Archive for February, 2008
Friday, February 15th, 2008
A late item from the FT on the weekend work of the NY State Insurance Department.
And another story on the same topic from the blog with my first choice of a name,Accrued Interest.
WSJ chimes in,too.
Posted in Uncategorized | Comments Off on Save the Bond Insurers
Friday, February 15th, 2008
Prices of Treasury coupon securities are posting mixed results today and those results are the mirror image of the trading pattern of the last few days. So we have the 2 year Treasury note posting a small yield increase today of about 1 basis point to 1.90 percent while the ...
Posted in Uncategorized | Comments Off on Closing Commentary
Friday, February 15th, 2008
The bond market feels tired and before a long weekend participants are hesitant to load up on brand new risk. I have heard of central banks buying chunky size in the short end of the agency market. Seperately,someone else reported rate lock selling and servicers paying in the longer end ...
Posted in Uncategorized | Comments Off on Midday
Friday, February 15th, 2008
The markets are very confusing today. The economic data as it printed this morning and in concert with other recent data ( and in conjunction with the stream of consciousness musingd of Ben Bernanke yesterday) indicate an economy which continues to spiral downward. Yet bond yields have surrendered the biggest ...
Posted in Uncategorized | Comments Off on Random Thoughts
Friday, February 15th, 2008
Consumer Confidence registered at a dire 69.6 (consensus 76 0 which represent quite a plunge from the 78.0 last month. This number is consistent with recession and one has to glance backward to the recessions of 1981 and 1991 to numbers this bleak. Expectations also plummeted ,fallling to 59.4 from ...
Posted in Uncategorized | Comments Off on Consumer (Lacking ) Confidence
Friday, February 15th, 2008
The Industrial Production report printed pretty much as expected at the consensus guess of 0.1 .Last month's data was revised to 0.1 from flat. There was weakness in motor vehicles,mining and machinery.Utilities and computer electronincs comprised pockets of strength.
Separately,the TIC data which records foreigh purchase and sales of US securities ...
Posted in Uncategorized | Comments Off on IP and TIC
Friday, February 15th, 2008
I will not respond to comments on the headline from anyone known to be pursuing a degree in microbiology as I think my analogy limps a bit but bond insurer FGIC has told New York State officials that it wishes to be split in two.
Posted in Uncategorized | Comments Off on Monoline Mitosis
Friday, February 15th, 2008
The Empire State manufaturing survey printed rather ugly as it slipped into negative territory with a plunge to -11.7 (consensus 6.5) from 9.0. The component parts were weak with particular weakness in new orders,shipments and employment.
The 2year note has punched to a new cycle low and trades at 1.83 percent.
Posted in Uncategorized | Comments Off on Empire Survey
Friday, February 15th, 2008
Prices of Treasury coupon securities have posted modest gains in overseas trading and the wonder is that benchmark issues are rising in tandem with securities other than the 2 year note enjoying price gains. In overnight trading yields on benchmark Treasury paper have declined between 4 basis points and 5 ...
Posted in Uncategorized | 5 Comments »
Friday, February 15th, 2008
State of New York threatens to carve up the monolines.
Just walk away. Quietly.
European equities slide.
Citibank hedge fund is now roach motel.
Could probably entitle this one "roach motel", too.
Posted in Uncategorized | Comments Off on Some Overnight News