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Bank of England May Tolerate Inflation Above 2%, Two Banks Say
Investors in UK assets are beginning to bet on a de facto increase in level of inflation the Bank of England will tolerate beyond the official 2% target, two major banks warned. BNY Mellon Investment Management and Bank of America said in separate notes to clients inflation expectations indicated in markets suggest investors think the BOE will let inflation remain above the target for some time, potentially damaging the credibility of the central bank and its goal. While BOE Governor Andrew Bailey and his colleagues have reiterated their commitment to returning inflation to 2%, there’s a growing debate about ... (full story)
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The lack of JPY-positive announcements at Tuesday’s BoJ meeting opened the door to a sizeable move in USDJPY. It bounced off the lower boundary of its medium-term upward trending ...
The contradictions in Japan’s efforts to protect the yen while slowing the pace of rising bond yields was on clear display in currency and debt markets on Wednesday. The day began ...
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Private sector employment increased by 113,000 jobs in October and annual pay was up 5.7 percent year-over-year, according to the October ADP® National Employment ReportTM ...
Treasury announces upcoming auction sizes • 2 year auctions increase $3 billion/month • 3 year auctions increase $2 billion/month • 5 year auctions increase $3 billion/month • 10 year auctions increase $2 billion/month • 30 year auctions increase $1 billion/month • The Treasury said it expects one additional quarter of increased auction sizes beyond what's announced today. Expectations I've seen: • 2 year auctions expected to increase $3 billion/month • 3 year auctions expected to increase $2 billion/month • 5 year auctions expected to increase $3 billion/month • 10 year auctions expected to increase $3 billion/month • 30 year auctions expected to increase $2 billion/month Current portion of bills at 20.4% Goldman Sachs though is much lower seeing: post: *US BOOSTS AUCTION SIZES FOR NOMINAL NOTES, BONDS EXCEPT 20YR *US TREASURY BOOSTS REFUNDING BY $9B TO $112B, BELOW $114B EST. *US TEMPERS PACE OF BOOSTS TO 10-, 30-YEAR; KEEPS 20-YEAR STEADY post: ?*TREASURY PLANS INCREASES TO DECEMBER, JANUARY TIPS AUCTIONS *US TO MAINTAIN BILL AUCTION SIZES INTO LATE NOVEMBER *US SEES MODEST CUTS TO SHORT-DATED BILL SALES BY EARLY DEC.Treasury details plans to step up size of bond sales to manage growing debt load and higher rates The Treasury Department announced plans Wednesday to accelerate the size of its auctions as it looks to handle its heavy debt load and with financing costs rising. In a development getting close attention on Wall Street, the department detailed its refunding plans for future debt sales. The announcement comes with Treasury yields around their highest levels since 2007, a reflection of financial markets spooked over how much damage higher borrowing costs could exact. Most immediately, Treasury will auction $112 billion in debt next week to refund $102.2 billion of notes set to mature Nov. 15, raising more than $9 billion in extra funds. The sale will come in three parts, starting Tuesday with $48 billion in 3-year notes, with subsequent days featuring respective sales of $40 billion in 10-year notes then $24 billion in 30-year bonds. The total sale matched some estimates around Wall Street in recent days. From there, the department said it will increase the auction size of various maturities, focusing more on coupon-bearing notes and bonds. The department will maintain its current auction size for bills until late November, when it expects to have its General Account replenished enough to implement “modest reductions” through mid- to late-January. For auctions on coupon securities, the department detailed a step up in the pace from previous levels, while it said longer-dated debt would increase at a “more moderate” rate. The department expects to increase the sizes for 2- and 5-year notes by $3 billion a month, the 3-year
Is there a central bank out there that is ruling out rate hikes? Or even one that has a stated neutral bias? post: SNB CHAIRMAN: WITHOUT EMERGENCY LIQUIDITY CREDIT SUISSE RISKED NOT BEING ABLE TO MEET ITS OBLIGATIONS #News #Markets #live post: *JORDAN: BANK LIQUIDITY RULES MUST ADAPT TO FASTER OUTFLOWS *SNB’S JORDAN: FASTER, LARGER OUTFLOWS ARE NEW REALITY FOR BANKS post: SWISS NATIONAL BANK CHAIRMAN: **WE ARE BACK INTO RANGE OF PRICE STABILITY, BUT MOST LIKELY INFLATION WILL GO UP AGAIN ABOVE 2% TARGET **LIKLIHOOD OF INFLATIONARY PRESSURE BEING BIGGER **WE DO NOT KNOW HOW BIG IS THE IMPACT OF ACCUMULATED TIGHTENING SO FAR **WHEN…
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- Posted: Nov 1, 2023 7:51am
- Submitted by:Category: Fundamental AnalysisComments: 0 / Views: 3,152
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