Archive December 2018

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Week InAdvance: December 31, 2018

Mon Dec 31 U.S., Canadian equity markets on a normal schedule; U.S. bond markets close at 2pm, Canadian bond markets close at 1pm. | Tue Jan 1 Most global markets closed. | Thu Jan 3 116th U.S. Congress sworn in. | Fri Jan 4 Fed chair and two predecessors at AEA

Week InReview: December 28, 2018

A history of bear market bottoms:

Looking back on all these bottoms reinforces a few things... 1.It's hard to make money in the stock market. Particularly if you're a trader or a long-term investor. 2.There are no rules for how the market bottoms. Stocks go down a lot, and then they keep going down more until they stop going down, and then they go up, sometimes a little and other times a lot. 3."The charts tell a plain story, but they do not indicate the future." - William Biggs (father of Barton)

(Irrelevant Investor | Dec 27)

Week InAdvance: December 24, 2018

Mon Dec 24 Stock market closes at 1 pm EST, bond market closes at 2 pm EST. | Tue Dec 25 U.S. and European markets are closed. | Wed Dec 26 Australia, Canada, Germany and U.K. markets closed.

Week InReview: December 21, 2018

Stock exchanges dealt blow as SEC moves forward with fee study A Securities and Exchange Commission pilot will examine how the fees and rebates exchanges use to attract volume impact the market, and if they lead to conflicts of interest. While focused on technical issues of market plumbing, the SEC's study has become a lightning rod because it could portend regulatory changes that impact the exchanges' bottom lines. (Bloomberg Markets | Dec 19)

Week InAdvance: December 17, 2018

Mon Dec 17 WTO reviews trade policy. | Tue Dec 18 China's 40th reform anniversary. | Wed Dec 19 FSOC meets on nonbank SIFIs, digital assets, DLT. FOMC rate decision. | Fri Dec 21 Winter solstice. Quadruple witching day.

Week InReview: December 14, 2018

Banks get kinder, gentler treatment under Trump

The Federal Reserve's Randal Quarles and the Federal Deposit Insurance Corp.'s Jelena McWilliams have spent several months touring the country, visiting bank examiners in regional offices, and asking them to adopt a less aggressive tone when flagging risky practices and pressing firms to change their behavior. (The Wall Street Journal | Dec 12)

Week InAdvance: December 10, 2018

Mon Dec 10 IOSCO in Dubai. | Tue Dec 11 Senate hearing on SEC oversight. | Wed Dec 12 WTO meets in Geneva. | Thu Dec 13 SEC panel to address ESG disclosures. | Fri Dec 14 Geminids meteor showers.

Week InReview: December 7, 2018

Bond market liquidity woes

"Get ready for a rocky ride in bond markets. The price of a safer banking system is more danger for investment institutions.

"U.S. and U.K. regulators last week sounded warnings about the knock-on effects for corporate debt markets when large institutional investors face demands for liquidity. These demands could cause more turmoil than in the past because investors now provide much more corporate funding and are more exposed to collateral calls from derivatives.

"The Fed is also concerned about the potential for runs from open-ended mutual funds. A drop in corporate debt prices could prompt a rush to redeem funds, sparking further falls and so on."

Price Impact of Trades and Limit Orders in the U.S. Treasury Securities Market
- Liberty Street Economics

Week InAdvance: December 3, 2018

Mon Dec 3 Joint Member Agencies at the NY Fed. UN Climate Summit in Poland. | Tue Dec 4 CFTC's MRAC. | Wed Dec 5 SEC considers revamping quarterly reports. | Thu Dec 6 SEC meets on muni disclosure.