MARKET CURRENTS
real-time news and commentary for investors
MARKET CURRENTS
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Today - Thursday, May 24
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1:26 PM Treasurys dip a little further in the middle of the curve after the seven-year note auction came at a record low yield. The 30-year yield +0.03 to 2.86%; 10-year +0.02 to 1.77%; five-year +0.03 to 0.775%. Comment!
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1:17 PM While the case can be made for additional accommodation, says FRBNY chief Dudley in a speech, the costs at this point are likely to exceed the benefits. He stands ready to change his mind towards more ease should things slow down, but would also consider tightening policy earlier than expected if growth gets stronger. (earlier on CNBC) Comment!
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1:04 PM The Treasury sells $29B in seven-year notes at a record-low 1.203%. Bid-to-cover ratio of 2.8, vs. a recent average of 2.58; indirect bidders take 42.7%, vs. a recent 38.7%. Direct bidders take 15.7%, vs. a recent 15.5%. 2 Comments
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12:30 PM Three lunchtime reads:
1) Nervous investors look beyond positive U.S. economic signs
2) China is a black box of misinformation
3) Time to enforce Sarbanes-Oxley in the JPMorgan scandal Comment! -
11:01 AM May Kansas City Fed Manufacturing Survey: Rise to 9 from 3 in Apr, 9 in Mar. New Orders 10 vs. -8 previous, Production 17 vs. 0 previous. Backlogs -3 vs. -5 previous. 1 Comment
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9:57 AM Zillow's new negative equity report shows nearly 16M U.S. homeowners, or 31.4% of all homeowners with a mortgage, were underwater in 2012 - a bit better than 2011's 32.4% but higher than estimates from CoreLogic and others. “It’s a $1.2T problem," Zillow's Stan Humphries says. “We think 2012 is going to be a great year for home sales, but a mixed picture for prices." 2 Comments
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9:04 AM U.S. Flash PMI (first ever) for May 53.9 vs. April's final read of 56.0. It indicates the slowest level of expansion in three months. New Orders 54.8 Vs. 56.9. Backlogs of Work 51.7 vs. 52.2. Input prices 56.3 vs. 63.1. Output prices 52.8 vs. 53.9. 25 Comments
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8:33 AM April Durable Goods: +0.2% vs. +0.5% expected, -3.7% (revised) prior. Ex-transport -0.6% vs. +0.7% expected, -0.8% (revised) prior. 5 Comments
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8:32 AM Initial Jobless Claims: 370K vs. 371K consensus (prior week revised to 372K from 370K). Continuing claims -29K to 3.26M. Comment!
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8:14 AM FRBNY President Dudley - one of the leading doves on the FOMC - sounds a hawkish tone, telling CNBC he doesn't see the need for additional ease at this time. What's changed? He has more confidence the economy is going to keep growing and less worry about a "Japanese-style deflation outcome." 4 Comments
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6:31 AM U.S. stock futures turn higher ahead of economic releases on jobless claims and durable goods. S&P +0.3%, Dow +0.2%. Comment!
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