IG 11
Tuesday, December 30th, 2008The IG 11 is opening 5 tighter at 195/199.
Archive for December, 2008
Economic Pic Data
Tuesday, December 30th, 2008The aforementioned is an interesting website with some great graphs. Here is a wonderful representation of the plunge in Industrial Production in Japan.
Opening Thoughts December 30 2008
Tuesday, December 30th, 2008Prices of Treasury coupon securities are posting small mixed changes in overnight trading with most issues registering marginal declines in yields. Benchmark bond prices declined in late trading after I published my closing piece and the small overnight advance leaves prices inside of the range which prevailed yesterday.There was economic ...
Closing Comments December 29 2008
Monday, December 29th, 2008Prices of Treasury coupon securities surged today as international geopolitical factors combined with market technicals to steepen the Treasury yield curve.The front end of the Treasury market received a boost from money seeking to hide from the ongoing problems in the Mideast. So the latest sad imbroglio there fostered a ...
Is Market Watching the Wrong Helicopter?
Monday, December 29th, 2008The market is obsessed with the Federal Reserve purchasing longer dated securities. I suspect that the next conclave of FOMC poohbahs will chew much fat on this point. The market, I think, believes that Bernanke will busy himself buying 10 year and 30 year paper. A friend of the blog has ...
Corporate Bonds
Monday, December 29th, 2008Corporate bond spreads are firm today but the level of activity as one would expect is muted. One friend of the blog noted that spreads are probably 20 basis points better than they were when I last published on the 18th of December. He noted that there is a ton of ...
Funding the Deficit
Monday, December 29th, 2008The incoming Obama Administration and its acolytes in Congress have floated various trial balloons regarding the size of the next stimulus package. Most of the press reports on the topic place the size of the package at something in the neighborhood of $750 billion. That is an enormous sum of ...
IG 11
Monday, December 29th, 2008IG 11 is opening 5 tighter at 199/204. This indicator was trading around 260 basis points before the Fed announced it decision to drop the funds rate to zero and maintain it at that level for "some time". Some time to the Central Bank is a long time to the rest ...
Opening Comments December 29,2008
Monday, December 29th, 2008Prices of Treasury coupon securities are registering mixed changes in quiet holiday period trading. Tensions in the volatile Middle East have led to a rise in the price of oil and gold. The dollar has slumped, too, but major equity markets have mostly ignored the geopolitical uncertainty.The yield on the ...
Good Morning and a Libor Chart
Monday, December 29th, 2008Libor US$ Fixing 12/29 12/24 Change OVERNIGHT .13750 .14750 -0.01000 1 WEEK .44875 .44000 0.00875 2 WEEKS .45875 .48250 -0.02375 1 MONTH .46125 .47125 -0.01000 2 MONTH 1.13375 1.14875 -0.01500 3 MONTH 1.45875 1.46750 -0.00875 4 MONTH 1.60625 1.62125 -0.01500 5 MONTH 1.71000 1.72500 -0.01500 6 MONTH 1.81125 1.83000 -0.01875 9 MONTH 1.98125 1.99000 -0.00875 12 MONTH 2.07750 2.09125 -0.01375