Credit markets had been nervous for the last 48 hours heading into today's Fed minutes and reflective of the FOMC's worries [5]over small-cap forward multiple [6] and covenant-lite loan issuance [7] (both of which we have discussed in great detail as excessive) sparked weakness in the Russell and credit spreads. Yesterday's bounce gave way to selling after the minutes (and on a "good" data day). But a late-day no-JPY-supported melt-up saved the day but stocks are still down after first 5 days of the year - still worst since 2008. Treasury yields leaked higher into the minutes then flattened dramatically with 10s and 30s rallying and 5s and below weakening. 5s30s dropped 7bps on the day - biggest flattening since Taper. 10y did not close above 3%. Gold and silver slipped lower after 2pm then recovered into the close, but WTI crude slid all day - holding losses after the Fed ($92.50). The USD limped lower after the Fed with EURUSD unch on the week before tomorrow's ECB statement.
Market went a little nuts post-Fed...as always...catching down to EURJPY then ripping higher to VWAP into the close...
[8]
But overall, all indices remain red from the 2013 closing highs (even as the NASDAQ overtook the Dow)...
[9]
as 330RAMP CAPITAL saved the day perfectly...
[10]
Credt markets have been nervous again...
[11]
Treasuries limped higher in yield into the minutes then flattened dramatically after...
[12]
Oil slipped all day - holding post fed losses; but gold and silver recovered most of their kneejerk losses..
Charts: Bloomberg
Bonus Chart: JCPummeled...
[13]
Bonus Bonus Chart: BBBY smashed 9% lower after hours as it misses and guides lower...
- *BED BATH & BEYOND 3Q EPS $1.12, EST. $1.15
- *BED BATH & BEYOND 3Q SALES $2.87B, EST. $2.89B
- *BED BATH SEES YR EPS $4.79-$4.86, SAW $4.88-$5.01, EST. $5.01
- Bed Bath Sees 4Q EPS $1.60-$1.67, Saw $1.70-$1.77, Est. $1.79
[14]
Bonus Bonus Bonus Chart: Brent-WTI surged to one-month highs today as WTI slumped...
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