Testimony

SocGen's "Pretty Simple" Explanation Of Janet Yellen's Testimony

“It’s pretty simple.....don’t overcomplicate it...As long as US interest rates consolidate and fears about a move to well north of 2.5% remains in check, the positive tone in emerging markets that prevailed prior to mid-June should resume”.

Global Stocks Hit New All Time High After Dovish Yellen, Strong Chinese Trade Data

The hawkish tone and global bond tantrum unleashed by central bankers at the Sintra ECB forum two weeks ago is now a distant memory, and after Janet Yellen surprised markets with an unexpectedly dovish testimony yesterday, overnight global shares hit their fourth all-time high in less than a month as Septmeber and December rate hike odds tumbled, pushing the dollar to the lowest level since September 2016.

Alan Dershowitz Slams New York Times For Trump Jr. "Treason" Claims

"Obviously if anyone conspired in advance with another to commit a crime – such as hacking the DNC – that would be criminal. But merely seeking to obtain the work product of a prior hack would be no more criminal than a newspaper publishing the work product of thefts such as the Pentagon Papers and the material stolen by Snowden and Manning."

10Y Auction Tails, Bid to Cover Drops In Mediocre Reopening

Overall, a mediocre reopening with metrics coming on the weaker side of recent averages, which perhaps was surprising in light of today's dovish testimony by Yellen, although in light of recent higher yields in the 10Y bucket this may have been as good as it gets.

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...

Frontrunning: July 12

  • Yellen to Address Interest Rates, Balance Sheet (WSJ)
  • Stocks Rebound as Dollar Dips on Trump Revelations (BBG)
  • Trump Jr.'s Russia emails could trigger probe under election law (Reuters)
  • Trump Jr. Emails Fan the Flames of Russia Probe (WSJ)
  • Trump’s Credibility Dealt Blow by His Son’s Emails (BBG)

Fed's Brainard Delivers A "Very Significant Speech"

There is much to contemplate in Brainard’s speech, but if she plays Jiminy Cricket to Janet Yellen expect the Fed chair to support this outlook. Other political factors such as the White House tweets and buffoonery cannot be accounted for in an algo-driven world. But I believe that Brainard did more to impact markets than the e-mails of Donald Trump, Jr.

Bill Blain: The Trump Fiasco Will Keep Yellen From Doing "Anything Extraordinary" Today

"The Trump Jump now look increasingly unachievable ahead of the next electoral cycle in 2018. No doubt markets will quickly shrug it off. However, the pressure on markets and gridlock on Washington spending plans is probably enough to keep the Fed from doing anything extraordinary – Yellen gives here bi-annual Humphrey Hawkins testimony later today." - Bill Blain