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Investors Looking for New Focus

September 19, 2019
Overview:  Central bank activity is still very much the flavor of the day, but investors are looking for the next focus.  The Bank of Japan and the Swiss National Bank stood pat, while Indonesia cut for the third consecutive time and the Hong Kong Monetary Authority and Saudi Arabia quickly followed the Fed. Brazil cut its Selic rate yesterday by …
Investors Looking for New Focus Investors Looking for New Focus Reviewed by Marc Chandler on September 19, 2019 Rating: 5
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Did the Fed Deliver a Hawkish Cut?

September 18, 2019
The Federal Reserve delivered the widely anticipated 25 bp rate cut, but by not validating expectations for another cut. The market reacted is if they wanted to clearer dovish signal. The dollar strengthened, and equities fell.  
To be sure, a plurality of Fed officials, (7) see another cut.  Five officials saw no need for another rate cut.  Anothe…
Did the Fed Deliver a Hawkish Cut? Did the Fed Deliver a Hawkish Cut? Reviewed by Marc Chandler on September 18, 2019 Rating: 5
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Cool Video: TDAmeritrade Network--FOMC, Repo, Brexit and More

September 18, 2019
My markets education began on the floor of the Chicago Mercantile Exchange. I learned the hard way, and with the help of many locals, people who were putting their own money at risk every day to make a living. They were often on the other side trades from of the "smart" institutional money. They were scrappy and survived on their wits an…
Cool Video: TDAmeritrade Network--FOMC, Repo, Brexit and More Cool Video: TDAmeritrade Network--FOMC, Repo, Brexit and More Reviewed by Marc Chandler on September 18, 2019 Rating: 5
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FOMC Meets Amid Money Market Pressures

September 18, 2019
Overview:  News that Saudi Arabia was able to restore 40%-50% of the oil capacity lost by the weekend strike coupled with the Fed's efforts to offset the squeeze in the money markets are allowing the global capital markets to trade quietly ahead of the conclusion of the FOMC meeting.  Equities are little changed with a lower bias that has been…
FOMC Meets Amid Money Market Pressures FOMC Meets Amid Money Market Pressures Reviewed by Marc Chandler on September 18, 2019 Rating: 5
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Markets Calm(er)

September 17, 2019
Overview: Oil prices have stabilized after yesterday's surge.  Both Brent and WTI are holding on to around $7-$8 a barrel gain. Equity markets are mixed.  Some are attributing the losses in Asia Pacific outside of Japan (Nikkei rose its highest level since late April), Korea and Australia to the rise in oil prices.  European shares opened lowe…
Markets Calm(er) Markets Calm(er) Reviewed by Marc Chandler on September 17, 2019 Rating: 5
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Oil Surge Pared, Markets Remain on Edge

September 16, 2019
Overview:  Oil prices surged in the initial reaction to the unprecedented drone attack on Saudi Arabia facilities.  Saudi Arabia may be able to restore around half of the lost production in a few days.  Saudi Arabia and other countries, including the US, prepared to tap strategic reserves, oil prices have seen the initial gains halved.  Brent is t…
Oil Surge Pared, Markets Remain on Edge Oil Surge Pared, Markets Remain on Edge Reviewed by Marc Chandler on September 16, 2019 Rating: 5
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Jump in Yields Didn't Derail Equity Rally While Sterling Rallies Ahead of the Weekend on (misplaced) Brexit Optimism

September 15, 2019
The most striking thing about last week's price action was the surge in US yields.  The 10-year yield jumped about 34 basis points, the most in three years and returned to levels not seen since August 2 (1.90%).  A deluge of investment-grade corporate bonds and US Treasuries ($78 bln auctioned to lukewarm reception), coupled with an accelerati…
Jump in Yields Didn't Derail Equity Rally While Sterling Rallies Ahead of the Weekend on (misplaced) Brexit Optimism Jump in Yields Didn't Derail Equity Rally While Sterling Rallies Ahead of the Weekend on (misplaced) Brexit Optimism Reviewed by Marc Chandler on September 15, 2019 Rating: 5
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Six Things to Watch in the Week Ahead

September 14, 2019
The prospect of a third trade truce between the US and China helped underpin the optimism that extended the rally in equities.  Bond yields continued to back-up after dropping precipitously in August, led by a more than 30 bp increase in the US yield benchmark.  The Dollar Index fell for the second consecutive week, something it had not done this …
Six Things to Watch in the Week Ahead Six Things to Watch in the Week Ahead Reviewed by Marc Chandler on September 14, 2019 Rating: 5
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Cool Video: Thoughts on ECB

September 13, 2019
A few hours after the ECB announced a new package of monetary accommodation, I joined a discussion on CNBC Asia with Nancy Hungerford and Sir Jegarajah. Here is a clip of part of our discussion. 
I make two points.  The first is about the euro's price action.  What impressed me about it was that the euro posted an outside up day, trading on b…
Cool Video: Thoughts on ECB Cool Video: Thoughts on ECB Reviewed by Marc Chandler on September 13, 2019 Rating: 5
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