August- could be described as a mad month so far. Price action in Core Government Bond markets this week has been very negative to say the least. The biggest moves have come in the US with Us Treasury 10yr yields rising 18bp from last Friday’s close and 30yr yields higher by 20bp. What has been […]
Nada, Zilch or maybe a Smidgeon
The FOMC press release announced that the Fed is not doing anything different for this month. The statement is pretty similar to that before and would be considered a disappointment to those that bought risk on the WSJ and NYT articles of last week. So no new asset purchases, no removal of Interest on Excess […]
“Hopium” still there — FIU
“Hopium” still there, but why when the FOMC are clear about what they expect. The FOMC announced that they are extending Operation Twist until the end of the year, beyond the expiry of next month. The FOMC therefore, to me, is ruling out any new form of Quantitative Easing, QE3, this year. The Equity markets […]
The Deflation risk continues to grow — FIU
The Deflation risk continues to grow. Yesterday’s Richmond Federal Reserve Manufacturing Survey was weaker than the market consensus, and similarly to the Phili Fed survey I highlighted last week, will begin to worry the FOMC that deflation is coming back to worry the Manufacturing Industries. We are back into territory that has triggered further monetary […]
Bernanke gets his wish
Last month I wrote about the reaction the market had to the FOMC statement which suggested that QE3 was off the cards. Implied volatility in Fixed Income markets spiked sharply higher and whilst last week’s FOMC statement was little different to the March statement, the press conference that Bernanke gave, has led to the risk […]
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