un pò di pillole , T-bronx sù di due figure
peccato che poi è tradato in $
11:55 am - Gaining : The day's upside move has been accompanied by fairly constant volume, not huge size, but steady flows. The possibility of inter-meeting rate cuts remains on the table, with Bernanke saying he'd rather not. But if you gotta, you gotta. Meanwhile, over in CRB land, records continue to be broken to the upside, with metals running the show as inflation concerns are hedged. Bernanke is acknowledging that unemployment is going to increase, while adding that essentially, the Fed is just doing the best it can, comments that are likely to add some more upside here.
11:36 am - Bill Sale & Announcement : Treasury sold $30B of 14-day cash management bills at a high rate of 2.550% with a cover of 2.81. The department also said it will sell $47B of 3- & 6-month bills on Mon ($24B & $23B - $1B more, respectively) to raise about $9B of new cash.
11:29 am - Bernanke Bump : Put? The seemingly smarter questions out of Bernanke's inquisitors today are eliciting more complex and, perhaps, frank responses from the Fed-head. The redundancies (the chief sees inflation abating, no stagflation, recession yadda, yadda, yadda) are as expected and he will duck back behind that any time a provocative query flies by. The market has seen it as nothing but net as they push higher on all the factoids and numbers being bandied about. The moves have seen the curve shoved around, with profit-taking runs being met by initiating steepeners. The 2-10-yr yield spread is back at 187 after a brief stint at 183.4
11:25 am - Boosted by Ben : Bernanke's testimony is kicking up a bit of storm as his characterizations of the economy are giving treasuries a boost and the dollar another bust to the chops. Specifically his reference to further bank failures did not sit well and a quick flight-to-quality perked up. The buck sold off with euro erasing offers in front of 1.5150 but now facing modest headwinds ahead of 1.5200. The afternoon looks to be fixated on the weaker growth story, with today's poor data helping fill in the details. Dips are likely to bought now as sentiment turns back in favor of owning bonds in light of upped expectations for rate cuts.
11:05 am - Bad GDP = Good GDP : BONY's Mike Woolfolk on GDP "the revision to net exports contributed 0.90% (previously 0.41%) to the headline...Without this upward revision, [GDP] would have been effectively zero. While the improvement in net exports was expected, the deterioration in inventories was not. Changes in inventories subtracted -1.49% (previously -1.25%)...This result is inconsistent with monthly data that indicates business inventories increased more than expected in December. The silver lining to the negative surprise to Q4 GDP is that Q1 GDP should benefit from a statistical rebound in inventories sufficient enough to keep it out of negative territory."
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