Having spooked the bond market earlier with her surprisingly hawkish remarks, and sending the 2Y surging while flattening the curve even more, moments ago the Treasury sold $26 billion in 2 Year paper at a yield of 1.462%, a notable jump from last month's 1.345%, and the highest since October 2008. It also tailed by 0.2 bps to the 1.460% When Issued, which however was to be expected following the sharp move just minute earlier.
On the heels of Fed chair Janet Yellen warning of looming inflation and the need for The Fed to perhaps not move as slowly as they have suggested, gold has snapped back below $1300 (erasing North Korean risks) and the dollar is extending gains...
As Citi notes, for those hoping for hawkish comments, Yellen has certainly delivered.
“It would be imprudent to keep monetary policy on hold until inflation is back to 2 percent,”
The Fed “should also be wary of moving too gradually.”
Update: In her prepared remarks, Yellen crucially said,
“A more important issue from a policy standpoint is that some key assumptions underlying the baseline outlook could be wrong in ways that imply that inflation will remain low for longer than currently projected.”
As Bloomberg explains, she is stating a bit more clearly than before that the FOMC doesn’t have a handle on why inflation is low and acknowledging that it may last longer than they predict.
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As the NFL's feud with President Trump continues to dominate headlines, a feud which has effectively turned ESPN into a politically-themed talk show, the league has decided to recruit additional talent to "provide crisis communications counsel to leagues executives." Per a job listing posted to Daybook, the NFL says they're looking for a "Senior Communications Strategist" to be based out of New York City who can assist with "crisis communications" and "devise a strategy and long term vision to strategically position the NFL in the sports marketplace." Here are some highli
Just days after Uber lost its license to operate in London, the online ride-hailing service that has been at the centre of various controversies and scandals for the past year, announced it would cease operations in Quebec as of Oct. 14. According to the Montreal Gazette, the final straw for Uber, which has been negotiating with the Quebec government for months in an effort to co-exist with the taxi industry, reportedly was a government demand that its drivers submit to a 35-hour training program already imposed on taxi drivers.