Barclays

Frontrunning: September 21

  • Mark Zuckerberg’s Political Awakening (BBG)
  • Bank of Japan Sticks With Easy-Money Settings (WSJ)
  • Bank of Japan board member demands more stimulus (FT)
  • S&P downgrades China, says rising debt is stoking economic, financial risks (Reuters)
  • Boston’s Fate Lies With a Zombie Hurricane as Maria Moves North (BBG)

Full Preview Of Today's "Historic" FOMC Meeting

In what may be one of Janet Yellen's last, and certainly her most difficult in recent history meetings, tomorrow the FOMC will not hike rates but will announce the start of its balance sheet normalization programme, while revising its economic projections and hinting whether the December meeting is "live" for one more 2017 rate hike. Here's what else to look forward to...

Frontrunning: September 20

  • Fed Poised to Set Portfolio Reduction Plan in Motion (WSJ)
  • Dollar close to 2015 lows as conflicted Fed prepares policy update (WSJ)
  • The Risk of a New Economic Non-Order (El-Erian)
  • A last, last chance: Republicans strain for Obamacare repeal (AP)
  • McConnell Won’t Promise Obamacare Repeal Vote as Foes Mobilize (BBG)

Goldman Is Turning Increasingly Bearish On Junk Bonds

"Shifting to a more defensive HY rating allocation: Overweight BBs vs. Bs and CCCs n We upgrade BBs to overweight from neutral, downgrade Bs to underweight from overweight, and maintain our underweight recommendation in CCCs."

Citi Warns Trading Revenue To Tumble 15% In Q3 Due To "Subdued Volatility"

Three months after its last such warning, Citi once again advised that its sales and trading revenue in Q3, which is ending in less than three weeks, will be down 15%, as the quarter "is lacking the volatility that pushed revenue higher in third quarter of 2016" underscoring as he did last quarter, that volatility remains “subdued."