Archive for February, 2008
Monday, February 11th, 2008
Via Marketwatch.
Posted in Uncategorized | Comments Off on AIG Redux
Monday, February 11th, 2008
When I was a rookie in the business a gentleman who mentored me and eventually became a very close friend informed me regarding the sine qua non on spreading rumors. His advice was that a rumor is a good rumor and OK to disseminate as long (and this is important) ...
Posted in Uncategorized | Comments Off on Rumor Mongering
Monday, February 11th, 2008
There is a story making the rounds which I can only find on Bloomberg that AIG has announced that material weakness in internal controls has led to indeterminate losses on credit default swaps. AIG stock has declined by about 11 percent as of this writing (10:07AM ET). Benchmark Treasury yields are lower ...
Posted in Uncategorized | Comments Off on AIG
Monday, February 11th, 2008
Tokyo was closed for a holiday but there was some buying of the belly of the Treasury curve which reversed after the UK inflation data printed. The 2 year/10 year curve is about 3 basis points flatter at 167 basis points.
Posted in Uncategorized | Comments Off on Overnight Flows
Monday, February 11th, 2008
Prices of Treasury coupon securities have exhibited very little change in overnight trading. Tokyo was closed for a holiday and that muted the level of activity. I have posted (too much ) weekend news and none of it is really earthshaking. The US markets will suffer today from a rare ...
Posted in Uncategorized | Comments Off on
Monday, February 11th, 2008
First day of trading of the New Year in Hong Kong is less than festive.
The market employs price as a harsh winnowing fan.
A whiff of inflation in UK.
Posted in Uncategorized | Comments Off on Monday, Monday
Sunday, February 10th, 2008
Signs of a spending slowdown.
Inflation pressures rears its ugly head?
Credit crunch creates concerns .
Posted in Uncategorized | Comments Off on Sunday Evening News
Saturday, February 9th, 2008
Suitor spurned.
Finance ministers fly to Tokyo for the weekend and state the obvious.
Man does not live on bread alone.
Posted in Uncategorized | Comments Off on Weekend News
Friday, February 8th, 2008
Prices of Treasury coupon securities surged today as the very cheap levels reached in the ugly aftermath of the bond auction yesterday encouraged end user buyers to jump into the fray. The outright levels combined with a host of credit stories to generate a significant retracement of yesterday's losses. The ...
Posted in Uncategorized | 4 Comments »
Friday, February 8th, 2008
Agency spreads are finishing the day unchanged against Treasury paper in the 2 year and 10 year sector and about ½ basis point wider in the 5 year sector. There was solid buying of agencies by end users in the overnight session and lighter buying during the New York session.
Callable ...
Posted in Uncategorized | Comments Off on Agency Market Commentary