A couple of minor technical problems called “business” and “life” have now intruded on my increasingly bogged down publication schedule that, in the interest...
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The other day the IRS announced new rules for settling tax liabilities for individuals. It’s a sweet deal. I thought that was interesting. Then yesterday we get an announcement from Altria (MO) that they too have cut a deal with the boys at the IRS. ...
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LifeHealthProJP Morgan loss latest argument for regulationThe RangerThat's the message from Jamie Dimon, the swaggering CEO of JP Morgan Chase, the nation's biggest bank. Recently, Dimon announced that JP Morgan had lost $2 billion on investmen...
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MarketWatchJPMorgan Loss Hurting GOP's Hopes For a Weak Volcker RuleUS BankerAside from the sour grapes, some Republicans worry that their efforts to roll back new financial regulations were made moot by JPMorgan's massive trading loss. "T...
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The League of Ordinary GentlemenJP Morgan's rally lifts financial sectorMarketWatchNEW YORK (MarketWatch) — Shares of JP Morgan Chase & Co. rose almost 5% on Tuesday, leading financial stocks higher as they began to rebound from a bruising se...
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Treasury Yield Close to Record Low on Europe Debt CrisisBloombergEuropean Union leaders are scheduled to meet tomorrow amid speculation Greece will drop the euro as its currency as it battles a recession. “My main scenario is that the world is OK,”...
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BloombergTREASURIES-Prices mixed on profit taking, before supplyReutersBy Karen Brettell NEW YORK, May 21 (Reuters) - US Treasuries prices were mixed on Monday as investors took profits after a recent rally that was sparked by fears over a worsening of...
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BloombergTreasury Yield Close to Record Low on Europe Debt CrisisBusinessWeekGerman and French finance ministers plan to meet today on the euro, after Europe's debt crisis sent Treasuries surging last week as investors sought the relative safety of...
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Treasury Yield Close to Record Low on Europe Debt CrisisBloombergThe German and French finance ministers plan to meet today on the euro, after Europe's debt crisis sent Treasuries surging last week as investors sought the relative safety of US secu...
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The Treasury had a light calendar last week. The market faced a big Treasury settlement on Tuesday but from then until the big end of month settlement of new paper, supply pressure wasn’t, and won’t be, a problem. With fear driving waves of capital into the Treasuries, a downside breakout in yields, and an...
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(via AFP) Spain’s borrowing costs surged at a bond auction Thursday as official data confirmed the country fell back into recession in the first quarter due to government austerity measures. The treasury raised 2.494 billion euros ($3.173 billion) in a sale of three- and four-year bonds, near the maximum targeted…
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Equity Mutual Fund Flows The permanent page for these charts is Mutual Fund and Money Market Fund Flows Charts. The charts will be updated there regularly. April projected based on weekly figures. While not a primary liquidity driver, this chart is useful as a peripheral market indicator. It has begun to turn intermediate term bearish...
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CUSIP: 912828SU5Term and Type: 3-Year NoteOffering Amount: $32,000,000,000Auction Date: 05/08/2012Issue Date: 05/15/2012Maturity Date: 05/15/2015PDF version of the announcementXML version of the announcement
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CUSIP: 912828SV3Term and Type: 10-Year NoteOffering Amount: $24,000,000,000Auction Date: 05/09/2012Issue Date: 05/15/2012Maturity Date: 05/15/2022PDF version of the announcementXML version of the announcement
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The fact that this writer is still relying on the Case Chiller shows that he’s a bit clueless, but I found it interesting that prices were back to 1955, 1986 and 1895 levels in real terms. That seems like an argument to be bullish on house prices, not bearish. By Jack Hough When will...
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Monday could be a bit rough with payments due for the settlement of $54 billion in new Treasury paper, but the technical signals still point higher.
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The Wall Street Journal’s Nick Timiraos interviews Redfin CEO on the current housing market. Surprise surprise! Bidding wars. Comparative Home Sales Chart Related story- Shiller Unaware Bernankinflation Winning Get regular updates on the US housing market, and stay up to date with the machinations of the Fed, Treasury, Primary Dealers and foreign central...
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Some tweets on the housing data.
Lee Adler @Lee_Adler actual inventory to sales ratio at 4.5 lowest since Aug 05. http://pbckt.com/pA.RnqWlY
Lee Adler @Lee_Adler NSA inventory revised down each month Nov to Feb. Completed units revised dow...
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CUSIP: 912828SS0Term and Type: 5-Year NoteOffering Amount: $35,000,000,000Auction Date: 04/25/2012Issue Date: 04/30/2012Maturity Date: 04/30/2017PDF version of the announcementXML version of the announcement
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CUSIP: 912828ST8Term and Type: 7-Year NoteOffering Amount: $29,000,000,000Auction Date: 04/26/2012Issue Date: 04/26/2012Maturity Date: 05/24/2012PDF version of the announcementXML version of the announcement
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CUSIP: 912828SR2Term and Type: 2-Year NoteOffering Amount: $35,000,000,000Auction Date: 04/24/2012Issue Date: 04/30/2012Maturity Date: 04/30/2014PDF version of the announcementXML version of the announcement
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The market selloff looked ugly, but cycle screening measures are either lagging badly or signaling that this weakness won’t be sustained. That’s like saying the market will either go up or down, but I’m leaning toward door number two, that the market isn’t as weak as it looked on Friday. Once Monday’s big Treasury...
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CUSIP: 912828SQ4Term and Type: 5-Year TIPSOffering Amount: $16,000,000,000Auction Date: 04/19/2012Issue Date: 04/16/2012Maturity Date: 04/15/2015PDF version of the announcementXML version of the announcement
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Over the past week you have heard, read, and seen all kinds of noise about the government’s employment report. I even supplied some of that noise. We’ve seen all kinds of analyses explaining why the data was worse than expected, or better than it looked, etc. To the casual observer, it’s all very confusing....
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Let’s play “guess the nonfarm payrolls.” After all, our guess is as good as the conomists’, whose forecasts nicely fit a random distribution of hits and misses month in and month out. My guess? The headline non farm payrolls number would be reported as a drop of 337,000 tomorrow if you believe the withholding...
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CUSIP: 912828SF8Term and Type: 9-Year 10-Month NoteOffering Amount: $21,000,000,000Auction Date: 04/11/2012Issue Date: 04/16/2012Maturity Date: 02/15/2022PDF version of the announcementXML version of the announcement
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The Good News
Social Security (SS) has released estimates for both payroll tax revenues and benefits paid for April. The results are adjusted for the 2% payroll tax reduction. (The Treasury pays SS monthly for the shortfall.) The numbers tell a...
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The cash generated by the ECB’s second big LTRO operation has now settled in to wherever its holders wanted to park it so we’re entering a whole new world where the ECB sits on its hands, and the Fed keeps its balance sheet stable. The overwhelming force that the central banks had been applying...
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Guest commentary: Hedging financial risks — better to be safe than sorry on … – Detroit Free Press
New York TimesGuest commentary: Hedging financial risks -- better to be safe than sorry on ...Detroit Free PressBy John Pottow A hedge is like insurance: You buy it to protect against something bad. You do not -- or should not -- buy it to make money. ...
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