Archive July 2018

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Week InAdvance: July 30, 2018

Mon Jul 30 Pompeo in Singapore for ASEAN meeting. | Tue Jul 31 DHS cyber summit in NYC. WEF's Global Shapers Annual Summit in Geneva. | Wed Aug 1 FOMC interest rate decision.

Week InReview: July 27, 2018

Are derivatives sinful?

CFTC Chair J. Christopher Giancarlo, a "devout roman Catholic," and chief economist Bruce Tuckman, responded to Pope Francis's condemnation of derivatives in a letter to the Vatican.

"Messrs. Giancarlo and Tuckman, in the letter, argued for the social utility of derivatives, saying that rather than preying on the vulnerable, derivatives are actually a boon for "the world's poorest farming communities."

The two backed up their rebuttal of the Vatican with detailed descriptions of how, for example, derivatives can help stem boom-and-bust cycles in Madagascar's vanilla-crop prices.

CFTC chair tangles with Vatican over Pope's criticism of derivatives

Week InAdvance: July 23, 2018

Mon Jul 23 IAIS in Moscow. | Tue Jul 24 Global religious freedom ministerial at State Dept. | Wed Jul 25 BRICs Summit in Johannesburg. | Thu Jul 26 OFR panel meets at NY Fed. | Fri Jul 27 NAFTA talks resume. Blood Moon lunar eclipse.

Week InReview: July 20, 2018

'Don't be gloomy and doomy'

"People are making too much of the 10s to 2s," said Larry Kudlow - who replaced Gary Cohn as director of the National Economic Council director in March - referring to the shrinking gap between U.S. shorted dated and long dated Treasury yields.

"There is no recession in sight right now."

"Don't be gloomy and doomy in an overboard sense," Mr Kudlow added. "The American economy is in good shape."

- Financial Times

Week InAdvance: July 16, 2018

Mon Jul 16 SEC fixed income panel. | Tue Jul 17 FSOC closed meeting. Green finance summit in London. | Wed Jul 18 SEC open meeting. LabCFTC in NYC. Fed's Beige Book. | Thu Jul 19 NY Fed's ARRC roundtable. | Sat Jul 21 G20 finmins & central bankers in Buenos Aires.

Week InReview: July 13, 2018

Are stock buybacks a bad thing?

"... the historic spending spree on share buybacks has some analysts worried companies are buying their shares at excessive valuations during the peak of the economic cycle and at a time when the market rally is nine years old. Others warn the billions of dollars spent to buy back shares could have gone toward capital improvements like new factories or technology that could lead to stronger long-term growth."

Stock buybacks are booming, but share prices aren't budging - The Wall Street Journal

Week InAdvance: July 9, 2018

Mon Jul 9 Fed board closed session. | Tue Jul 10 Brexit talk at CFR. | Wed Jul 11 IOSCO investment panel in London. | Thu Jul 12 CFTC's MRAC meets. Treasury secretary testifies on global finance. | Fri Jul 13 Fed releases monetary policy report to Congress. | Sat Jul 14 France celebrates Bastille Day.

Week InReview: July 6, 2018

Too hot to trade. As the U.S. northeast sizzled, time became unhinged.

"High humidity is impeding radio transmissions Tuesday among three New Jersey data centers where U.S. stocks trade, according to a note Nasdaq Inc. sent customers. It's taking about 8 microseconds longer to send information from Nasdaq's facility in Carteret to the New York Stock Exchange data center in Mahwah, and an extra 2 microseconds to send data to Cboe Global Markets Inc.'s exchange in Secaucus."

This heat wave's so bad it's even slowing down U.S. stock trades

Week InAdvance: July 2, 2018

Mon Jul 2 Canada markets closed in observance of Canada Day. | Tue Jul 3 U.S. stock markets close at 1pm, bond markets close at 2pm. | Wed Jul 4 U.S. markets closed for Independence Day holiday. | Thu Jul 5 FOMC meeting minutes.