The following are futures positions of non-commercials as of May 19, 2015. Change is week-over-week. 10-year note: The April FOMC minutes for all intents and purposes put a nail in the coffin of June rate-hike odds. At the March meeting, … Continued
U.S. corporate share buybacks in full swing; debt issuance on track for yet another record year Despite surge in issuance and rising share of high-yield debt, there is silver lining in cloud Corporations have been extending maturity as well as … Continued
It is an understatement to say that trading in Treasury bonds was volatile last week – just check out the action on various yields. From intra-day low to high, the 10-year yield swung 20 basis points, but closed out the … Continued
Phew! U.S. housing starts snap back in April, rising to a seasonally adjusted annual rate of 1.135 million. This is the most since November 2007, when starts were 1.197 million. Month-over-month, they were up 20.2 percent in April. This is … Continued
The following are futures positions of non-commercials as of May 12, 2015. Change is week-over-week. 10-year note: If we just focus on weekly closing prices, the 10-year yield had a lackluster week – essentially flat. Nothing could be further from … Continued
U.S. retail sales disappoint again – has not grown four out of last five months Not much correlation between gasoline price and personal consumption expenditures RTH, which had diverged from weakening retail sales, has been weakening past seven weeks U.S. … Continued
The following are futures positions of non-commercials as of May 5, 2015. Change is week-over-week. 10-year note: It was a weird week. That is an understatement. Up until Wednesday, 10-year yields were up 20 basis points. Treasurys on the long … Continued
U.S. homeownership continues to take it on the chin, with 1Q15 matching the 1Q93 low of 63.7 percent. A 22-year round-trip! The series goes back to 1Q65; the all-time low was set that year at 62.9, which is not that … Continued
The following are futures positions of non-commercials as of April 28, 2015. Change is week-over-week. 10-year note: The week was a head-scratcher from the standpoint of bond vigilantes’ reaction. The 10-year yield rallied hard on a very weak 1Q15 GDP … Continued
For only 4th time in six-plus decades, U.S. GDP price deflator goes negative Macro data weaker than expected this week, but rates come under upward pressure Dollar plays crucial role in inflation outlook, breaks support, could be headed toward 92 … Continued