Archive for January, 2008
Tuesday, January 29th, 2008
Durable goods orders jumped 5.2 percent in December (consensus 2.6) and durables ex transportation registered a gain of 2.6 percent(consensus 0.1.). Capital goods orders jumped by 11.2 percent as defense orders posted an outsized gain of 80 percent. A better and less volatile measure is non defense capital goods ex aircraft and ...
Posted in Uncategorized | Comments Off on Durable Goods Confounds Forecasters Again
Tuesday, January 29th, 2008
Prices of Treasury coupon securities are registering modest losses in overnight trading. I believe the same confluence of factors which weighed on sentiment yesterday is at work again today. The Treasury is set to auction $14billion of securities at 100PM ET and dealers feel an obligation to make room on the shelf ...
Posted in Uncategorized | Comments Off on Opening Comments January 29,2008
Tuesday, January 29th, 2008
http://www.ft.com/cms/s/0/b77eb5f6-ce0c-11dc-9e4e-000077b07658.html
http://www.ft.com/cms/s/0/a08c4598-ce3e-11dc-9992-000077b07658.html
Posted in Uncategorized | Comments Off on Some Morning News
Monday, January 28th, 2008
http://www.ft.com/cms/s/0/39fd24c4-cdd4-11dc-9e4e-000077b07658.html
Posted in Uncategorized | Comments Off on More on Insurance Company Rescue
Monday, January 28th, 2008
An excellent story about an entreprenurial baseball player.
JJJ
Posted in Uncategorized | Comments Off on Baseball
Monday, January 28th, 2008
Corporate bond spreads opened wider by about 4 basis points and are closing the day about a basis point tighter. The improvement reflects the sharp improvement in equity prices.
JPMorgan and Wachovia brought chunky 10 year deals to market. Each was priced about 30 basis points cheap to outstanding paper and ...
Posted in Uncategorized | Comments Off on Corporate Bonds
Monday, January 28th, 2008
Prices of Treasury coupon securities drifted lower today, weighed down by supply, a newly ebullient equity market and uncertainty about the near term course of interest rates. For the day yields have risen between 2 basis points and 5 basis points ,with the largest increases in the belly of the ...
Posted in Uncategorized | Comments Off on Treasury Recap January 28, 2008
Monday, January 28th, 2008
Plain vanilla MBS tightened about 4 basis point against the swap curve today as volatility declined. Vol declined because in comparison to other recent trading sessions price movements had a degree of rationality about them. But volatility remains expensive across the vol surface and should remain so until the FOMC ...
Posted in Uncategorized | Comments Off on Mortgages and Other Funky Stuff
Monday, January 28th, 2008
Agency spreads are tighter by about a basis point in the 10 year sector. Spreads in other sectors of the agency market are pretty much unchanged.
The theme remains redemptions by the agencies which fosters buying from customers compelled to replace the called paper. The sharp back up in yields from ...
Posted in Uncategorized | Comments Off on No Agony in the Agency Market Today
Monday, January 28th, 2008
In less than an hour the Treasury will auction $24 billion of 2 year notes. There are divergent views in the street regarding the auction.
Some argue that the issue is some 35 basis points cheaper than it was at one point last week. In that regard, it has also cheapened ...
Posted in Uncategorized | Comments Off on Rattling the Change in the Tin Cup