Derivati USA: CME-CBOT-NYMEX-ICE BUND, TBOND and the middle of the guado (VM 69)
- Creatore Discussione masgui
- Data di Inizio
Metatarso
Forumer storico
ok, naturalmente estremizzavo, ma un fondo di verità c'è, pensavo al tasso di risparmio delle famiglie.Questo a corollario della discussione con il buon meta di ieri.
Se non ricordo male, in USA è stato addirittura negativo negli anni scorsi, mentre in Italia siamo al 14% (che è uno dei più alti al mondo, forse appena dopo il Belgio che ha il 20%)
questa è bella...
ma l'ho già detto prima come compensare la deflazione monetaria: le case si possono bruciare o demolire, le navi da trasporto si possono affondare, così l'offerta diminuisce e i prezzo aumenta... che idea eh ?
e in più si beccano pure i soldi delle assicurazioni 
Fleursdumal
फूल की बुराई
oggi un'altra billionata record in asta di 5y
Treasury 5-Year Note Yields Highest Since August Before Auction
http://www.bloomberg.com/apps/news?pid=20602007&sid=a54wYEqB_Yxc#
By Anchalee Worrachate and Theresa Barraclough
Dec. 29 (Bloomberg) -- Treasury five-year note yields traded at the highest levels in more than four months before the U.S. sells a record-tying $42 billion of the securities, the second of three sales this week totaling $118 billion.
The five-year offering follows a $44 billion sale of two- year notes yesterday that drew the weakest demand in four months. The auctions conclude with a $32 billion seven-year sale tomorrow. Treasuries of all maturities have fallen 3.7 percent this year, according to Bank of America Merrill Lynch indexes. That would be the worst annual performance since at least 1978, when Merrill began collecting the data.
“I hope there’s enough participation for the U.S. paper given it’s the end of the year,” said Charles Berry, a bond trader in Stuttgart at Landesbank Baden-Wuerttemberg. “Supply is an issue everywhere. Governments are borrowing unprecedented amounts of money and inflation will soon hit us like a sledgehammer. The saving grace for the U.S. is its benchmark status.”
The five-year note yield rose one basis point, or 0.01 percentage point, to 2.61 percent at 7:43 a.m. in New York, according to BGCantor Market Data. It touched 2.62 percent, the highest level since Aug. 13. The 2.125 percent security due November 2014 fell 2/32, or 63 cents per $1,000 face amount, to 97 3/4. The five-year security to be sold today yielded 2.66 percent in pre-auction trading.
The two-year notes auctioned yesterday traded at 99 28/32, for a yield of 1.09 percent, about the same as the high yield at the sale. The gap between 2-year and 10-year yields narrowed to 2.77 percentage points, from 2.80 percentage points yesterday.
Yield Curve
That spread, known as the yield curve, widened to a record 2.88 percentage points on Dec. 22 amid concern President Barack Obama’s attempt to revive economic growth with record spending will keep the deficit at $1 trillion and damp demand at auctions of government debt. U.S. marketable debt increased to a record $7.17 trillion in November from $5.80 trillion at the end of last year.
Indirect bidders, an investor class that includes foreign central banks, purchased 34.8 percent of two-year notes at yesterday’s sale, the lowest amount since July, and below the 45 percent average for the past 10 auctions.
The bid-to-cover ratio, which gauges demand by comparing total bids with the amount of securities offered, was 2.91, the lowest since August. Last month’s sale drew a record-low yield of 0.802 percent and a bid-to-cover ratio of 3.16.
Bargain Hunters
“We’re not structurally set up to absorb this much volume on a week like this,” said Jim Vogel, head of agency-debt research at FTN Financial in Memphis, Tennessee. “There aren’t enough bargain hunters around to tidy things up when they get sloppy.”
The last sale of five-year notes in November drew a high yield of 2.175 percent, the lowest since May, and attracted bids for 2.81 times the amount on offer, the largest bid-to-cover ratio for the securities since September 2007, at the start of the financial crisis. Demand for U.S. debt may also wane before reports today that economists say will show declines in U.S. home prices eased in October and consumer confidence climbed this month.
Breakeven Rate
The 10-year breakeven rate, a gauge of market inflation expectations derived from a yield gap between regular and index- linked bonds, rose 1 basis point to 2.40 percentage points. It was at 2.12 percentage points at the end of November.
Property values in 20 metropolitan areas fell 7.2 percent in October from a year earlier, the smallest 12-month drop since 2007, according to the median forecast of economists surveyed by Bloomberg before today’s report from S&P/Case-Shiller.
The New York-based Conference Board’s consumer confidence index rose to 53 this month from 49.5 in November, according to a separate survey. The measure reached a record low 25.3 in February.
The Fed proposed yesterday a program to sell term deposits to banks to help mop up some of the $1 trillion in excess reserves in the U.S. banking system. The proposal, subject to a 30-day comment period, “has no implications for monetary policy decisions in the near term,” the central bank said in a statement released in Washington.
“My view on the economy is more pessimistic than that of the market,” said Luca Jellinek, a senior interest-rate strategist in London at ANZ Banking Group Ltd. “If that view is correct, Treasury yields should remain surprisingly low into next year. But in the very near-term, I will be bearish bonds because the market is not ready for that view yet.”
Holders of U.S. debt have made a return of 81 percent over the past decade, according to Bank of America Merrill Lynch indexes.
Treasury 5-Year Note Yields Highest Since August Before Auction
http://www.bloomberg.com/apps/news?pid=20602007&sid=a54wYEqB_Yxc#
By Anchalee Worrachate and Theresa Barraclough
Dec. 29 (Bloomberg) -- Treasury five-year note yields traded at the highest levels in more than four months before the U.S. sells a record-tying $42 billion of the securities, the second of three sales this week totaling $118 billion.
The five-year offering follows a $44 billion sale of two- year notes yesterday that drew the weakest demand in four months. The auctions conclude with a $32 billion seven-year sale tomorrow. Treasuries of all maturities have fallen 3.7 percent this year, according to Bank of America Merrill Lynch indexes. That would be the worst annual performance since at least 1978, when Merrill began collecting the data.
“I hope there’s enough participation for the U.S. paper given it’s the end of the year,” said Charles Berry, a bond trader in Stuttgart at Landesbank Baden-Wuerttemberg. “Supply is an issue everywhere. Governments are borrowing unprecedented amounts of money and inflation will soon hit us like a sledgehammer. The saving grace for the U.S. is its benchmark status.”
The five-year note yield rose one basis point, or 0.01 percentage point, to 2.61 percent at 7:43 a.m. in New York, according to BGCantor Market Data. It touched 2.62 percent, the highest level since Aug. 13. The 2.125 percent security due November 2014 fell 2/32, or 63 cents per $1,000 face amount, to 97 3/4. The five-year security to be sold today yielded 2.66 percent in pre-auction trading.
The two-year notes auctioned yesterday traded at 99 28/32, for a yield of 1.09 percent, about the same as the high yield at the sale. The gap between 2-year and 10-year yields narrowed to 2.77 percentage points, from 2.80 percentage points yesterday.
Yield Curve
That spread, known as the yield curve, widened to a record 2.88 percentage points on Dec. 22 amid concern President Barack Obama’s attempt to revive economic growth with record spending will keep the deficit at $1 trillion and damp demand at auctions of government debt. U.S. marketable debt increased to a record $7.17 trillion in November from $5.80 trillion at the end of last year.
Indirect bidders, an investor class that includes foreign central banks, purchased 34.8 percent of two-year notes at yesterday’s sale, the lowest amount since July, and below the 45 percent average for the past 10 auctions.
The bid-to-cover ratio, which gauges demand by comparing total bids with the amount of securities offered, was 2.91, the lowest since August. Last month’s sale drew a record-low yield of 0.802 percent and a bid-to-cover ratio of 3.16.
Bargain Hunters
“We’re not structurally set up to absorb this much volume on a week like this,” said Jim Vogel, head of agency-debt research at FTN Financial in Memphis, Tennessee. “There aren’t enough bargain hunters around to tidy things up when they get sloppy.”
The last sale of five-year notes in November drew a high yield of 2.175 percent, the lowest since May, and attracted bids for 2.81 times the amount on offer, the largest bid-to-cover ratio for the securities since September 2007, at the start of the financial crisis. Demand for U.S. debt may also wane before reports today that economists say will show declines in U.S. home prices eased in October and consumer confidence climbed this month.
Breakeven Rate
The 10-year breakeven rate, a gauge of market inflation expectations derived from a yield gap between regular and index- linked bonds, rose 1 basis point to 2.40 percentage points. It was at 2.12 percentage points at the end of November.
Property values in 20 metropolitan areas fell 7.2 percent in October from a year earlier, the smallest 12-month drop since 2007, according to the median forecast of economists surveyed by Bloomberg before today’s report from S&P/Case-Shiller.
The New York-based Conference Board’s consumer confidence index rose to 53 this month from 49.5 in November, according to a separate survey. The measure reached a record low 25.3 in February.
The Fed proposed yesterday a program to sell term deposits to banks to help mop up some of the $1 trillion in excess reserves in the U.S. banking system. The proposal, subject to a 30-day comment period, “has no implications for monetary policy decisions in the near term,” the central bank said in a statement released in Washington.
“My view on the economy is more pessimistic than that of the market,” said Luca Jellinek, a senior interest-rate strategist in London at ANZ Banking Group Ltd. “If that view is correct, Treasury yields should remain surprisingly low into next year. But in the very near-term, I will be bearish bonds because the market is not ready for that view yet.”
Holders of U.S. debt have made a return of 81 percent over the past decade, according to Bank of America Merrill Lynch indexes.
Fleursdumal
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Fed Proposes Selling Term Deposits to Absorb Excess Reserves
http://www.bloomberg.com/apps/news?pid=20602007&sid=aioeVBhCvFB4#
By Craig Torres
Dec. 29 (Bloomberg) -- The Federal Reserve proposed a program to sell term deposits to banks to absorb some of the banking system’s $1 trillion in excess reserves now threatening to accelerate inflation as the economy recovers.
The plan, subject to a 30-day comment period, “has no implications for monetary policy decisions in the near term,” the central bank said yesterday in a statement released in Washington.
Fed Chairman Ben S. Bernanke and his fellow policy makers are debating how to shrink or neutralize the inflationary impact from the biggest monetary expansion in U.S. history. Some central bankers, including Richmond Fed President Jeffrey Lacker, have suggested that the Fed reduce excess reserves by selling Treasuries or mortgage-backed securities.
Term deposits may help policy makers “assert operational control over the federal funds rate” once they raise the interest rate from the current range of zero to 0.25 percent, said Lou Crandall, chief economist at Wrightson ICAP LLC in Jersey City, New Jersey. Excess cash “would be locked up,” easing downward pressure on the federal funds rate, he said.
The Fed has expanded its balance sheet to $2.2 trillion through several liquidity programs, including purchases of $1.25 trillion in mortgage-backed securities. Excess reserves constitute cash held by banks in excess of what they are required to keep against deposits. The Fed proposal says the term deposits could be sold in an auction or through a formula.
Raising Rates
The Fed won’t begin raising interest rates until the third quarter of 2010, according to the median estimate of 62 economists surveyed by Bloomberg News in the first week of December.
“We’ve known for some time now that term deposits were on the Fed’s radar and were often treated as the next most likely tool for draining reserves after reverse repos,” said Dan Greenhaus, chief economic strategist at Miller Tabak & Co. LLC in New York.
In a reverse repurchase agreement, the Fed lends securities for a set period, draining cash from the banking system. At maturity, the securities are returned to the Fed, and the cash to the primary dealers that act as counterparties to the central bank.
The “maximum-allowable rate for each auction of term deposits would be no higher than the general level of short-term interest rates,” the central bank said.
Federal Funds
Short-term interest rates “would be defined as the primary credit rate and rates on obligations with maturities of up to one year in which eligible institutions may invest, such as rates on term federal funds, term repurchase agreements, commercial paper, term Eurodollar deposits, and other similar rates,” the Fed said.
The term deposits, which would be Fed liabilities similar to consumer deposits sold by banks, could be used as discount window collateral, the central bank said.
Fed officials are likely to determine maturities on the term deposits after banks have a chance to comment on the proposal.
The central bank press release cites examples of 14-day, 28-day and 84-day term deposits. Maturities would not exceed one year, the Fed said, and will probably range between one and six months.
To keep the federal funds rate set at the target determined by the Federal Open Market Committee, the Fed must prevent reserves from flooding the market and lowering the target rate.
The Fed could use reverse repurchase agreements and term deposits to soak up excess cash. Rather than tie up excess reserves by using such tools, Lacker and other Fed officials have proposed permanently reducing reserves through the sale of Treasuries or mortgage-backed securities.
“When we get to the point where we feel like we need to reduce bank reserves, we will have a number of options to choose from,” Lacker told reporters on Dec. 2. “To my mind, the natural place to start is asset sales.”
http://www.bloomberg.com/apps/news?pid=20602007&sid=aioeVBhCvFB4#
By Craig Torres
Dec. 29 (Bloomberg) -- The Federal Reserve proposed a program to sell term deposits to banks to absorb some of the banking system’s $1 trillion in excess reserves now threatening to accelerate inflation as the economy recovers.
The plan, subject to a 30-day comment period, “has no implications for monetary policy decisions in the near term,” the central bank said yesterday in a statement released in Washington.
Fed Chairman Ben S. Bernanke and his fellow policy makers are debating how to shrink or neutralize the inflationary impact from the biggest monetary expansion in U.S. history. Some central bankers, including Richmond Fed President Jeffrey Lacker, have suggested that the Fed reduce excess reserves by selling Treasuries or mortgage-backed securities.
Term deposits may help policy makers “assert operational control over the federal funds rate” once they raise the interest rate from the current range of zero to 0.25 percent, said Lou Crandall, chief economist at Wrightson ICAP LLC in Jersey City, New Jersey. Excess cash “would be locked up,” easing downward pressure on the federal funds rate, he said.
The Fed has expanded its balance sheet to $2.2 trillion through several liquidity programs, including purchases of $1.25 trillion in mortgage-backed securities. Excess reserves constitute cash held by banks in excess of what they are required to keep against deposits. The Fed proposal says the term deposits could be sold in an auction or through a formula.
Raising Rates
The Fed won’t begin raising interest rates until the third quarter of 2010, according to the median estimate of 62 economists surveyed by Bloomberg News in the first week of December.
“We’ve known for some time now that term deposits were on the Fed’s radar and were often treated as the next most likely tool for draining reserves after reverse repos,” said Dan Greenhaus, chief economic strategist at Miller Tabak & Co. LLC in New York.
In a reverse repurchase agreement, the Fed lends securities for a set period, draining cash from the banking system. At maturity, the securities are returned to the Fed, and the cash to the primary dealers that act as counterparties to the central bank.
The “maximum-allowable rate for each auction of term deposits would be no higher than the general level of short-term interest rates,” the central bank said.
Federal Funds
Short-term interest rates “would be defined as the primary credit rate and rates on obligations with maturities of up to one year in which eligible institutions may invest, such as rates on term federal funds, term repurchase agreements, commercial paper, term Eurodollar deposits, and other similar rates,” the Fed said.
The term deposits, which would be Fed liabilities similar to consumer deposits sold by banks, could be used as discount window collateral, the central bank said.
Fed officials are likely to determine maturities on the term deposits after banks have a chance to comment on the proposal.
The central bank press release cites examples of 14-day, 28-day and 84-day term deposits. Maturities would not exceed one year, the Fed said, and will probably range between one and six months.
To keep the federal funds rate set at the target determined by the Federal Open Market Committee, the Fed must prevent reserves from flooding the market and lowering the target rate.
The Fed could use reverse repurchase agreements and term deposits to soak up excess cash. Rather than tie up excess reserves by using such tools, Lacker and other Fed officials have proposed permanently reducing reserves through the sale of Treasuries or mortgage-backed securities.
“When we get to the point where we feel like we need to reduce bank reserves, we will have a number of options to choose from,” Lacker told reporters on Dec. 2. “To my mind, the natural place to start is asset sales.”
Fleursdumal
फूल की बुराई
veru
il prossimo thread lo intitoliamo 'lasciate ogni speranza o voi ch'entrate '
titulo già editato
e poi adesso cambiamo treddo ogni mille pagine non siamo neanche a metà , in tempo per l'apocalisse del 2012 
gipa69
collegio dei patafisici
titulo già editato
L'inverno kondatrievviano si fonde con la fine del calendario maya e con il ciclo climatico in un orgia apocalittica.... i prodromi per una crisi politica bella pronta per il 2018!!!
Metatarso
Forumer storico
questa è bella
Germania: inflazione dicembre +0,8% - Yahoo! Finanza
Così come l'indice dell'inflazione (taroccato da banksters e governi) non ha rilevato l'inflazione immobiliare (come se gli immobili non facessero parte del costo della vita
), adesso non sta rilevando la deflazione
Però ora l'indice mostra un segno positivo, e fa pressione sui banksters per rialzare i tassi.
Ma se rialzano i tassi, la deflazione sugli immobili si accentua ancora di più.
Il loro trucco si ritorce contro di loro.
Germania: inflazione dicembre +0,8% - Yahoo! Finanza
Così come l'indice dell'inflazione (taroccato da banksters e governi) non ha rilevato l'inflazione immobiliare (come se gli immobili non facessero parte del costo della vita
), adesso non sta rilevando la deflazione Però ora l'indice mostra un segno positivo, e fa pressione sui banksters per rialzare i tassi.
Ma se rialzano i tassi, la deflazione sugli immobili si accentua ancora di più.
Il loro trucco si ritorce contro di loro.
f4f
翠鸟科
f4f
翠鸟科
titulo già editato
ho visualizzazione a 40 thread/pagggina, sono a pagina 77
alla 100 si volta
azz già scritto?
altro titolo in elaborazione
dimenticavo..
Ciube is alive and weel, and says VDVLQ to everybody
f4f
翠鸟科
vah che son per la soluzzzzione l'inflattiva da prima di te
l'unica cosa che non mi quaglia è capire come manterranno bassi i tassi di interesse ....
....
questa è bella
Germania: inflazione dicembre +0,8% - Yahoo! Finanza
Così come l'indice dell'inflazione (taroccato da banksters e governi) non ha rilevato l'inflazione immobiliare (come se gli immobili non facessero parte del costo della vita
Però ora l'indice mostra un segno positivo, e fa pressione sui banksters per rialzare i tassi.
Ma se rialzano i tassi, la deflazione sugli immobili si accentua ancora di più.
Il loro trucco si ritorce contro di loro.
ecco come faranno ....
non lo puozzono fare
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