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Feb 24, 2015

Dollar, bond yields bounce, then fade after Yellen testimony

LONDON/NEW YORK (Reuters) – The dollar edged lower and bond yields fell after U.S. Federal Reserve Chair Janet Yellen said on Tuesday it would be several months before the Fed expects to raise interest rates, while European equity markets gained after Greece produced a list of proposed economic reforms.

In a subtle change of emphasis in how the Fed has been speaking about its plans for rate increases, Yellen said its policy-setting committee is considering interest rate hikes “on a meeting by meeting basis.”

Feb 23, 2015
via Morning Bid with David Gaffen

Lower, no longer

This week brings a lot for investors to chew on, including several retailer earnings that should illuminate the path of consumer spending – and from companies that of late have been doing well, including Home Depot and Lowe’s, as well as Target, Gap Stores, Kohl’s and Dollar Tree. This group will close out the earnings season as they’re the laggards in the S&P 500.

“The most recent retail sales reports have left much to be desired but we still take a decidedly optimistic take on the consumer, thinking gasoline’s decline will ultimately boost disposable incomes and thus fuel consumption,” Dan Greenhaus of BTIG wrote on Sunday.

Feb 18, 2015
via Morning Bid with David Gaffen

Internationally speaking

The release of the Federal Reserve’s minutes from its January meeting headlines the day’s economic events, and one where we might see some clarity from the cryptic “international developments” line that was inserted in the most recent Fed statement.

That phrase had a few interpretations in the immediate period following the release of those minutes, but in most readings it was taken a bit dovishly, the idea being that perhaps the attention to things going on outside the U.S. borders would be enough to keep the Fed from raising rates as soon as some had expected. Oddly enough, the immediate interpretation from various market sources was a bit divergent.

Feb 18, 2015
via Morning Bid with David Gaffen

Internationally speaking

The release of the Federal Reserve’s minutes from its January meeting headlines the day’s economic events, and one where we might see some clarity from the cryptic “international developments” line that was inserted in the most recent Fed statement.

That phrase had a few interpretations in the immediate period following the release of those minutes, but in most readings it was taken a bit dovishly, the idea being that perhaps the attention to things going on outside the U.S. borders would be enough to keep the Fed from raising rates as soon as some had expected. Oddly enough, the immediate interpretation from various market sources was a bit divergent.

Feb 4, 2015

Investigators seek clues at deadly New York train crash site

By David Gaffen and Sebastien Malo

MOUNT PLEASANT, N.Y. (Reuters) – Investigators examining the circumstances of a New York commuter train accident that killed six people said on Wednesday they were collecting recording devices from the site where the train hit a vehicle stalled on the tracks in the railroad’s worst-ever accident.

New York Governor Andrew Cuomo said five passengers died in the Metro-North train crash near the suburb of White Plains on Tuesday evening, not six, as he had previously announced. The woman driving the Jeep Cherokee that the train struck while it was stuck on the tracks also died.

Feb 4, 2015

Death toll in New York rail crash reduced to six from seven

, Feb 4 (Reuters) – Six people were
killed and a dozen injured when a crowded New York commuter
train struck a car stalled on the tracks near suburban White
Plains during rush hour on Tuesday evening, in what officials
said was the railroad’s deadliest accident.

New York Governor Andrew Cuomo told CBS News on Wednesday
that a new review found that five people had died on the train,
not the six previously reported, when the train was hit during
the evening rush hour. The driver of the Jeep Cherokee that the
train struck while it was stuck on the tracks also died.

Feb 4, 2015

Seven dead as commuter train hits car near New York City

By Adrees Latif and David Gaffen

MOUNT PLEASANT, N.Y. (Reuters) – Seven people were killed and a dozen injured when a crowded New York commuter train struck a car stalled on the tracks near suburban White Plains during the rush hour on Tuesday evening, sparking an explosion and a fire, officials said.

Six people on the train died, as well as the driver of a Jeep Cherokee that got stuck on the tracks and was hit at about 6:30 pm, New York Governor Andrew Cuomo told a news conference after visiting what he said was a devastating scene.

Jan 30, 2015
via Morning Bid with David Gaffen

The Hamburglar

There’s an irony with Shake Shack readying its trading debut just a couple of days after McDonald’s replaces its CEO due to a series of missteps and failures and prepares for likely its biggest turnaround in decades, one that’s could mark the stock as an underperformer for some time to come.

Shake Shack managed to price its IPO at $21 a share and looks to follow in the footsteps of some other recent IPOs out of the “fast casual” space, where we’ve recently seen chains like Habit Restaurant and Zoe’s sell shares for the first time – to say nothing of the ongoing success of former McDonald’s subsidiary Chipotle Mexican Grill.

Jan 30, 2015
via Morning Bid with David Gaffen

The Hamburglar

There’s an irony with Shake Shack readying its trading debut just a couple of days after McDonald’s replaces its CEO due to a series of missteps and failures and prepares for likely its biggest turnaround in decades, one that’s could mark the stock as an underperformer for some time to come.

Shake Shack managed to price its IPO at $21 a share and looks to follow in the footsteps of some other recent IPOs out of the “fast casual” space, where we’ve recently seen chains like Habit Restaurant and Zoe’s sell shares for the first time – to say nothing of the ongoing success of former McDonald’s subsidiary Chipotle Mexican Grill.

Jan 29, 2015
via Morning Bid with David Gaffen

Better Fed than dead

The Federal Reserve’s policy announcement on Wednesday pretty much reinforced the status quo, which is that the Fed is the immovable object when it comes to markets.

And, given the Kremlinology that emerges after every Fed statement, this version was memorable in the way the bond market zoned in on the word “international,” where it was included as one of a number of factors that the Fed will keep in mind when determining the course of monetary policy going forward.

    • About David

      "David Gaffen oversees the U.S. markets team, having joined Reuters in May 2009. He spent four years at the Wall Street Journal, where he was the original writer of the web site's MarketBeat blog. He is a frequent guest on Reuters TV, and has appeared on CNN International, Fox Business, NPR, and assorted other media and is the author of the book "Never Buy Another Stock Again.""
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