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Wednesday, January 30th, 2008http://www.ft.com/cms/s/0/ff9d43e8-cf01-11dc-854a-0000779fd2ac.html
Archive for January, 2008
http://www.ft.com/cms/s/0/ff9d43e8-cf01-11dc-854a-0000779fd2ac.html
Preparing for R……..
Tuesday, January 29th, 2008http://www.ft.com/cms/s/0/1e553756-cea2-11dc-877a-000077b07658.html
Mortgage Overview
Tuesday, January 29th, 2008I had a lengthy conversation with a portfolio manager regarding the state of the plain vanilla MBS market. It is a harsh and uncertain landscape. In normal circumstances one would view the current backdrop favorably. The Central bank is aggressively slashing rates and steepening the yield curve. The Federal Government is ...
Treasury Recap January 29 2008
Tuesday, January 29th, 2008Prices of Treasury coupon securities registered modest declines today as participants waited for the Godot that is the FOMC and the outcome of its meeting tomorrow. Dealers report light activity from customers and much of the afternoon price action involves machinations associated with the pricing of several high profile corporate ...
Agency Market
Tuesday, January 29th, 2008The agency market experienced a quiet day as participants held a vigil for the Fed and contemplated the nature of the FOMC's action tomorrow. Trading in benchmark paper was subdued and spreads tightened a tad in sympathy with swaps. The action in the agency market continues to derive from the exercise of ...
Corporate Commentary
Tuesday, January 29th, 2008The corporate bond market held a firm tone today as the firmness of the equity markets and some signs of latent economic strength bolstered sentiment. As has been the case recently secondary market trading was light and dominated by large benchmark issues. So the Wachovia 10year deal which priced yesterday ...
Update
Tuesday, January 29th, 2008Prices of Treasury coupon securities are posting some reasonably large losses this morning ahead of the$14 billion 5year note auction. What ails the market?The market had been priced to perfection and some participants are rehashing forecasts and opinions. So this morning's durable goods number is a source of angst for ...
Consumer Confidence
Tuesday, January 29th, 2008Consumer confidence declined to 87.9 in January( consensus 87.5) from a revised 90.7 in December. This is a great number for economists as they can chant ceteris paribus and sing the refrain "on the one hand on the other hand". On the one hand the report contains some golden nuggets that ...
Case Shiller
Tuesday, January 29th, 2008The Case Shiller Index dropped 7.7 percent year over year (consensus -7.1) and the index itself slipped to 188.8. The report lists results for each of the cities comprising the index. There was not a single city registering a gain. The largest losses were posted in Las Vegas,Phoenix,San Francisco,San Diego, Los ...
The Rain in Spain Falls Mainly in the Plains Department
Tuesday, January 29th, 2008http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2008/01/28/bcnspain128.xml