Beige Book Consumer spending was mixedTourism activity continued to improve Consumer credit quality was generally described as stable or healthyReal estate conditions were little changed and the inventory of homes for sale remained lowManufacturing activity was mixed,...
The Fed’s Beige Book: is coming up next
I'm usually one to shrug off something like the Beige Book but yesterday Barkin was talking about anecdotal reports not lining up with hard data. I wonder if he's an outlier in that or if many Fed districts are hearing real signs of a slowdown.The report is due at the...
The Treasury auction bounce in stocks is looking like the dead-cat variety
SPX 1 minute chartThe market is starting to conclude that a 1.2 bps stop through after a one-way 25 bps move since in the start of the week isn't exactly a sign of a peak in yields.Meanwhile, Mortgage News Daily reports that its index of 30-year fixed mortgages hit 8%...
Jordan loses support in second House speaker vote but says he’s not dropping out
Jim Jordan's bid for Speaker of the House took a further hit today, perhaps a devastating one as he lost support in the second round of voting. He can only afford to lose 4 Republican votes but he missed by 22, which is worse than 20 yesterday.Despite that, he said...
US dollar slumps as bidders show up to 20-year auction
The bond market showed some life today with stronger-than-anticipated demand at a $13 billion, 20-year sale.The result came after a big concession today but it's the first sign of buying interest in bonds since the initial Gaza attacks. As a result, the US dollar has...
Fed’s Bowman: Inflation has come down but is still too high
> Fed's Bowman: Inflation has come down but is still too high Comments at a Fed Listens event <!--> --> <!--> Fed's BowmanWhat has been somewhat surprising, however, is that the relative strength in goods spending has persisted, rather than reverting...
US sells 20-year bonds at 5.245% vs 5.257% WI
US 20s, dailyPrior was 4.592%Bid to cover 2.259 vs 2.74 priorA 1.2 bps stop through is a welcome surprise after days of puking in the bond market. Twentys are trading at 5.23% afterwards. Perhaps it's not a huge surprise with 20s yielding significantly more than 10s...
US 20-year Treasury auction coming up next
Things haven't been going well for the US Treasury Dept lately.Last week's three auctions all tailed and today, on-the-run 20s have risen 7.9 bps to a cycle high of 5.25% ahead of the sale. The November refunding announcement is expected to bring even larger auction...
Reuters poll: 90 of 111 economists see no change in Fed funds rate in November
> Reuters poll: 90 of 111 economists see no change in Fed funds rate in November ...but does not see cut until later in 2024 <!--> --> <!--> 90 out of 111 economists in Reuters poll expect the U.S. Federal Reserve to maintain the Fed funds rate...
Feds Williams: Inflation has come down quite a bit
> Central Banks > Feds Williams: Inflation has come down quite a bit Central Banks Fed's Williams starts to weigh in now <!--> --> <!--> --> Fed's WilliamsFed's Williams:Inflation is come down quite a bit.Still has a ways to go getting...
More from Fed’s Waller: If inflation fell to 2.5%, Taylor rule would say to cut rates
Still hopeful rate hike's will slow spending, inflationMore from Fed's Waller:We can run our balance sheet down a total of $2 trillion to $2.5 trillion and keep reserves ampleIf saw inflation coming down to 2.5%, Taylor rule would say to cut ratesWe need to see how...
Representative Jordan loses again
Four House Republicans have now voted for someone other than Jordan, meaning he will likely lack the votes needed to win the speakership. Lawmakers can still change their vote before it is completed, but that is not likely. Yesterday, Jordan's vote total reached 200...
House Speaker vote has started
High risk warning: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives,...
Fed’s Waller: It’s too soon to tell if more policy action needed
Fed's WallerMore action on policy rate would be needed if demand, and economic activity keep up recent paceWe can wait, watch and see before making definitive news on policy pathIr real economy slows, we can hold policy steadyPast few months' data has been...
NZDUSD falls to new 2023 lows. Sellers making a break for it.
The NZDUSD is making a break for it. The "break" is to a new low going back to November 2022. The price has broken through the September low of 0.58597.Although the price is not running to the downside, traders have to respect the break. Sellers are in control....
Gensler: SEC still speaking with firms seeking spot bitcoin ETFs
The fiasco around this week's fake headline that a bitcoin ETF was approved has put the focus back on what looks like the inevitable approval of the ETF.The only question is: When?The latest comment from Gary Gensler doesn't sound like it's imminent. Bitcoin is down...
European equity close: Declines near 1%
Stoxx 600 dailyClosing changes:Stoxx 600 -1.0%German DAX -1.0%UK FTSE 100 -1.1%French CAC -0.9%Italy MIB -0.8%Spain IBEX -1.0%There were a pair of doji stars on the STOXX 600 chart leading into today and they resolved lower. The index is now just above the summer lows...
NASDAQ index trades down over 1%. Approaches a key short-term support area.
NASDAQ index tests a key cluster of supportThe NASDAQ index is the worst performer of the major indices with a decline of now over 1%. The move to the downside has now taken the price to a key support area. That support area is defined by the:100 hour moving average...
China GDP beat estimates today but it’s still unclear what’s happening in its steel market
One of the more-interesting mysteries in the global economy right now is why China's steel production remains so high. There is no doubt that residential construction has cratered, yet the mills continue to run at 92% capacity.Today's Chinese GDP data was strong at...
EURUSD sellers make a play on break below 100 hour MA
High risk warning: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives,...