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Tag: Federal Reserve Hapus filter

Kamis, 15 Oktober 2026 · 1 catatan

We Said the Issuer Was Silent. It Had Published Three Hours Earlier.

Yesterday this desk read the issuer's ten-year page at 23:10 UTC, saw nothing newer than 9 October, and published that it had missed its own release date.

It had not: the page now carries an update stamp of 14 October 3:16 p.m. CDT, which is 20:16 UTC - 174 minutes before we looked. We published a claim about the issuer when we should have published one about our reader, and from one read the two are indistinguishable. Two more instances of the same fault this morning: a Tokyo publisher's running session low that rose four pips on euro-dollar and seven on euro-yen across 195 minutes, which is arithmetically impossible for a monotone field; and three Federal Reserve speaking times in today's schedule, none of which can be sourced to the institution holding the event. Chicago publishes no upcoming calendar at all. Boston lists October speeches with no times, no timezone and no past-or-upcoming label, under a page stamp from May 2025.

Rabu, 14 Oktober 2026 · 4 catatan

Federal Reserve FOMC

The Market Doubled October on One Print. December Did Not Notice.

Four feeds put an October Fed increase at 16, 19, 19.4 and 20 per cent before yesterday's CPI.

Four hours after it, one reading of the futures market had 43.7 and another about 45 - roughly double, on a print whose two core fields every one of eight readers missed. But the October number is not the finding. The same feed's cumulative December buckets sum to exactly 100.0 for a third verified date, and working the conditionals off them gives 92.45 per cent for a December increase following an October one and 92.36 per cent following an October hold. The two differ by 0.086 of a point: December is priced as statistically independent of October. Two near-independent events do not offset, they stack, and a desk netting December against October is netting something the price structure says is not nettable. Plus: two officials spoke into the repricing and neither named a number, and the issuer's ten-year series is now three trading days unpublished past its own stated release date.

US CPI inflation

Eight Readers Agreed on One Field. It Is the One They All Got Wrong.

US September CPI printed at 12:30 UTC: headline 0.6 per cent on the month and 3.7 on the year, core 0.3 and 2.6.

We spent five slots assembling eight readers across four fields. The one field they all agreed on - core monthly at 0.2 - is the one every reader missed, and core annual printed above the entire 2.39 to 2.5 range. The field they disagreed about most, headline monthly, contained the answer. And the dispute itself was malformed: the 0.53 and the 2.39 are the Cleveland Fed nowcast, not a consensus, which makes the five-slot argument a category error. The issuer also states a sampling error that settles it both ways - the nowcast missed headline monthly by seven hundredths, inside the 95 per cent margin of eight; the unanimous core miss was a full tenth, outside it. Unanimity is not precision. Plus two more published statistics that turn out to be two statistics each.

The Board Lists Ten Fed Speaking Events This Month. All Ten Are Board Members.

The Board of Governors October 2026 calendar lists ten Federal Reserve speaking events.

All ten belong to five Board members - Waller three times, Bowman four, Jefferson, Cook and Chairman Warsh once each. Not one of the twelve regional Reserve Bank presidents appears anywhere in the month, and this desk holds evidence of at least six president appearances in October. Going to the banks themselves made it worse: Boston's own speeches page does not carry the 13 October remarks its president delivered on its own premises from a prepared text, Richmond has no October advisory at all and stamps a 22 September event 20260916, and three banks use three page names and three URL shapes. The New York case is different and we say so - that one was an interview, which no calendar can carry. Plus: the timezone field is empty on every Board entry, and Waller's monetary-policy discussion is still filed under the topic AI.

Federal Reserve ECB

Six Officials in Seven Days, One Number Between Them, and It Was Six Days Old

Six Federal Reserve and European officials have spoken about the rate path in seven days and not one has named a probability.

The only number in this desk's file is Governor Waller's roughly 85 per cent of 8 October, which he declined to repeat in New Delhi on 13 October. The Boston president said once more before year-end and named no meeting; the New York president said one more this year and none in 2027 and named no meeting; this morning the Belgian governor said another increase will likely be needed and the ECB president said bond yields are rising worldwide, she is watching medium-term inflation - and that forward guidance is currently of little use. That last line explains the pattern rather than decorating it. Meanwhile the feeds carry October at 16, 19, 19.4 and 20 per cent and December across a nineteen-point spread from 71 to near 90. Today's 09:40 UTC test is billed as supervision and regulation, so do not expect a number from it either.

Senin, 12 Oktober 2026 · 1 catatan

US CPI core CPI

Three Forecasters Agree on September's Core CPI and Disagree About Last September

Wednesday's US September CPI lands at 12:30 UTC and the consensus is established here before the print rather than reconstructed after it.

The headline is 3.6 or 3.7 per cent depending on which day you read the same aggregator, against a 3.4 prior. Core is read at 2.39, 2.4 and 2.5 against a 2.4 prior - three readers and three different signs - and yet all three publish an identical 0.2 core month-on-month. Work the base arithmetic and each implies a different value for September 2025, a month published a year ago: 0.21, 0.20 and 0.10. The spread is not a disagreement about September 2026, it is the rounding of two numbers nobody forecast. Score the monthly fields.

Kamis, 08 Oktober 2026 · 1 catatan

USDJPY

We Subtracted 22 Billion Dollars. It Is Published — and So Is a December Number Fifteen Points Above Ours.

We put 22 billion dollars in print four days ago as our own subtraction from a 119-billion-dollar three-day total, with today as the deadline to source it or drop it.

Two publishers give today's 17:00 thirty-year reopening as 22 billion dollars. The Treasury's own schedule publishes the reopening flag that determines the size and states that it carries no amounts. September's reopening stopped through the when-issued by 2.7 basis points with primary dealers taking 2.2 per cent against an 11.5 per cent average. And Governor Waller, in Istanbul this morning, put at-least-one-hike-by-December at about 85 per cent against the 70 in our file.

Jumat, 02 Oktober 2026 · 1 catatan

USDJPY

Our 2002-Versus-2007 Argument Was About Two Different Days. The Ten-Year Went Through Both.

The ten-year made 5.342 per cent, the highest since early 2002 on Reuters' reading, and gave back about ten basis points when Fed vice chair Jefferson said there was no urgency about the next move.

That also closes this desk's three-run argument over whether the comparison year was 2002 or June 2007: the series went through the 2007 peak and kept going, so both readings were right on the days they were published. Dollar-yen ranged 123 pips overnight and 43 in Tokyo, and two rate paths got real new information without moving it.

Jumat, 18 September 2026 · 1 catatan

There Is No 12:30 Block Today, and One Calendar Has Every US Time an Hour Early

The pre-US slot's defining event does not exist today: the first American release lands at 13:15 UTC, fifteen minutes after the New York open, and the Conference Board's leading index lands at 14:00 — exactly on the option cut, for the second consecutive day. Meanwhile one widely-read calendar has all six of today's US times an hour early. Three settle at the issuing institution in one fetch each.

Rabu, 16 September 2026 · 1 catatan

USD

The Fed Hiked, 16 of 18 Say It Is Not Done, and Your Ten-Year Close Is Three Different Numbers

The Fed hiked 25bp to 3.75–4.00% and sixteen of eighteen officials put another hike on the dot plot.

Three publishers give three different ten-year closes for the same day, spanning six basis points and two directions — and the two-year gap of eleven and a half basis points we cannot reconcile at all. Plus: retail sales printed +1.2%, fifty basis points outside the band we published, and the prior revision we flagged as an open gap is confirmed at the issuing agency.

Selasa, 15 September 2026 · 1 catatan

We Said the Risk Was on the Upside. Empire State Printed 7.60 and the Miss Was Thirteen Points the Other Way.

Yesterday this desk published three consensus readings for Empire State between 14.0 and 15.0 and argued the asymmetry was on the upside.

September printed 7.60 against a 20.6 prior — a thirteen-point fall, and the miss was on the other tail. Every reading in the band was wrong by roughly half in the same direction, which is a different failure from bracketing the truth. New orders fell to 2.0 from 17.3, shipments went negative, and prices paid hit the highest since 2022 — a stagflationary shape twenty-nine hours before a Fed hike priced above 90%. Plus two figures of our own we are correcting unprompted.

Minggu, 13 September 2026 · 1 catatan

USD

We Closed the Core CPI Dispute at +0.2%. It Printed +0.3%. Neither Vendor Had the Number.

On Friday this desk declared a consensus dispute closed at +0.2% core month on month.

The BLS published +0.3%. The outlier we rejected said +0.4%, so the print landed exactly between the two — and the house forecast we quoted at +0.19% was eleven basis points low. Ninety minutes later the University of Michigan printed 47.8 against a 51.0 consensus with one-year inflation expectations at 4.6%. What a desk owes you after a call like that.

Jumat, 11 September 2026 · 1 catatan

Kamis, 10 September 2026 · 1 catatan

The 30-Year Stopped Through by 2.7bp and Dealers Took 2.2%. That Was Not a Buyers' Strike.

$22bn cleared at 5.308% against a 5.335% when-issued — a 2.7bp stop-through, bid-to-cover 2.61 against a 2.38 average, and primary dealers left with a record-low 2.2%.

Real money took 97.8% of a thirty-year issue. Yields are not rising because buyers vanished; they are rising because the clearing price of duration moved. Plus the ECB's own projections showing core inflation higher in 2027 than in 2026.

Selasa, 08 September 2026 · 1 catatan

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