Michael Cloherty
Michael Cloherty
absorb auction backdrop bonds equity lends looking market negative
Bonds are looking at equities. The equity market has stabilized after yesterday's tumble and the auction lends a negative backdrop because the market has to absorb more supply.
bail fed investors leverage people prices saying system
At these prices right now, people are saying the Fed is going to have to do more to bail out the system for investors to take on leverage again.
concern greenspan matter speaking surprise tonight
Greenspan is speaking tonight and it's a matter of some concern that he could surprise people.
bonds concern deflation good relative
Concern about deflation makes bonds look good relative to stocks.
extremely market pressure start strong
It's an extremely strong start to the first quarter. We've had pressure on the market for a while. This maintains that pressure.
bit data diminished economic expected force hand inflation picking positive risks statement stronger
The statement was that it markedly diminished the risks of inflation picking up. So, you know, a very positive statement from the Fed. But I think that, still, the risks are that the economic data could come in a little bit stronger than expected and force the Fed's hand one more time.
bit bonds higher trading
You should see bonds trading a little bit higher on this because there's a bit more slowdown in it than we were anticipating.
drive left monday question setup trade whether
The only thing (to drive Monday trade) is the question of whether there's much setup left for tomorrow's Humphrey-Hawkins.
average below effective exists funds percent rate softer throughout
Yesterday, the Fed's effective funds rate, the average of the funds rate that exists throughout the day, was 1.25 percent, way below their new 3 percent target. Today, it's even softer than that, below 1 percent.
value yields
Yields have cheapened up, but if the Fed's going to go further, they still may not have value at that level.
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Tomorrow the employment report is going to take over. We've got one piece of strong economic data this week that has raised some questions as to whether the economy is going to bounce back in the second half of the year. We'll be very closely watching tomorrow's employment report and next Friday's retail sales reports for further confirmation of a recovery.
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There is a lot of following stocks around today. That was the big thing after the huge decline in the European equity markets - there was a lot of nervousness about what would happen in the U.S.
behind factor main
The real has been the main factor behind this rally.