September and Third Quarter in Figures

October 1, 2017

The Fed, ECB, and BOJ did not change monetary policy during the third quarter, so short-term interest rates were very stable. But more hawkish talk from the Fed and ECB, a surprise Bank of Canada rate hike, and higher British inflation lifted longer-term rates in those economies during the quarter. A mixed dollar in August […] More

August in Figures

August 31, 2017

Ten-year sovereign debt yields feel pretty much in tandem during August except in Japan where the drop was less sizable but consistent with the Bank of Japan’s target. Short-term interest rates remained low and well anchored by ultra-loose monetary policy stances. The dropped significantly against the Chinese yuan and marginally against traditional “hard currencies” like […] More

July in Figures

July 31, 2017

On the final day of July, the Dow hit a record high, and the dollar touched its weakest level against the euro since January 14, 2015 and softest yen value since mid-June. July was a difficult month for the U.S. presidency, even by Trump standards. Also, the future path of Fed policy became less certain, […] More

June and the Second Quarter in Figures

July 1, 2017

As in the previous quarter, a slide in the price of oil was a key development during the second quarter, and half of this move occurred in June. Gold also lost value both in June and the whole quarter. A second theme of the period was a shifting view about future monetary policies in the […] More

May in Figures

June 1, 2017

U.S. and European sovereign debt yields fell during May. Short-term European interest rates also fell in contrast to a rise of the 3-month U.S. deposit rate. In Japan, rates rose at the long end but fell in short maturities. Stock markets improved in all markets examined here except Canada’s. The dollar climbed against sterling and […] More

April in Figures

April 29, 2017

In April, ten-year sovereign debt yields fell a little more sharply in the United States than other economies, but the dollar was mixed, falling against the euro, sterling, and Swiss franc but not the yen. The dollar advanced solidly against commodity-sensitive currencies, and West Texas Intermediate crude oil slipped back below the $50 per barrel […] More

March and First Quarter in Figures

April 1, 2017

March saw an introspective pause to the market euphoria of the first two months of 2017, but the quarter still experienced a broadly lower dollar and strong stock market gains for the most part, the Japanese Nikkei being a notable exception. Ten-year sovereign debt yields were mixed and resulted in less supportive U.S. premiums at […] More

February in Figures

February 28, 2017

Equities were bid sharply higher in February, and the dollar appreciated mostly. Ten-year sovereign debt yields, which had risen during January, reversed course. Short-term interest rates were steady, and commodity prices climbed. 10-Yr Yield o2/28/17 01/31/17 Chg v End-Jan U.S. 2.38% 2.45% -7 Basis Points Germany 0.20% 0.43% -23 Japan 0.04% 0.07% -3 U.K. 1.15% […] More

January in Figures

January 31, 2017

The slumping dollar was the fulcrum of financial market activity in January. Dollar lows for the month were hit on January 31 against the euro, yen, Swiss franc, Australian dollar and kiwi, and the monthly highs occurred on either the third of second day of the months. From their lows to their highs, the Aussie […] More

November in Figures

November 30, 2016

World financial markets spent most of November grappling with the implications of Donald Trump’s unexpected victory and the Republican Party’s coming control of the executive, legislative and judicial branches of the federal government, as well as most state governorships and legislatures. A possible December hike of the federal funds target became a virtual certainty after […] More