Futures market

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Recent comments of FOMC members have sent real rates higher and gold lower, something we have witnessed several times this year. Since the beginning of the year, the FED has tried to appear hawkish while the actual policy outlook has in fact become ever more dovish. At this point, the FEDs own guidance for interest rates suggest there is very little downside for gold, but there are many more potential drivers to the upside

No Need For Yield Curve Inversion (There Is Already Much Worse Indicated)

The bond market selloff of the past month or so, which has apparently fizzled just as Alan Greenspan was assuring the world it was only getting started (once more preserving for posterity how little he knows about bonds, interest rates, and money, as if knowing anything about any of those would be useful to a central banker). There is no bond market riddle. As each curve gets squashed by righteous pessimism, they together indicate nothing good about the near-term future.

US Futures, Bonds Rise, Dollar Dips As Fed, BOJ Meetings Begin

If yesterday one could "explain" the overnight stock levitation due to the move higher in crude oil, today there is no such catalyst with WTI down modestly, and yet the broader push higher across European stocks and US equities has reappeared following yesterday's muted close on Wall Street ahead of key central bank data on deck.

Global Stocks, US Futures Rebound As Oil Rises, Dollar Drops

Stocks across the board, and US equity futures are broadly in the green this morning as markets shrug off the terror-related events in the NYC area over the weekend.  There wasn’t a single positive “reason” for the green price action but fears about the bond “tantrum” appear to be fading while a stronger dollar helped push oil and the commodity complex higher.

"Last September Yellen Decided To Stay On Hold; Three Years Ago Bernanke Chose Not To Taper QE3"

Will she, or won't she? That is the question everyone wants answered regarding whether Yellen will hike rates in two weeks time. To be sure, historical precedented is not on the side of the hawks: as Bloomberg's Daniel Kruger reminds us, "Last September in ambiguous circumstances Yellen opted to stay on hold. Three years ago in September Ben Bernanke chose not to taper QE3 bond purchases."

Fewest Stocks Traded In 32 Years - The Market Is Disappearing In One Giant Leveraged Buyout

It's easy to find critics and doomsayers who predict that the next stock market crash is just around the corner. They could be right, but another possibility is that the stock market itself will disappear entirely. The number of common stocks traded on major U.S. exchanges are the fewest in three decades. This is the end game of unfettered capitalism. The signs are all here.

Dear Janet... TED Spread Confirms 'Risk', Not 'Policy' Is Driving Rates

Once again FOMC policy is at odds with what is taking place in deeper and far more intellectually-sound money markets. The TED spread confirms risk not policy as the underlying mechanism, while the eurodollar futures price reveals the growing pessimism about what that could mean for the intermediate and long terms in real economic conditions.