Mart Bets On More Hawkish Fed After Greenspan Testimony

The bond market nearly doubled the chances of a 3.75% year-end Federal funds rate after Federal Reserve Chairman Alan Greenspan's congressional testimony last week.

  • 10 Jun 2005
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The bond market nearly doubled the chances of a 3.75% year-end Federal funds rate after Federal Reserve Chairman Alan Greenspan's congressional testimony last week. The move was quite an about-face for a market that had been nearing consensus on a 3.5% Fed funds rate by the end of the year, according to John Herrmann, director of economic commentary at Cantor Viewpoint.

After Greenspan's testimony, the probability of three more rate hikes in 2005 rose to 85% from 48%, expressed through the spread of the June and December Eurodollar futures contracts. Herrmann pointed to Greenspan's comments that monetary policy is still accommodative, the risk of inflation remains and rapidly rising home prices could pose risks to the economy all as indicators he remains determined to take liquidity out of the system.

  • 10 Jun 2005

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 329,208.56 1277 8.09%
2 JPMorgan 321,584.64 1392 7.90%
3 Bank of America Merrill Lynch 296,878.25 1014 7.29%
4 Barclays 249,463.73 926 6.13%
5 Goldman Sachs 218,838.41 733 5.38%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 46,136.68 182 7.00%
2 JPMorgan 44,545.29 93 6.76%
3 UniCredit 35,639.50 153 5.41%
4 Credit Agricole CIB 33,211.72 160 5.04%
5 SG Corporate & Investment Banking 32,419.80 126 4.92%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 13,755.50 61 8.94%
2 Goldman Sachs 13,469.15 66 8.76%
3 Citi 9,716.40 55 6.32%
4 Morgan Stanley 8,471.86 53 5.51%
5 UBS 8,248.12 34 5.36%