Outflows from gold ETFs have persisted since our last update.... Read More
Bank stocks have extended their record losing streak to 13 consecutive days.... Read More
Interest in the transportation of goods and materials remains strong, even following trade war rhetoric and slowing consumer activity. Nonetheless, trucking and maritime industries appear susceptible to drawdowns given sensitivities to trade uncertainty and rising fuel costs.... Read More
Investors are no longer seeking intermediate to long-term U.S. treasuries during period of turmoil, but turning heavily to cash equivalents. Short-term governments are accruing 33 cents for every $1 of buying across major asset classes. Long-term yields are stuck in limbo until inflation and wage pressures truly brew and/or economic data outside the U.S. rebounds from a Q1/Q2 retreat.... Read More
New Way To Measure Inflation? Bloomberg.com – Fed’s Bostic to Hear Case for Excluding Housing From Inflation Paper says home prices make Fed policy look easier than it is Advocacy group will present findings to Bostic on Thursday Federal Reserve Bank... Read More
Eurozone economic momentum has finally reached an extreme relative to the United States. Ever-widening spreads between U.S. treasuries and developed sovereigns will likely face headwinds. But, EURUSD has further room for downside until this gap in economic momentum closes.... Read More
View PDF The handout, audio replay and webinar replay of our June 21, 2018 conference call titled Was 3.11% The High Water Mark for the 10-Year Yield?can be found below. The handout can be found here (starts with the second... Read More
Today's topics include trade, algo trading, the BIS, EM trouble, conflicting views on stocks, earnings, indices and disrupting investment banking. ... Read More
A detailed look at the interest rate contracts in the CoT report. ... Read More
Charts that are near extremes and the most popular contracts that caught our eye this week.... Read More
A replay of our June 21, 2018 conference call. ... Read More
U.S. Treasury volatility has reached an all-time low along with core inflation, dispersion of economic leading indicators, and monetary policy uncertainty. ... Read More
Demographics are an increasingly important issue impacting long-end yields across emerging markets.... Read More
Walmart managed to raise cash for its deal but is falling further behind its peers. ... Read More
The handout, audio replay and webinar replay of our June 21, 2018 conference call titled Was 3.11% The High Water Mark for the 10-Year Yield?can be found below. The handout can be found here (starts with the second post). The... Read More
The economy is in great shape. If you look at household surveys, confidence is high. In businesses, confidence is high. If you survey workers about the job market, they will say it is a good environment to find jobs. Businesses... Read More
In the U.S. we continue to watch how well the Fed?s target rate tracks the so-called reversal rate. The reversal rate is the level most likely to keep deposits and lending growth and financial leverage near equilibrium, meaning not too... Read More