Archive for October, 2009
It looks like it might be an interesting afternoon session but unfortunately I will not be here to blog it . Please feel free to use this as an open thread and comment away. Thanks for reading Across the Curve!!!!
Politico with a depressing story about the extent of ethical lapses in the nation's capital.
The corporate bond market has a firm tone but the level of activity is very light thus far this morning.The new issue market is also quiescent and those with whom I spoke expect nothing today from corporations. With the Treasury market as firm as it is, one can conclude that ...
My close personal friend(s) at Zero Hedge have posted an excellent and insightful analysis of the GDP data by David Rosenberg . He demonstrates that most of the gain was driven by government stimulus and ex the stimulus it was a less than festive quarter.
Swap Spreads are dramatically unchanged . Two year spreads are at 33 1/2. Five year spreads are at 33. Ten year spreads are at 16 1/2 and thirty year spreads are at NEGATIVE 9 1/2
This morning’s data was as expected across the board. No change in September income, a 0.5% drop in September consumption and a 0.4% rise in the third quarter’s employment cost index were exactly on consensus. Most of the weakness in September consumption was autos. But nondurable goods and service spending ...
The G20 meets next week. Around it will be opportunities for officials to jawbone the foreign exchange market. A number of countries have expressed varying degrees of concern about the impact of the strength of their respective currencies, including Russia, Brazil, New Zealand, South Korea, Canada, South Africa and Norway. ...
A friend of the blog forwarded this link regarding withdrawal of liquidity by the Peoples Bank of China. When I was a young long haired fellow with big sideburns I owned a copy of "Quotations From Chairman Mao". I do not recall a chapter on monetary policy in that publication.
It looks like 0.28063 is equilibrium on three month Libor. It remains there again today.
- 5yr Snr Bank CDS: BAC 110/115 (+1), CITI 167/172 (+1), JPM 55/60 (unch), WFC 100/105 (unch) - 5yr Snr Broker CDS: GS 98/103 (-1), MS 118/123 (-2) - CDS Index: IG13 104/104.75 (+2)