The Day Today

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The Day Today 22 August 2014

Jackson Hole begins, the biggest surprise on the schedule could come from the ECB’s Draghi at 7.30pm BST, given he is earmarked for a “luncheon address” and therefore could use it to send a signal {NSN NAKBUM6TTDT2 <go>} http://bit.ly/1nWGMcK * Most important presentation likely to be at 3.30pm: “Churn and the functioning of labor markets”…

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The Day Today 21 August 2014

Fixed income caught up with the dollar rally as the FOMC Minutes were largely considered to be hawkish – although the S&P also rallied back so equities still like the idea that even when hikes come there won’t be many of them. The Bullard presentation [http://bit.ly/1p0aybf] represents the hawks’ thinking that they’re moving closer to…

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The Day Today 20 August 2014

The US dollar is breaking out to higher levels since the stronger housing data yesterday, but it looks like an outsize move given rates markets remain rangebound and US equities aren’t significantly outperforming European ones. It looks like the persistent EUR/USD selling flow seen in July is back… * RBA’s Stevens sounds like a man…

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The Day Today 19 August 2014

Are we nearing the end of the Bond rally with stories like these? * “Don’t Fight the US Tsy Bond rally” says CIO of Guggenheim Partners in the FT, warning that mortgage refinancing will kick in around 2.25% on the 10yr and drive the market even higher http://on.ft.com/1qlCuHE * WSJ quotes PIMCOs CIO on low…

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The Day Today 18 August 2014

* Carney reminds us that he can do what he likes, telling the Sunday Times that even though wage growth is the focus, they can move ahead of it: “we have to have the confidence that real wages are going to be growing sustainably. We don’t have to wait for the fact of that turn…

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