AFS Morning Comments & Calendars

13 September 2019

ECB Post-Mortem: Going out with a whisper

For a change, there is less than meets the eye when it comes to the September 2019 ECB easing package. In a nutshell, the ECB isn’t doing much in the way of increasing the dose…

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10 September 2019

AFS Morning Comment September 9 2019

Just to get this out first: the Bloomberg consensus forecast for Thursday ECB’s meeting is Draghi & Co cutting the deposit rate by 10bps and launching a modestly sized QE program of 30 billion euros…

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6 September 2019

AFS Morning Comment September 6 2019

Into this afternoon’s US nonfarm payrolls bonds have sold off, with yields jumping from all-time lows (or close to record-lows). Drivers have been better than expected data; Beijing/Hong Kong authorities moving towards meeting some of…

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5 September 2019

AFS Morning Comment September 5 2019

The never-ending Brexit saga… well it really is never-ending. Yesterday MPs passed a bill to force the government of PM Johnson to ask the EU for delaying the Brexit date to January next year. And…

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4 September 2019

AFS Morning Comment September 4 2019

US Treasury yields are off the lows this morning following yesterday’s very disappointing ISM Manufacturing PMI, data which doesn’t bode well for Friday’s US nonfarm payrolls. At 1.47 the 10y Treasury yield is just several…

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23 August 2019

AFS Morning Comment August 23 2019

It should come as no surprise that the 2y10y Treasury yield spread closed below zero yesterday for the first time this cycle. That’s because punters significantly scaled back their ECB/Fed easing bets ahead of Chair…

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