Monthly Archives: August 2012

The MorningSnapshot- 08/31

U.S. stocks pared gains as investors weighed a statement by Bernanke that he would not rule out more bond purchases to boost growth. “We have seen no net improvement in the unemployment rate since January,” Bernanke told central bankers and economists in the audience, according to a text of his remarks released in Washington. “Unless the economy begins to grow more quickly than it has recently, the unemployment rate is likely to remain far above levels consistent with maximum employment for some time.” His speech comes just two weeks before he leads an FOMC meeting to decide whether an expansion of the Fed’s record stimulus is warranted to spur growth.

The MorningSnapshot- 08/30

Sentiment is mixed this morning as the Fed’s Jackson Hole conference begins, with Bernanke scheduled to speak at 10am EST tomorrow; analysts and strategists do not anticipate Bernanke signaling imminent policy moves. Globally, equities are lower on the day while treasuries are gaining. U.S. 10yr Treasuries are again testing the 50% retracement level in the 1.63% range, while euro-area sovereign debt spreads to German bunds are widening modestly. Energy and metals are trading higher, while ags are mixed in mostly moderate ranges on the day.

The MorningSnapshot- 08/29

The S&P 500 ended the day down slightly on low volume after the S&P/Case-Shiller home price index rose +0.5% Y/Y in June versus estimates calling for a drop of -0.05%, while American consumer confidence fell by the most in ten months. The VIX index rose +0.9% to its highest level since Aug. 2 as investors flock to safety before Bernanke’s speech on Friday. 10yr U.S. Treasuries lost -2bps and are again testing resistance in the 1.63% area, after trading as low as 1.61%; 1.63% is the 50% retracement level from the all-time low on 7/25.