Borrowing Costs

Janet Yellen Is About To Speak: Here's What To Look For

Fed Chair Yellen will be testifying to the House Financial Services committee at 1000EDT, followed by testimony tomorrow before the Senate Banking Committee, however her prepared remarks will be released 90 minutes earlier, at 8:30am. Courtesy of RanSquawk, here are the main things to look for in her prepared testimony as well the subsequent Q&A...

Bond Rout Fades With Futures Flat Ahead Of Payrolls; Pound, Yen, Oil Tumble

S&P futures are little changed following yesterday's rout even as Asian and European markets continued selling; the pound slid on poor factory data, the yen tumbled after the BOJ intervened to stabilize the JGB bond market, precious metals flash crashed early in the session, while the selloff in oil accelerated despite yesterday's massive inventory draw, although at least yesterday's sharp bond tantrum has stabilized.

Frontrunning: June 22

  • European stock markets stumble as oil languishes near lows (Reuters)
  • Some Trump Aides Want a New Leader at the Fed (BBG)
  • Goal of Saudi Shake-Up: Drag Country Into the Modern Era (WSJ)
  • Under fire in Washington, Trump back in campaign mode in Iowa (Reuters)
  • Revenue Slides at Some Trump Businesses, but Vegas Tower Brings Windfall (WSJ)

China 'Rescues' Bond Market In Symbolic Move But Yield Curve Remains Inverted

For the 10th day in a row, China's bond yield curve remains inverted (the longest in history). However, in a very symbolic move overnight, China's Ministry of Finance bought 1.26 billion yuan of 1-year bonds for the first time in history via the secondary market. While yields tumbled on the rescue attempt, the curve remains inverted...