tyb's
Market Snapshot
FRBNY Repo Ops- $132.75B for today
$132.75b in total swap(s). $94.87 in Treasury's and $37.5b in Mortgage backed Securities.
Cap#1
Futures…gonna give yesterday's gain right back. Cap#2
Bank of England Cuts Key Interest Rate in Response to Virus
The Bank of England has cut its key interest rate by half a percentage point to 0.25%. The Bank of England slashed its key interest rate by half a percentage point to 0.25% on Wednesday, as part of an emergency package of measures to cushion the “economic shock" of the coronavirus outbreak.
The central bank said the move would “help support businesses and consumer confidence at a difficult time.”
The cut took the main rate to a record low, last reached after Britain's June 2016 vote to leave the European Union. It came just hours before the British government was expected to announce its own package of measures to shore up the economy against arguably the biggest economic shock since the global financial crisis 12 years ago.
The cut follows similar reductions from the U.S. Federal Reserve and the Bank of Canada. The European Central Bank is also expected to announce a package of stimulus measures on Thursday. Growth projections have been slashed for all major world economies as the virus halts production and dents business and consumer confidence. Global stock markets have suffered their biggest daily losses since the height of the global financial crisis in 2008.
https://www.usnews.com/news/business/articles/2020-03-11/bank-of-england-cuts-key-interest-rate-to-025-due-to-virus
U.S. consumer prices unexpectedly rise in February
U.S. consumer prices unexpectedly rose in February but are likely to decline in the months ahead as the coronavirus outbreak depresses demand for some goods and services, outweighing price increases related to shortages caused by disruptions to the supply chain. The report from the Labor Department on Wednesday, which also showed a steady rise in underlying inflation last month, is however, unlikely to change financial market expectations that the Federal Reserve will cut interest rates again at its policy meeting next week.
https://www.reuters.com/article/us-usa-economy-inflation/u-s-consumer-prices-unexpectedly-rise-in-february-idUSKBN20Y1U7
Oil War Escalates Again After Saudi and U.A.E Promise Flood of Crude
Saudi Arabia promised to increase production capacity and the United Arab Emirates said it plans to pump as much as possible next month.
Riyadh said it will boost capacity to an unprecedented 13 million barrels a day, doubling down on Tuesday’s pledge of extra output in April. The U.A.E., a close Saudi ally, then promised to push more crude to customers than it can produce. These are fresh shots in an all-out war that has seen prices crash and the outlook for the market darken as nations prepare to pump as much as they can.
https://www.bloomberg.com//news/articles/2020-03-11/oil-war-escalates-again-as-saudi-and-u-a-e-promise-more-supply
https://www.kitco.com/charts/livegold.html
https://www.marketwatch.com/investing/bond/tmubmusd10y
USMC C-560's current:VM767 and PAT007 out of JBA and LOBO715 out of MCAS Cherry Point.
SAM364 G5 up from the flortida keys, data incomplete and R90104 USMC C-560 just up from Dobbins
SAM420 C-32 A out of Athens and NW
R30016 USMC C-560 out of Dobbins east and SAM425 G5 out of JBA and west.
busy
LA area Port Traffic Down Year-over-year in February
Container traffic gives us an idea about the volume of goods being exported and imported - and usually some hints about the trade report since LA area ports handle about 40% of the nation's container port traffic.
The following graphs are for inbound and outbound traffic at the ports of Los Angeles and Long Beach in TEUs (TEUs: 20-foot equivalent units or 20-foot-long cargo container).
To remove the strong seasonal component for inbound traffic, the first graph shows the rolling 12 month average. On a rolling 12 month basis, inbound traffic was down 1.6% in February compared to the rolling 12 months ending in January. Outbound traffic was up 0.4% compared to the rolling 12 months ending the previous month. Usually imports peak in the July to October period as retailers import goods for the Christmas holiday, and then decline sharply and bottom in February or March depending on the timing of the Chinese New Year (January 25th in 2020).
Because of the timing of the New Year, we would have expected traffic to decline in February without an impact from COVID-19.
In general imports both imports and exports have turned down recently - and will probably be negatively impacted by COVID-19 over the next several months.
https://www.calculatedriskblog.com/2020/03/la-area-port-traffic-down-year-over.html
Budget 2020: Chancellor unleashes £30bn spree to boost economy
Rishi Sunak unveiled £7bn of emergency funding to help people deal with the virus, alongside at least an extra £5bn for the NHS.
Mr Sunak said the outbreak would have a "significant impact" on the economy.
But he said extra spending and investment would provide "security today" and "prosperity tomorrow". It came as the chancellor unveiled a three point plan to tackle the coronavirus including:
-Providing the NHS with unlimited financial resources to fight the virus
-Extending sick pay benefits to healthy people forced to self-isolate as well as the UK's five million self-employed
-Pledging to foot the sick pay bill for any business employing less than 250 people for up to 14 days, and scrapping business rates for small firms. Mr Sunak warned that the coronavirus would hit spending and trigger a temporary disruption to the economy. He warned that a fifth of Britain's workforce could be off work at any one time.
Mr Sunak said the government would do "everything we can to keep this country and our people healthy and financially secure".
Slower growth. It came as the government's tax and spending watchdog said the UK economy was on course to grow at the slowest pace since the financial crisis this year, even before the outbreak hit.
The Office for Budget Responsibility (OBR) cut its 2020 growth forecast to 1.1%, amid a stagnation in the economy during the final three months of last year.
This would be the weakest performance since 2009. A year ago, the OBR predicted the UK economy would grow by 1.4% this year. Growth is expected to rebound in 2021 to 1.8%, before moderating to 1.5% in 2022 and 1.3% the following year.
However, the forecasts were made before the extent of the coronavirus outbreak in the UK became clear. They do not take into account the emergency government stimulus measures or the cut in UK interest rates announced earlier on Wednesday
There are currently 382 cases of the virus in the UK, and this number is growing.
https://www.bbc.com/news/business-51836555
no one said decoupling from the petro-dollar would be easy.
took 'em all, ty anon. Not a graphics anon any longer. was once.
they have been faking it for a long time. Not all of them but most
used to scour them up until 2006…KPMG, Deloitte etc all part of it.