Mediocre Demand For "Tailing", 7Y Treasury

When today's 7Y printed at 2.197% (vs the 6 previous auction average of 1.883%) it tailed the WI of 2.196% by 0.1bp, as once again there were few overhanging shorts to squeeze. The internals were average at best.

45 Trillion Reasons Why Gary Cohn Has Recused Himself From All Goldman Matters

“consistent with the stringent ethics rules established by the Trump Administration, Mr Cohn will recuse himself from participating in any matter directly involving his former employer, Goldman Sachs. He will also recuse himself from any matter or potential rulemaking before the CFTC in which Goldman Sachs has participated.”

Doctor Copper's Getting Clubbed

When Copper was soaring (2 weeks ago) it 'proved' that China's debt binge had worked and that Trumpian reflation was going to secure global economic growth going forward. Now that Dr.Copper is collapsing - we are not hearing so much about the industrial metal's economic forecasting prowess...

Oil To $70? Or Down To $30?

Oil price forecasts are always all over the map, but the exceptional disparity between some projections for 2017 is pretty stunning.

Market Sours On Tesla's "Phantom" Beat, Stock Slides

Tesla shares have quickly given up all gains from the better-than-expected earnings as the sell-side awaits more clarity on the cost and capital raise plans. One analyst specifically took aim at the fourth quarter results, calling out the beat as "phantom" given the exclusion of the SolarCity acquisition from consensus estimates.

Bundesbank Prepares For Record Losses Once ECB Starts Hiking Rates

Germany's central bank reported its smallest profit in more than a decade in 2016 after setting aside a record amount of provisions against future losses on the bonds it is buying as part of the ECB's stimulus programme, its annual report showed on Thursday. "It is fair to ask ... when we can take our foot off the monetary policy pedal," Bundesbank President Jens Weidmann said.

Fed's National Activity Index Drops In January

Despite all the exuberant 'soft' survey data, The Fed's National Activity Index dropped in January and missed expectations as 49 of the 85 subcomponents deteriorated.