FED: FHFA Director Calls For Congress Investigation Into Powell "Malfeasance"
Jul-02 15:45
Federal Housing Finance Administration (FHFA) director Pulte has called for a congressional investigation of Fed Chair Powell, seemingly with the objective of getting Powell removed "for cause" (per the Federal Reserve Act, a member of the Fed board can only be removed "for cause", I.e. misconduct). Pulte has previously criticized Powell and called for his resignation for not cutting rates.
- Per the FHFA official statement (as quoted by HousingWire, article is here):
- "I am asking Congress to investigate Chairman Jerome Powell, his political bias, and his deceptive Senate testimony, which is enough to be removed 'for cause.' Jerome Powell's $2.5B in capitalizations of Building Renovation Scandal stinks to high heaven, and he lied when asked about the specifics before Congress. This is nothing short of malfeasance and is worthy of 'for cause.'"
- "As Senator Cynthia Lummis said, 'he [Chairman Powell] made a number of factually inaccurate statements to the Committee regarding the Fed's plush private dining room and elevator, skylights, water features, and roof terrace,' and that 'this is typical of the mismanagement and 'don't bother me' attitude that Chair Powell has always shown.'" "Chairman Powell needs to be investigated by Congress immediately."
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FED: US TSY 26W BILL AUCTION: HIGH 4.150%(ALLOT 87.95%)
Jun-02 15:33
- US TSY 26W BILL AUCTION: HIGH 4.150%(ALLOT 87.95%)
- US TSY 26W BILL AUCTION: DEALERS TAKE 29.30% OF COMPETITIVES
- US TSY 26W BILL AUCTION: DIRECTS TAKE 11.26% OF COMPETITIVES
- US TSY 26W BILL AUCTION: INDIRECTS TAKE 59.45% OF COMPETITIVES
- US TSY 26W BILL AUCTION: BID/CVR 3.13
FED: US TSY 13W BILL AUCTION: HIGH 4.250%(ALLOT 69.18%)
Jun-02 15:33
- US TSY 13W BILL AUCTION: HIGH 4.250%(ALLOT 69.18%)
- US TSY 13W BILL AUCTION: DEALERS TAKE 45.07% OF COMPETITIVES
- US TSY 13W BILL AUCTION: DIRECTS TAKE 6.39% OF COMPETITIVES
- US TSY 13W BILL AUCTION: INDIRECTS TAKE 48.54% OF COMPETITIVES
- US TSY 13W BILL AUCTION: BID/CVR 2.68
BONDS: Europe Pi: Eurex Largely Flat/Long Into Rolls
Jun-02 15:30
The June/September Eurex futures roll started at the end of last week, with volumes today suggesting most contracts are likely to be roughly 40% complete as of the close of Monday's trade vs 10-20% Friday).
- Generally speaking there are few positioning updates from our May 20 pre-Gilt roll (which is completed) Europe Pi, which showed Schatz in long positioning and Bobl/Buxl/Bund in flat positioning heading into the rolls (the latest move to "short" in the table below for Bund looks roll-related).
- OAT remained flat and BTP remained long going into the rolls. Gilts are showing "flat" vs "very long" into the roll but we would take caution in interpreting the structural positioning given the rolling process.
- (Note also in the table below, "Latest week's trade" becomes more difficult to interpret in this context due to dropping OIs.)
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