TURKEY: Goldman Sachs Expect 200bp Cut at Sept Meeting (Prev. 300bp)
* Goldman Sachs have joined the growing list of sell-side analysts expecting a sub-300bp CBRT rate...
Want to read more?
Find more articles and bullets on these widgets:
Historical bullets
EQUITY TECHS: E-MINI S&P: (U5) Corrective Pullback Extends
- RES 4: 6523.63 1.764 proj of the May 23 - Jun 11 - 23 price swing
- RES 3: 6500.00 Round number resistance
- RES 2: 6477.31 1.618 proj of the May 23 - Jun 11 - 23 price swing
- RES 1: 6468.50 High Jul 31 and the bull trigger
- PRICE: 6358.00 @ 16:20 BST Aug 6
- SUP 1: 6244.36 2.0% 10-dma Envelope
- SUP 2: 6239.50 Low Aug 1
- SUP 3: 6213.75 50% retracement of Jun - Aug Upleg
- SUP 4: 6203.65 50-day EMA
Equities sold off sharply Friday on the back of the soft NFP print - pushing prices through mid-July lows in the process. Since that spell of weakness, price has traded either side of support at the 20-day EMA, at 6325.25, signalling scope for a deeper retracement toward the 50-day EMA at 6203.65. Clearance of this average is required to signal a stronger reversal. The primary trend remains up, leaving key short-term resistance and the bull trigger at 6468.50, the Jul 31 high.
FED: US TSY 17W AUCTION: NON-COMP BIDS $587 MLN FROM $65.000 BLN TOTAL
- US TSY 17W AUCTION: NON-COMP BIDS $587 MLN FROM $65.000 BLN TOTAL
FED: Kugler Replacement Could Be Lined Up To Vote For September FOMC Cut
The Bloomberg report on Trump potentially naming a placeholder candidate for the remainder of Gov Kugler's Board term (to January) leads to the conclusion that if the administration can get a pre-vetted candidate confirmed very quickly, that newly-installed governor can vote (and likely for a cut) at the September FOMC. Though attendance at the Jackson Hole symposium on Aug 21-23 might be a little tight.
- This approach to filling Kugler's spot isn't a major surprise: Trump mentioned the possibility of naming somebody to fill the position temporarily, separately from the decision about choosing a Fed chair. He has said there are "a couple of candidates" under consideration for the Kugler replacement, but hasn't named them.
- There was one hint in the report about the possible candidate: "likely to be someone who is already in the government and who has previously been confirmed by the Senate for a federal job", which narrows it down to about 300 people if it means that they were confirmed in the current Senate session and/or they are serving in termed positions/held over from previous administrations, per Washington Post data. Link here.
- If the Bloomberg report is true, it means that the White House isn't yet appointing a so-called "shadow" Fed Chair, which would have made FOMC policymaking and communications increasingly awkward.
