• Sunday, May 1, 2016 - 09:17 ECB Coeure: Abandoning Inflation Objective 'Not An Option' 0


    By Martin Baccardax

    LONDON (MNI) - European Central Bank Executive Board member Benoit Coeure said Sunday that the Bank would not abandon its price stability objective and that it should be given "sufficient discretion" to carry it out.

    In contribution for Germany's Frankfurter Allgemeine Sonntagszeitung newspaper, and also published on the Bank's website, Coeure rejected the notion that the Bank was being "stubborn" in enacting policies designed to return inflation to its 'just under 2%' target and argued that its myriad policy measures were having a positive impact.

    "Silently giving up on the commonly agreed inflation objective, which has served the ECB well for the last 13 years, is not an option," Coeure said....

  • Friday, April 29, 2016 - 16:56 Friday's Top Stories in the United States 0


    * In the week ahead, the expectation for good April economic data and supply from the May Treasury refunding announcement might conflict with month-end duration needs as the Treasury market continues to see "as needed" flows that set a range for yields, fixed income market sources said. Analysts at BNP wrote, "We believe the rise in bond yields has probably already gone far enough. Thus we recommend selective duration longs: specifically, we recommend long US 10-years." Technical analysts at JP Morgan said post-FOMC the 10-year note rebound "stalled near last week's 1.80% breakdown, which marks key short-term resistance. Despite that, technicals remain very mixed ... .

  • Friday, April 29, 2016 - 16:13 Fannie Mae Mar Duration Gap Still Zero;Portf Y/Y -15.1% - Text 0


    --Duration Gap Zero Every Month in Past Year

    WASHINGTON (MNI) - The following is Fannie Mae's summary of February activity, published Friday:

    - Fannie Mae's Book of Business increased at a compound annualized rate of 1.6 percent in March.

    - Fannie Mae's Gross Mortgage Portfolio decreased at a compound annualized rate of 15.1 percent in March.

    - The Conventional Single-Family Serious Delinquency Rate decreased eight basis points to 1.44 percent in March; the Multifamily Serious Delinquency Rate decreased one basis point to 0.06 percent in March.

    - The Effective Duration Gap on Fannie Mae's portfolio averaged zero months in March.

    - Fannie Mae completed 7...

  • Friday, April 29, 2016 - 14:22 Portfolios:HSBC Global AM:EMD Not Necessarily Out of The Woods 0


    By Yali N'Diaye

    OTTAWA (MNI) - Recovering oil prices, the Federal Reserve delay of its tightening, signs of stabilization of economic activity in China have all helped boost sentiment towards emerging markets recently, but Olga Yangol, an emerging market debt portfolio manager at HSBC Global Asset Management, remains cautious as macroeconomic risks remain tilted to the downside.

    "The risks are still there," she told MNI, and "we are not necessarily out of the woods."

    As a result, she is neutral to defensive in benchmark strategies in terms of risk given that the macro risks are skewed to the downside.

    In the total return strategy, "We have been relatively cautious but we have seen opportunities across the...

  • Friday, April 29, 2016 - 12:13 DBRS Confirms Portugal Investment-Grade Rating, Stable Trend 0


    By Jack Duffy

    PARIS (MNI) - PARIS (MNI) - The rating agency DBRS on Friday confirmed its investment grade rating on Portugal and said the country's outlook remained "stable."

    The move allows Portugal to continue to qualify for the European Central Bank's quantitative easing bond-buying program.

  • Friday, April 29, 2016 - 11:56 Fed Focus: Further Wage Gains Have To Cheer Fed Policymakers 0


    By Steven K. Beckner

    (MNI) - To the consternation of Federal Reserve policymakers, wage growth has been unusually slow since the financial crisis tipped the economy into recession, but as labor markets tighten there are mounting signs of moderate wage pressures.

    Two government reports seemed to confirm the uptrend Friday.

    Wage gains are not the be-all and end-all of monetary policy. Some officials, notably Chicago Federal Reserve Bank President Charles Evans, have put more emphasis on the need to see faster wage gains to justify higher interest rates than others.

    It is generally recognized that weak productivity growth limits the potential for higher wages.