Daily Comment

Daily Comment (September 22, 2016)

by Bill O’Grady and Kaisa Stucke [Posted: 9:30 AM EDT] As expected, the Fed did not raise rates yesterday.  Risk markets rallied following the release and are higher again this morning as investors focus on the more dovish aspects of the release.  A key sentence was added to the FOMC statement, which read, “The Committee judges that… Read More »

Daily Comment (September 21, 2016)

by Bill O’Grady and Kaisa Stucke [Posted: 9:30 AM EDT] Equity markets are generally higher following the BOJ release.  The BOJ did not do anything too radical—no helicopter money or foreign bond purchases.  But, there were some changes.  The focus of policy will shift to the yield curve as the 10-year JGB will be pegged at… Read More »

Daily Comment (September 20, 2016)

by Bill O’Grady and Kaisa Stucke [Posted: 9:30 AM EDT] Given the large amount of news from the weekend, there were a couple of items that we wanted to mention but, for brevity, waited until today.  First, the Bank of International Settlements released its table of early warning indicators for banking system stress. The key data… Read More »

Daily Comment (September 19, 2016)

by Bill O’Grady and Kaisa Stucke [Posted: 9:30 AM EDT] It was a very busy weekend for news.  Let’s take a look: Terrorist attacks: There were a couple of bomb explosions over the weekend along with a number of unexploded devices found in the Greater New York area.  The story is evolving but security officials have… Read More »

Daily Comment (September 16, 2016)

by Bill O’Grady and Kaisa Stucke [Posted: 9:30 AM EDT] There isn’t a ton of news in the financial markets this morning.  The most discussed is the DOJ decision to levy a $14 bn fine against Deutsche Bank AG (DB, $14.76).  In European trading, shares were off over 8% overnight.  The bank was anticipating a fine… Read More »

Daily Comment (September 15, 2016)

by Bill O’Grady and Kaisa Stucke [Posted: 9:30 AM EDT] The big overnight news was the BOE’s decision to hold rates and bond-buying steady, which was expected.  The committee vote was 9-0 in favor of the current policy.  The bank did indicate, however, that it was still on course to lower rates later this year and… Read More »

Daily Comment (September 14, 2016)

by Bill O’Grady and Kaisa Stucke [Posted: 9:30 AM EDT] In the next AAW (published Friday), we will discuss the very important impact of foreign issues on U.S. Treasury yields.  This is one reason why the financial markets have become focused on the BOJ’s review of its monetary policy.  There are rumors swirling as to what… Read More »

Daily Comment (September 13, 2016)

by Bill O’Grady and Kaisa Stucke [Posted: 9:30 AM EDT] Risk markets are lower to sideways as oil tumbled this morning after the International Energy Agency revised its global demand estimates lower and indicated that the global inventory glut will last longer than it had previously estimated.  Domestic oil inventories are expected to build this week… Read More »

Daily Comment (September 12, 2016)

by Bill O’Grady and Kaisa Stucke [Posted: 9:30 AM EDT] Although Friday’s sell-off in equities was impressive, the financial chatter over the weekend was almost non-existent.  U.S. equity markets have been extended for some time and, so far, investors took Friday in stride.  The proximate cause for the drop was a renewed fear of Fed tightening. … Read More »

Daily Comment (September 9, 2016)

by Bill O’Grady and Kaisa Stucke [Posted: 9:30 AM EDT] There were two big news items overnight.  First, North Korea detonated a nuclear device overnight, its fifth such test.  Early reports suggest the blast was in the 20 to 30 kiloton range, not a big bomb (by comparison, the standard American warhead, W-88, is 475 kilotons),… Read More »

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