Daily Agenda: Bank of Japan Pauses but Says It’s Ready to Act

正如已被广泛预期的那样，日本州长Haruhiko Kuroda和他的董事会成员今天通过宣布没有利率政策或定量宽松设施的转变来结束其每月会议。虽然这一点central bank opted to keep the benchmark overnight rate at –0.1 percent, the language in the announcement was dovish, stating that policymakers are prepared to take further action if warranted. During a press briefing after the announcement, Kuroda said that new action might come before the impact of negative rates can be fully measured. The yen advanced versus the dollar in response to the news, leaving year-to-date appreciation at nearly 6 percent, despite Bank of Japan easing measures. While Kuroda continues to express confidence that negative rates and currency-base expansion will yield the desired results, market structure suggest that many speculators are willing to wager that he faces a long uphill struggle in pursuit of an elusive inflation.

Big day for U.S. presidential race.GOP frontrunner Donald Trump continues to face pushback from supporters of other Republican hopefuls in polling today, as Florida Senator Marco Rubio and Ohio Governor John Kasich make what may turn out to be last stands in their home states, which feature winner-take-all delegate distributions. Without a viable candidate to beat Trump to outright victory — Texas Senator Ted Cruz comes closest- 共和党策略师现在看起来意图阻止现实电视明星免受足够的代表来避免6月份有争议的公约。在民主党，前任国务卿希拉里克林顿需要在大型俄亥俄州和伊利诺伊州的热情争议的中西部国家的参议员伯尔尼桑德斯获得明确的胜利边际。克林顿在佛罗里达州的领先优势。但民主原初级成比例，即使他失去了主要国家，桑德斯也能够拿起代表。

JPMORGAN寻求恢复抵押债券市场。自信贷危机自信贷危机的第一次正在执行一项交易，其中涉及完全拥有的住宅抵押债务的关键额。JPMORGAN CHASE＆Co Co宣布发行，该发行将从银行转移信贷风险给投资者的抵押贷款池大约20亿美元。搬家进入私人市场而不是将贷款卖给政府赞助的代理人Fannie Mae和Freddie Mac可能在恢复结构抵押债务市场中开辟了新章。亚博篮球怎么下串

中国旨在对投机者征收托宾税。媒体报道今天浮出水面，表明中国人民银行接近释放拟议的规则，以抑制货币炒作。虽然银行政策制定者最近讨论过这样的举动，但在举行税务投机外汇交易的时间yuan’s inclusion in the International Monetary Fund’s reserve currency basketraised eyebrows. Some strategists warn that a tax on currency trading may hurt sentiment, an unintended consequence similar to the negative reactions to Beijing’s equity-market interventions last year.

Goldman buys online adviser.In the latest example of the Wall Street establishment embracing fintech, on Monday the investment management division of Goldman Sachs Group announced the acquisition of year-old startup Honest Dollar. The acquired company, which is headquartered in Austin, offers low-cost defined contribution plans to small employers. Details of the purchase were not released.

富士康在急剧交易上寻找更多财务披露。On Tuesday, media reports surfaced indicating that management at Taiwan’s Foxconn Technology Group have paused an agreed upon takeover of Japanese-based Sharp Corp. as it seeks to get a better handle on the target company’s finances. The $5.3 billion transaction between the electronics giants has been delayed as Foxconn examines contingent liabilities. The analysis may ultimately result in a reduction of the price Foxconn will pay lenders holding preferred shares in Sharp when the transaction closes.

投资组合的角度来看:Bullish Signals from the Consumer Sector- 亚当格拉姆，沃克利顾问

We have done considerable work on the spread between discretionary and staples serving as a psychological and behavioral indicator. This makes sense from several perspectives, but perhaps the most obvious is that these disparate consumer sectors represent reasonable extremes of cyclical and defensive positioning; it is difficult to imagine broad defensive stocks rallying without accompanying strength in staples, and the same holds true for cyclicals and discretionary stocks. (One of the challenges to this methodology might be that existing broad indexes may not be the best tools for this delineation, as membership and weighting choices could obscure the underlying flows.)

还有另一种方法可以使这种分析更强大。我们知道百分比 - 更改图表高度依赖于起点：几乎是任何一组市场，我们可以通过仔细选择要表示图表的零点来表示我们想要的任何东西。使这些工具的一种方法更加一致，并将市场结构的元素带入分析，是将百分比变化图与上一个，重要的枢纽联系起来。换句话说，如果我们正在查看库存，请参考以前的键高，并低至锚点变更图表。

Strong flows into cyclical (i.e., more speculative) sectors off of the February lows confirms the bullish sentiment. By some measures, this delta between staples and discretionary is higher on the current rally than on similar rallies in the historical record. This is a confirmation of our bullish stance on stocks.

Adam Grimes is chief investment officer forWaverly Advisorsin Pittsford, New York.