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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