Once again soft data appears to be generating more reaction in the bond market than strong data -- consistent with the bullish undertone, |
Once again soft data appears to be generating more reaction in the bond market than strong data -- consistent with the bullish undertone. |
Poor employment trends clearly are weighing on sentiment, ... The (IBD) data is consistent with a meaningful decline in the Michigan survey. |
Quite clearly, energy is still adding to consumer prices, but everything else is rather subdued, ... As far as goods are concerned, either at the consumer or producer level, their is no sign of inflation. |
Some of the headline (jobs) numbers maybe look slightly stronger than expected, but when you scratch below the surface, you find there is still plenty of weakness out there, ... Obviously the manufacturing sector is looking as weak as ever. |
The [housing] data must be considered confirmation of a clear slowing in the housing sector ... and is then solidly bond friendly and dollar negative. |
The Bank of Japan has effectively crowded out 'crowding out,' |
The broader picture is there's some slowing in housing. It's certainly dollar-negative news. |
The data should tend to encourage views that the Fed is correct and that inflation looks to be contained. |
The data will certainly encourage views of a truncated Fed tightening cycle. |
The data will keep the Fed on edge and provides fodder for the Fed hawks. |
The economy is generally slowing for a wide variety of reasons -- energy is one, but also the stimulus is wearing off. |
The euro led the move ... and the dollar's weakness is broad-based, which is important but I'm skeptical that we're going to get a lot of (euro) upside here. |
The Fed Chairman would be very happy if the bond market did some of the tightening for him, |
The Fed Chairman would be very happy if the bond market did some of the tightening for him. And I think if we saw the long bond yield back above, say, 6.75 percent, edging towards 7 percent, that would limit some of the restraint the Fed would have to impose on the economy. |