rallies ended shortly after a much weaker than expected Consumer Confidence number came out at 10:00. Processing Content The FOMC meeting is at 2:00 this afternoon but there
Markets flash mixed signals ahead of the Fed Read More »
I’d be less than honest if I said I wasn’t surprised how well the treasuries traded yesterday. Not that they were that strong — at their best levels yields were barely down 3 bps — but the 10-year did leave a bullish gap, the 30-year yield made it all the way back into the range
Treasuries tread water as gold and dollar break away Read More »
Treasuries opened with bids this morning in what looks like a continuation of the recoveries which began last Tuesday for the 10-year and 30-year, though not so much for the 5-year. Processing Content From low yields posted the week before last, the charts of the various maturities look so different they may as well be
Treasury curve sends conflicting signals pre-Fed Read More »
Nothing of any great importance came out of yesterday’s 10:00 numbers; Personal Income was slightly lower than expected but everything else was as expected, and who knows if month-old numbers even matter. Processing Content From low yields made early yesterday treasuries faded until around 10:30 when buyers stepped up and by noon the 30-year yield
Treasury yields wobble as technical gaps come into play Read More »
Weekly jobless claims were expected to show 209,000 but were reported to be 200,000 so a little market unfriendly, while Final GDP, which was due out more than a month ago, was reported to be 4.4% vs the expected 4.3% and the Price Index came in as expected at 3.8%. Processing Content Yesterday, yields basically
Tariff reprieve jolts markets, Treasury gaps loom Read More »
After months of choppy trading in treasuries, a good deal of technical damage was done yesterday. The only good takeaway was that the high yields for the day were made in the first 15 minutes, and that really was good since stocks continued to fall until the SPX closed 145 points lower, and gold continued
Treasury yields break key levels as risk assets slide Read More »
News that Danish pension funds are exiting the US Treasury markets produced dramatic curve steepening trades at the openings this morning. Processing Content The 5-year yield began the day 1½ bps higher, the 10-year yield 4½ bps higher, and the 30-year yield 7½ bps higher. Additionally, S&P futures are down more than 100 points and
Treasury curve steepens after Danish pension retreat Read More »
Treasuries slid as investors anticipated Friday’s December employment data and possible Supreme Court strike-down of tariffs that have improved the US fiscal position. Processing Content Yields across maturities were higher by less than three basis points after rebounding from session lows. US economic data showing improved productivity, weekly initial jobless claims near recent lows and
Treasuries slip ahead of jobs report, possible tariffs ruling Read More »