The BOJ cuts back on bond purchases, the Fed paring back on runoff. It’s a dynamic pocket of central bank policy. The US Treasury market remains in a very tight range with the 10-year UST pinned around 4.50%. This week brings a ton of data.
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The Fed enters their blackout period with an amazing shift in narrative and clear message to markets. Of late, financial conditions tightening with strength in the US dollar, real rates higher, and equity markets consolidating.
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This past Friday kicked off the start of earnings season as JPM, WFC and Citi released Q1 earnings following record Q1 new issue volume. Get your updates on the credit market each week with Talking Tuesdays from Stephen L. Haas, Head of Credit Trading for AmeriVet Securities.
US rate markets are reversing course after a small safe-haven trade on Friday following a very robust retail sales number this morning. We expect the message from the Fed to remain consistent this week: no rush.
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The new Issue calendar priced $24Bln topping estimates of $20Bln last week. We saw $4.5Bln of net client buying led by Financials, Consumer Discretionary and Industrials with Technology, Communications and Utilities seeing light net client selling.
Chair Powell left the door open with or without a good employment market. It remains to be seen. This Fed Chair wants to east. And will in 2024.
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“Certainly, we need to see more data where the employment market stays relatively strong. And at the same time, inflation continues to come down. So Friday's number, very, very important.”
Get your updates each week with @GFaranello–Head of U.S. Rates at @AmerivetSecs
“Spreads were unchanged-to-5 basis points tighter on light activity and secondary volume saw $3.1 billion of net client selling”
Get your updates on the credit market each week with Talking Tuesdays from Stephen L. Haas, Head of Credit Trading for @AmerivetSecs.
In general, market-based financial conditions have been on the looser side since the Fed made a pivot in late 2023. And Fed Chair Powell has not pushed back in the first quarter of 2024.
Get your updates each week with @GFaranello–Head of U.S. Rates at @AmerivetSecs
@AmerivetSecs Head of US Rates, @GFaranello, joined @MariaBartiromo in the @FoxBusiness studios for the “Market Check” segment on @MorningsMaria earlier today.
Gregory provided his insights into yesterday’s Fed meeting and what it means for the financial markets in 2024!
“Last week the new issue calendar priced $37 billion right in the middle of estimates of $35-40 billion."
Get your updates on the credit market each week with Talking Tuesdays from Stephen L. Haas, Head of Credit Trading for @AmerivetSecs.
Financial conditions have eased a bit, the economy continues to move forward, and we’ve spent 2024 pricing out expectations for rate cuts in 2024.
We discuss it all in our Fed Preview with @AmerivetSecs Co-CEO Michael Naidrich, Priya Misra, and Head of US Rates @GFaranello.
“February’s new issue calendar saw a record month of new deals as secondary trading flows followed suit, leading to heavy net client selling.”
Get your updates on the credit market each week with Talking Tuesdays from Stephen L. Haas, Head of Credit Trading for @AmerivetSecs.
The message from the central bank is clear: Caution. The risk of moving too soon greater than the latter. In general, the rate market continues to consolidate from the extremes of late 2023.
Get your updates each week with @GFaranello–Head of U.S. Rates at @AmerivetSecs
This past week, we participated as a Joint Lead with @MorganStanley and a Co-Manager with @DeutscheBank, NYS Thruway Authority, Wisconsin Housing and Economic Development Authority, and Citi. We appreciate the meaningful inclusion as we continue to grow and invest in our business
A continued consolidation in rates following the Fed meeting, employment number, and Chair Powell last night on 60 Minutes. The Fed continues to manage market expectations for rate cuts in 2024.
Get your updates each week with @GFaranello–Head of U.S. Rates at @AmerivetSecs
@AmerivetSecs Co-CEO Michael Naidrich and our Head of U.S. Rates @GFaranello are joined by a special guest for this quarter’s Fed Preview, Chief Economist for @FHLBNY, Brian Jones. They provide their overall assessment of the economy and their thoughts on the upcoming Fed meeting
“The new issue calendar topped expectations and priced $49 billion last week. Spreads were 4-to-15 basis points tighter on solid activity and secondary volume saw very balanced net client buying and selling”
Get updates from Stephen Haas, Head of Credit Trading for @AmerivetSecs