cè tira fuori il cuginaster dai guai
ormai una notizia su due sui bonds riguarda il differenziale 10yt.note/Bund
U.S. Treasuries edge lower ahead of Fed meeting
By Ana Nicolaci da Costa
LONDON, Dec 14 (Reuters) - U.S. Treasuries edged lower on
Tuesday as the market awaited the Federal Reserve's policy
meeting later this session, where the bank is widely expected to
raise rates by a quarter-percentage-point.
Although the rate rise has been fully priced in by the
market, analysts will scrutinise the statement that follows for
any change in Fed language and any mention of its inflation
outlook.
"(The market) is totally dead. There might be some
excitement if the wording of the statement is different in terms
of what it means for the market's pricing of February rate hike
expectations," said a trader in London.
"We've got Consumer Price Index data (CPI) on Friday, which
will be a important number but generally people are winding
down. We are in the last full trading week of the year."
The Federal Open Market Committee (FOMC) announces its
interest-rate decision at 1915 GMT.
At 1040 GMT, the 10-year note <US10YT=RR> was 5/32 lower in
price, with a yield of 4.17 percent, compared with 4.15 percent
at the New York close on Monday.
The two-year notes price was 2/32 lower, with a yield of
2.99 percent <US2YT=RR>, against 2.97 in late New York trade.
"Nothing is happening. The past couple of instances where we
had an FOMC meeting, trading in Treasuries was virtually halted,
so we do not expect yield movements in either direction by more
than 1 or 2 basis points ahead of the FOMC meeting," said
Kornelius Purps, fixed income strategist at Hypovereinbank in
Munich.
Five-year yields <US5YT=RR> were at 3.56 percent and the
ultra-long 30-year debt yield <US30YT=RR> was at 4.82 percent.
The March T-note future <TYH5> fell 4/32 to 112-10/32.
Investors will eye the October trade report at 1330 GMT,
given recent focus on the sustainability of the current account
deficit which has hurt the dollar and sparked talk of dwindling
interest for U.S. assets such as Treasuries.
The international trade report is out at 1330 GMT, followed
by U.S. industrial production and capacity utilization data for
November at 1415 GMT.
Also on the calendar are the weekly data -- the ICSC/UBS
chain store sales numbers are out at 1245 GMT, Redbook's retail
sales index of department and chain store sales is released at
1355 GMT and ABC/Money's consumer confidence index is due at
2330 GMT.
The Fed Bank of Richmond's manufacturing indexes for
November are out at 1500 GMT.
Treasuries underperformed Bunds, with the 10-year yield
spread 1 basis point wider at 60 basis points. The 10-year
dollar swap spread was steady at 39.50 basis points.
[/quote]
) piuttosto che giocarmi uno short di T-bond, metto insieme una posizione combinata : long 10y t-note , short T-Bond , per ridurre il rischio. Poi intorno a questo spread faccio trading per aggiustare la posizione, longando il 10y e shortando il T-Bond sui livelli che giudico sensibili. Tutto qua.
se sale il T-Bond ti fa +1% mentre il 10y magari fa un +0,5%
