Yes, payrolls were better than expected, and the past was revised up some.
But looking at the charts as they now stand, looks to me like they are all down and decelerating?
Non-manufacturing ISM:
Payrolls:
Factory Orders:
Yes, the Treasury is in fact selling notes that float off of its own bills.
:(
The Treasury provided a preliminary term sheet for the floating rate note program that will launch sometime in Q4 or Q1. In addition, they said the first auction would have a 2yr maturity, and that the expected pace of issuance would be $10bn to $15bn per month.
- A 2yr maturity would be eligible to be purchases by money market funds, but the maturity is a bit long for them from a weighted average life (WALA) perspective. Fortunately, we think another investor base will pick up any slack left from the 2a-7 funds.
- Bills: Watch the seasonality. As expected, the initial FRNs will be linked to the results of 3m T-bill auctions. But in a modest surprise, the rate will only reset quarterly.
Not to defend JPM, but my personal experience at my bank is that the current crop of regulators are a pack of shameless, malicious, arrogant lying dogs (even worse than IRS agents…) working entirely against public purpose by any possible measure, and all being documented by our board of directors…
JPMorgan Caught in Swirl of Regulatory Woes
By Jessica Silver-Greenburg and Ben Protess
May 2 (NYT) — Government investigators found that JPMorgan devised “manipulative schemes” that transformed “money-losing power plants into powerful profit centers.”