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Copyright 2019 Investor's Business Daily Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Key Financial And Commodity Futures BY BLOOMBERG NEWS European Central Bank policymak- ers took their spat over quantita- tive easing public, airing argu- ments that caused an unprecedent- ed schism the past week over the need for more bond purchases. In a flurry of comments on Fri- day, two officials defended the stim- ulus unveiled by President Mario Draghi for the flagging euro-area economy. Arguing against it, Austri- an central bank Governor Robert Holzmann said more QE was possi- bly a mistake, Dutchman Klaas Knot called it disproportionate, and Jens Weidmann of the Bundes- bank said the ECB went overboard. Draghi’s success at Thursday’s meeting came despite opposition from both Germany and France, the region’s two largest economies. The split may cast doubt on the resolve of the Governing Council to persist with stimulus after Draghi leaves in November and is replaced by former IMF chief Christine Lagarde. The public airing of grievances highlights tensions among policy- makers, growing doubts about the effectiveness of stimulus, as well as concern about negative side ef- fects. Among the speakers was Fin- land’s Olli Rehn, a supporter of Thursday’s package, who said unity on the ECB is important for credibility. “It is always better to avoid exces- sive division, especially in public,” Rehn told Bloomberg Television in an interview. “We have normal de- bates within the Governing Coun- cil and it’s important we will retain unity in public appearances.” In the countries of some dissent- ing governors, Draghi’s stimulus package provoked criticism. The Dutch finance minister lashed out against the decision to cut interest rate further below zero as detri- mental for the country’s pension in- dustry. Germany’s best-selling tabloid, Bild, branded Draghi as Dracula for sucking out the interest from sav- ings. Weidmann told the paper Fri- day he will make sure rate increas- es won’t be unnecessarily delayed. The ECB’s commitment to buy 20 billion euros ($22 billion) of debt a month for as long as necessary is the main bone of contention among policymakers. Austria’s Holz- mann, who joined the Governing Council this month, said the latest easing package is possibly an error and can be changed once Lagarde has taken over. “I wouldn’t think it’s there for the next decades,” he said in an inter- view with Bloomberg Television on Friday in Helsinki. Lagarde is not “a weak person who’ll say I’m locked in one or the other way.” Also speaking from Helsinki, Rehn countered that the ECB took a very good decision, which en- joyed a broad consensus. It was def- initely not a mistake, he said, but the council’s best effort to counter the economic slowdown caused by worsening trade tension, “which has now turned to a trade war.” Dutch governor Knot offered a different view. In an unusual state- ment on Friday, he argued there were sound reasons to doubt that the package, especially the asset- purchase program, would be effec- tive. Increasing scarcity of low-risk assets and excessive risk-taking in the housing market are reasons for concern. S&P COMP. INDEX Dec 19 PRICE MO %F=95.1 %S=93.8 CLOSE 3008.60 OPEN INTEREST 1488 CME MINI DOW JONES Sep 19 PRICE MO %F=94.2 %S=91.8 CLOSE 272.18 OPEN INTEREST 81755 CBOT 10 YEAR TREASURY Dec 19 PRICE MO %F=12.3 %S=28.4 CLOSE 128-18 OPEN INTEREST 3591182 CBOT BRITISH POUND Dec 19 PRICE MO %F=88.8 %S=83.1 CLOSE 1.2520 OPEN INTEREST 220809 IMM JAPANESE YEN Dec 19 PRICE MO %F=4.7 %S=8.6 CLOSE 0.9303 OPEN INTEREST 112470 in 100th IMM EURO Dec 19 PRICE MO %F=52.9 %S=43.7 CLOSE 1.1141 OPEN INTEREST 426267 CME MINI NASDAQ 100 Sep 19 PRICE MO %F=86.4 %S=86 CLOSE 7886.00 OPEN INTEREST 191205 CME US TREASURY BONDS Dec 19 PRICE MO %F=10.6 %S=25.8 CLOSE 157-20 OPEN INTEREST 979606 CBOT US DOLLAR INDEX Dec 19 PRICE MO %F=43.8 %S=51.1 CLOSE 97.83 OPEN INTEREST 51960 ICE MEXICAN PESO Dec 19 PRICE MO %F=89.2 %S=79.9 CLOSE 0.5078 OPEN INTEREST 169032 in 10th IMM SWISS FRANC Dec 19 PRICE MO %F=14.8 %S=16.1 CLOSE 1.0168 OPEN INTEREST 48529 IMM EURODOLLARS Dec 19 PRICE MO %F=7.3 %S=14.3 CLOSE 97.94 OPEN INTEREST 1915363 IMM COCOA Dec 19 PRICE MO %F=85.6 %S=80.7 CLOSE 2337.0 OPEN INTEREST 106357 ICE GAS BLEND Nov 19 PRICE MO %F=68.8 %S=71.7 CLOSE 1.5354 OPEN INTEREST 101904 NYM WHEAT Dec 19 PRICE MO %F=79.3 %S=67.7 CLOSE 4.83½ OPEN INTEREST 210001 CBOT SOYBEAN OIL Dec 19 PRICE MO %F=69.2 %S=51.5 CLOSE 29.43 OPEN INTEREST 234239 CBOT LUMBER Nov 19 PRICE MO %F=65.8 %S=57.8 CLOSE 377.50 OPEN INTEREST 1660 CME CANADIAN DOLLAR Dec 19 PRICE MO %F=63.2 %S=69.4 CLOSE 0.7537 OPEN INTEREST 121421 IMM ORANGE JUICE Nov 19 PRICE MO %F=46.9 %S=50.8 CLOSE 101.95 OPEN INTEREST 13269 ICE COTTON 2 Dec 19 PRICE MO %F=81 %S=72.8 CLOSE 62.28 OPEN INTEREST 144441 ICE SOYBEAN MEAL Dec 19 PRICE MO %F=58.8 %S=41.5 CLOSE 301.50 OPEN INTEREST 208618 CBOT PLATINUM Oct 19 PRICE MO %F=66.6 %S=69.8 CLOSE 952.20 OPEN INTEREST 67756 NYM NIKKEI 225 AVGS. Mar 20 PRICE MO %F=98.7 %S=95.3 CLOSE 21795 OPEN INTEREST -999999 CME 5 YEAR TREASURY Dec 19 PRICE MO %F=10.6 %S=22.4 CLOSE 118-04 OPEN INTEREST 4090449 CBOT Money Rates Prime Rate: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.25 Base interest rate charged by major U.S. commercial banks on loans to corpora- tions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Discount Rate: Primary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.75 Secondary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.00 Rate charged by Federal Reserve System on loans to depository institutions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Broker Call Loan Rate: . . . . . . . . . . . . . . . . 3.25 Rate charged on short-term loans to brokerage dealers backed by securities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Federal Funds Effective Rate: . . . . . . . 2.13 Rates on overnight loans among financial institutions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Certificates of Deposit: 3 months . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50 6 months . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.84 1 year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.41 Interest rate paid by dealers for certifi- cates of deposit based on the duration of the security. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Jumbo CDs: 1 month . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.34 3 months . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.57 6 months . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.85 1 year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.33 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . London Interbank Offered Rate: 3 months . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.13 6 months . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.03 1 year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.95 The average of rates paid on dollar deposits. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ameribor Unsecured Overnight Rate . . . . . . . . . . . . . . . 2.15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Treasury Bill Auction Results: 3-months (as of Sep 9) . . . . . . . . . . . . . . . . . . . . 1.92 6-months (as of Sep 9) . . . . . . . . . . . . . . . . . . 1.825 Average discount rate for Treasury bills in minimum units on $10,000. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Treasury Bill: 1-year, (as of Sep 9) . . . . . . . . . . . . . . . . . . . . . . . . 1.73 Annualized rate on weekly average basis, yield adjusted for constant maturity. ECB Dispute Goes Public After Draghi’s QE Strategy We want to know how satisfied you are with your online broker. Tell us and you could win $50 in cash! Go to: www.investors.com/brokersurvey © 2019 Investor’s Business Daily, Inc. Investor’s Business Daily, IBD, and corresponding logos are registered trademarks owned by Investor’s Business Daily, Inc. INVESTOR'S BUSINESS DAILY FUTURES & BONDS WEEK OF SEPTEMBER 16, 2019 B17
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