December 8, 2016 | Daily JAM, Morning Briefing |
The European Central Bank today extended its bond-buying program to the end of 2017 but cut the monthly purchases to 60 billion euros from 80 billion euros. That would take the total for this quantitative-easing effort to 2.2 billion euros ($2.4 billion.) That will bring the total for this round of quantitative easing to about double the estimated size of the program at its inception in January 2015.
December 6, 2016 | Daily JAM, Morning Briefing, Short Term |
There’s been the Greenspan put, the Bernanke put, and the Yellen put–the belief that the Federal Reserve would ride to the rescue if U.S. stocks showed signs of struggling. Today let’s add the Draghi put as European stock markets demonstrate their faith that European Central Bank President Mario Draghi will support EuroZone financial markets after Sunday’s big loss in a constitutional referendum vote by Italian Prime Minister Matteo Renzi
December 4, 2016 | Daily JAM, Morning Briefing, Short Term |
The preliminary count at 3:14 a.m. shows Italian voters rejecting Prime Minister Matteo Renzi’s referendum on constitutional change by an almost 60/40 margin. With the vote this lopsided, Renzi will head to the Quirinal palace on Monday to submit his resignation to president Sergio Mattarella. Which will leave Italy without a government. The next elections aren’t for 14 months.
December 4, 2016 | Uncategorized |
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November 19, 2016 | CMI, Daily JAM, Friday Trick or Trend, GE |
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November 18, 2016 | Daily JAM, Short Term |
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November 15, 2016 | Daily JAM, Morning Briefing |
The U.S. dollar continues to move up. The Dollar Spot Index (DXY) has climbed 3.2% since November 4 to 100.16 as of noon today, November 15. That puts the index, which tracks the U.S. dollar against a basket of currencies from significant trading partners, knocking on the door of resistance at 100. (The 52-week high for the index is 100.51.)
October 20, 2016 | Daily JAM, Morning Briefing |
Financial markets were hoping to hear something from the European Central Bank and its president Marie Draghi after today’s policy meeting about extending the bank’s current 80 billion euros ($88 billion) a month program of asset buying behind its current March 2017 expiration. Instead all financial markets heard was Draghi promise that the bank wouldn’t put an abrupt end to asset purchases in March
October 19, 2016 | Daily JAM, Mid Term, Volatility, You Might Have Missed |
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October 4, 2016 | Daily JAM, Short Term |
The financial markets are gradually convincing themselves that the Federal Reserve is certain to raise interest rates at its December 14 meeting. That, along with the continued retreat in the pound on remarks from U.K. Prime Minister Theresa May signaling a hard Brexit, sent the U.S. dollar to its biggest gain in two weeks. The Bloomberg Dollar Spot Index climbed by 0.6% this morning.
July 21, 2016 | Daily JAM, Morning Briefing |
No cut in interest rates. No expansion or extension of asset purchases. No nothing from the governors of the European Central Bank at today’s meeting
March 11, 2016 | Daily JAM, Morning Briefing |
Yesterday, financial markets fell as traders and investors decided that the policy changes–another 10 basis point cut to deposit rates and an increase of 10 billion euros a month in asset purchases–weren’t enough, especially in the face of lower forecasts for inflation and economic growth from the central bank. Today, financial markets seem to have decided that they’re reason to rally.
