Salient to Investors: Larry Milstein at R.W. Pressprich does not know if we ar getting bang for the buck in economic improvement, but says there is clearly improvement, but nothing yet to make the Fed take its foot off the gas. Michael Pond at Barclays said the rise in yields has
READ MORE... →Salient to Investors: Bill Gross at Pimco doubled his forecast for growth in US GDP to 3 percent for 2013 partly because of housing, and a nominal growth rate of 5 percent. Gross said 200,000 jobs is consistent with real GDP growth of 3 percent in 2013 and won’t prompt the Fed
READ MORE... →Salient to Investors: Omer Esiner at Commonwealth Foreign Exchange says a growing list of economic indicators suggest a broad-based recovery, and the market is focusing on the US recovery gaining steam, while other major economies remain in stagnation and contraction. Richard Franulovich at Westpac Banking said risk appetite is firming and we are in a potentially momentous
READ MORE... →Salient to Investors: Joseph Gagnon at the Peterson Institute for Intl Economics the jobs report was what proponents for QE were almost hoping for and consistent with sticking with QE for the whole year. Roberto Perli at the Intl Strategy & Investment Group said the job market has far to go before achieving the
READ MORE... →Salient to Investors: Hideo Shimomura at Mitsubishi UFJ Asset Mgmt said sentiment is improving because the Dow is setting records, curtailing demand for the haven of bonds. Kim Youngsung at Samsung Asset Mgmt said 2 percent is a critical level and may attract buyers. Hiromasa Nakamura at Mizuho Asset Mgmt is bullish
READ MORE... →Salient to Investors: Cities, counties and hospital districts in Texas raised 10 percent of their issuance using certificates of obligation which don’t need to go before voters, unlike GO bonds. The issuance faces tighter restrictions under bills in Texas, North Carolina and New York that would make it tougher to borrow without
READ MORE... →Salient to Investors: Ex-trader Chris Arnade writes: The asymmetry in pay is the engine behind many of Wall Street’s mistakes and rewards short-term gains with disregard to long-term consequences. The result is over-reliance on excessive leverage, banks loaded up with opaque financial products, and flawed trading models. Wall Street’s pay
READ MORE... →Salient to Investors: Bank of America Merrill Lynch’s MOVE Index signal that the zero to 0.25 percent range won’t increase for more than 2 years, a bullish sign for bonds. Krishna Memani at OppenheimerFunds said the Fed has been very articulate about the direction of short-term rates, which is entirely data
READ MORE... →Salient to Investors: Jessada Sookdhis at CIMB-Principal Asset Mgmt said China is clearly recovering, especially in the property sector, while US data and Italian debt sales have bolstered sentiment in emerging markets. The MSCI Emerging Markets Index is at 10.5 times projected 12-month earnings versus 13.8 for the MSCI World Index. Martial
READ MORE... →Salient to Investors: FRB of Chicago President Charles Evans said: The Fed must avoid removing accommodation prematurely, as the Japanese did. The US economy will grow 2.5 to 3 percent in 2013 and 3.5 percent to 4 percent in 2014, and unemployment will be at or slightly below 7 percent by year-end
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