One month ago, when the Treasury sold 3 Year paper the reception was rather lukewarm when ahead of the March FOMC there was some concern that the Fed may actually hike. Now that any speculation of a rate hike has been shelved indefinitely, there was no problem for the US Treasury to sell this month's batch of 3 Year paper. With the WI trading at 0.894% at 1pm, the high yield printed 0.890%, stopping 0.4 bps through the When Issued.
Submitted by Salil Mehta via Statistical Ideas blog,
One would think that active managers would eventually outperform somewhere after the negative press that ensued a year ago. And now that 2015 performance data has been properly audited and tabulated, we can see what the new results are.
We have closely watched the spring borrowing-base redetermination period for US shale drillers because for many cash burning oil and gas companies it could mean the difference between survival and a quick death in bankruptcy court, as it represents the semi-annual event that determines if they have enough liquidity to sustain operations for the next few quarters or, alternatively, if they have to hand over keys to creditors.
In what has so far been a strange day, in which one headline by an "anonymous diplomatic source" and unconfirmed by the Russian energy ministry has pushed stocks from red on the day back to highs for the year, the latest surprise came from Bill Gross who moments ago broke into a "tweetstorm" to lay out what he see as the latest set of investor delusions.
Gross: (1 of 5) Investor delusions that one day will be exposed to fresh air: #1) China is growing at 6% / yr;
Submitted by Charles Hugh-Smith of OfTwoMinds blog,
This predatory exploitation is only possible if the central bank and state have partnered with financial Elites.