Bonjour a tout les bondaroles
oggi alle 9 americane parla nuovamente il nonnetto babulenko e stasera Beige Book. La cosa più divertente di tutto ciò che dice il report che riporto qua sotto è che il mercato sta cercando di capire il senso delle parole di Greenspan
.... poi continua in termini di controllo del rischio and so on e allora qui vengono un pò di brividi poichè evidentemente qualcuno/osa è in posizione traballante. La stessa reazione dei Bonds in un orario dove di solito non succede granchè a meno di attentati etc, dà da pensare
ODJ Debt Futures Review: Slight Declines In Wake Of Fed Comments
(Repeating)
-- Futures Dip On Nervousness About Late-Day Greenspan Remarks
-- McTeer TV Appearance Also Pressures Market Slightly Early In Day
-- Market Anxiously Awaits Greenspan Economic Testimony Wednesday
By Allen Sykora
Chicago, April 20 (OsterDowJones) - Comments from a couple of Federal
Reserve officials, including Chairman Alan Greenspan, led to declines in
interest-rate futures Tuesday, analysts said.
The losses were not huge, however, as traders awaited what was considered
to be the really critical appearance by Greenspan - testimony on the economy
and monetary policy Wednesday morning before the Joint Economic Committee.
As the interest-rate pits closed, the Fed chief was testifying on the
banking industry before the Senate Banking Committee. In his prepared remarks
flashed by news wires at the time Greenspan was starting his appearance, the
Fed chairman suggested U.S. commercial banks were well prepared for an
eventual rise in rates.
Although "some banks would undoubtedly be hurt by rising rates," he
said, "the industry appears to have been sufficiently mindful of interest-rate
cycles and not to have exposed itself to undue risk."
Otherwise, he did not address the near-term outlook for rates or the
economy in his prepared remarks.
"He was not speaking directly on monetary policy, but was saying banks are
currently well positioned for rate hikes," said Beth Malloy, bond-market
analyst with Briefing.com.
Some may viewed his remarks as a hint of the beginning of a shift toward a
tightening bias, continued Malloy. However, she added, "it doesn't answer the
timing question." Still, some longs appeared to be exiting their positions
ahead of the Fed chairman's Wednesday appearance, set for 0900 CT (1400 GMT).
Kathleen Stephansen, director of global research at Credit Suisse First
Boston, commented that the Fed chairman's remarks prompted some nervousness,
even though he was not addressing the economy or monetary policy directly.
"The market is trying to figure out what the meaning is of Mr. Greenspan's
words, in terms of risk control and so on," she said. "When he is talking
about high interest rates affecting the banking sector, does that mean that
the Fed is poised to tighten?
"There is a little bit of nervousness in the markets."
Earlier Tuesday, contacts said the debt market dipped slightly after
Dallas Fed President Robert McTeer told CNNfn that interest rates "could be a
bit higher, and policy would still be very accommodative." The market recouped
most of those losses before Greenspan started speaking, but then fell to new
lows for the day after the chairman's remarks. In fact, in the bonds and 10-
year notes, the session lows were hit with only five minutes left in open-
outcry trading.
Jun 10-year notes settled 10.5 ticks lower at 111-03 and Jun Treasury
bonds fell 13 ticks to 107-20. Sep Eurodollars fell 2.5 basis points to 98.395
and Dec slid 3.5 basis points to 97.99.
Should the market's weakness continue when Greenspan appears on Capitol
Hill again on Wednesday, traders will be keeping a close eye on support at
last week's long-time lows, contacts said. This lies at 110-17 for Jun 10-year
notes and 107-01 in Jun Treasury bonds. These prices were the markets' weakest
levels since early January.
In Eurodollars, last week's lows were 98.32 in the Sep contract and 97.92
in Dec. These were these contracts' lowest levels since early February.
Greenspan's remarks likely will be the main focus for the market in a week
in which the economic calendar is light. No first-tier reports came out
Tuesday, and the lone major indicator on Wednesday is the Federal Reserve's
Beige Book report on economic conditions, scheduled for release at 1300 CT
(1800 GMT).
