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Fed Brief

  • 07-29-2015 15:38:44 PM ET

    To begin thinking about the latest policy directive from the Federal Open Market Committee (FOMC), one should first go back to contemplate what Fed Chair Yellen acknowledged in her monetary policy report a few weeks ago before the House Financial Services and Senate Banking Committees. What she sai...

Bond Market Update

  • The Market at 15:38 ET

    10-Year: +1/32…2.18…EUR/USD: 1.1184USD/JPY: 121.36

    Treasury Market Stands Its Ground

    • St. Louis Fed President James Bullard (hawk and non-FOMC voter) speaks to Bloomberg News: Says biggest concern is lower inflation, believes that Interest on Excess Reserves (IOER) will be effective in tightening monetary conditions
    • July Personal Income: Actual +0.4%, Consensus 0.4%, Prior 0.4%
    • July Personal Spending: Actual 0.3%, Consensus 0.4%, Prior 0.3% (revised from 0.2%)
    • July PCE Prices - Core: Actual 0.1%, Consensus 0.1%, Prior 0.1%
    • Speaking on CNBC, Minneapolis Fed President Kocherlakota (non-FOMC voter) says that market moves are a tail risk for U.S. economy, inflation remains low, 1H 2015 growth not meeting target. True to his dovish form, says inflation outlook justifies further stimulus
    • August Michigan Sentiment - Final: Actual 91.9, Consensus 93.0, Prior 92.9
    • Fed Vice Chair Stanley Fischer says he has a high level of confidence that 2% inflation is on the table but that the Fed still has to watch yuan depreciation

The Bond Column

  • 08-14-2015 16:43:03 PM ET

    The Week in Review/Week Ahead

    O Tuesday, August 14th, the Chinese government shocked global markets by moving the yuan from a very tight trading band to a managed float. The government said that market forces would play...

Treasury Yield