Archive for March, 2008
Monday, March 10th, 2008
Agency spreads took a drubbing today as the credit crunch and associated deleveraging weighed on sentiment in this sector.Two year sector paper is wider by 3 basis points to 4 basis points,three year paper is out by 3 ½ basis points ,five year paper is out about 5 basis points ...
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Monday, March 10th, 2008
The stock market has headed into free fall and the Sand P Index has broken through Friday's lows at 1282 ish. The stock market decline is fuelled by $107 oil as well as trouble in the financial world. Lehman Brothers has announced 5 percent layoffs across all business lines. In ...
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Monday, March 10th, 2008
It is not a very exciting day in the Treasury market as the fireworks of last week have receded for now. The yield curve had flattened a bit in overnight trading as proprietary traders unwound curve steepening trades. Early this morning there was some strength on the basis of a ...
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Monday, March 10th, 2008
Carlyle Group seeks to stop the inertial forces of deleveraging. They might channel King Canute and see how he fared when he tried to command the oceans.
The Chinese trade surplus shrinks. Be careful what you wish for
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Monday, March 10th, 2008
Prices of Treasury coupon securities are modestly higher in overseas trading of US Treasury debt securities. Yields have declined marginally in the 2 year sector to as much as 4 basis points in the longest maturities.The yield on the 2 year note has declined by less than a basis point ...
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Sunday, March 9th, 2008
In an earlier post on March 7 I sang the praises of the blog NakedCapitalism because of a piece about the covert natioanlization of the banking system. That lengthy piece was from a posting at the blog Interfluidity.
I still salute Naked Capitalism for the excellent commentary regularly generated from that site ...
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Sunday, March 9th, 2008
The FT chimes in on turmoil in the land of CDS.
Credit crisis strikes in a country which I am embarassed to state that I knew very little until I read this story.
The Wall Street Journal sings a song about the IG9,too.
Has the recession started from Professor Hamilton at Econbrowser
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Saturday, March 8th, 2008
I do not know anything about the blogger(s) at the website NakedCapitalism but the blog does some outstanding analysis along with some very innovative and critical thinking.
There is a piece there today which explores the implications of the Fed's TAF facility as well as other aspects of open market operations ...
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Friday, March 7th, 2008
Here is a Reuters story which printed late Friday after the markets were closed. Fitch cut ratings on WAMU and placed B of A and Citi on negative watch. There are several other troubled banks noted in the remainder of the story.
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Friday, March 7th, 2008
Prices of Treasury coupon securities surged in another day of frantic frenzied and volatile trading. On this day the Federal Reserve genuflected in the direction of the illiquidity which holds large parts of the market hostage by announcing a reinforcement of the TAF program. In so doing they will lend ...
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