Testimony

"Blunt Language" - Goldman Explains Why It Is So Confident The Fed Will Hike In Under 3 Weeks

"Nothing happens without a good reason in these speeches, especially as far as monetary policy signals are concerned. The phrasing “case…has strengthened” was blunt language for a Fed Chair, which would have been unnecessary if she was only trying to convey a general sense that rates would be moving higher over time. There are plenty of other opportunities to prepare markets for a move before the December meeting."

A Kingdom In Turmoil: Saudi Societal Discontent Grows

"Given the current state of affairs in the Middle East, continued Saudi support for extremism and terrorism and increasing Islamic terror attacks on Europe and the US, US/Saudi relations will continue to deteriorate or remain in flux, regardless who wins the US Presidency in November 2016... we are likely to see more societal discontent and harsher responses by the Saudi oligarchy. Some signs are already evident..."

"Will Yellen Shock Today?"

Well, we made it. It’s finally Janet Yellen day. Has a speech by a Fed Chair ever been anticipated, dissected and stressed over to this extent? It’s partially down to the fact that she has largely, even unprecedentedly, made herself unavailable for public comment. Sending her minions out to confuse us. But more distressingly, they have put themselves in a situation where a measly 25 basis points looms like a life-changing event. 

Rate Hike Jitters Return In Poor, Tailing 7Y Treasury Auction

And just like that the rate market's perception has shifted. Following two stellar auctions earlier this week, namely a blockbuster auction of 2Y and 5Y bonds, which saw such strong demand we concluded that nobody appeared to be concerned about tomorrow's Yellen testimony at least in the primary bond market. That, however changed moments ago when the Treasury sold $28 billion "belly", 7Y bonds, at a yield of 1.423%, tailing the When Issued by 1.3 bps, the first tail in this tenor since February.

House Republicans Push Justice Department To Open Clinton Perjury Probe

Despite trustworthiness levels that would make Nixon blush, Hillary Clinton remains ahead in the polls and while we detailed the five potential scenarios that could crimp her lead, there is one word that looms large over her campaign: perjury. Just when you thought the whole lying-under-oath thing was yesterday's news, The Hill reports, leading House Republicans on Monday laid out detailed instructions for the Justice Department to file perjury charges against the Democratic presidential nominee.

FBI To Hand Over Clinton Email Probe Files To Congress

In what may be some overdue, and much needed transparency, the WSJ reports that the FBI will "hand over" its Clinton email probe files to Congress. Actually, in retrospect, don't hold your breath for any new revelations for one simple reason: there will be no actual testimony.