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Divergence! Fed Funds Target Rate STILL 464 Basis Points Below Taylor Rule Estimate (Dornbusch Calibration)

Like in politics, there is also a tremendous divergence between the rate hawks (who want to raise the Fed Target rate) and doves (who want to keep rates where they are). 163 more words

Banking

ECB to develop a service for the settlement of instant payments by end of 2018

The Governing Council of the ECB has decided to develop a new service for the settlement of instant payments. The new service, TARGET instant payment settlement (TIPS), will enable citizens and firms to transfer money between each other in real time and will be available around the clock, 365 days a year. 81 more words

Payment Services

Economic Update - Bank of England 'Rift' Grows, Steven Mnuchin Talks Up New 50 & 100 Year Bonds, more...

Last week the Bank of England only narrowly preserved interest rates at 0.25%, with three members of the seven strong committee voting for a rise. Chairman Mark Carney has since stated that ‘ 1,368 more words

News

Household Debt Growth YoY Now Equals Federal Public Debt Growth (Thanks To Debt Ceiling On Feds)

Yes, the US public debt is temporarily frozen at the statutory debt limit (with the exception of fiscal shenanigan with public debt held by investors versus intragovernmental lending).   155 more words

Banking

One Trader Has Had It With Your "Wild Projections Fueled By Irrelevant Moral Outrage"

Former FX trader Richard Breslow is in rare form on Wednesday.

We like Richard because he takes great pleasure in telling you what you’re doing wrong and he doesn’t mince words. 676 more words

S&P 500

US Treasury Secretary Mnuchin Still Interested In Ultralong (High Duration) Sovereign Debt As Argentina Sees strong demand for surprise 100-year bond

US Treasury Secretary Steve “The Munchkin” Mnuchin said on Bloomberg News today that Treasury is still considering issuing ultra-long sovereign debt. This comes on the news that… 307 more words

Banking

US Treasury 30Y-5Y Slope Falls To Under 100 (Lowest Since Dec 2007)

The US Treasury yield curve (30Y-5Y) slope has flattened to the lowest level since December 2007, before The Great Recession.

The US Treasury 10Y-2Y curve slope (orange line) is near the lowest level since December 2007. 24 more words

Banking