Archive for March, 2008

Some Links for March 18 2008

Tuesday, March 18th, 2008

An excellent article from Professor Polley on investment banks and the discount window. This blog is excellent. The link is to the most recent post but the blogger produces a consistently worthwhile product and makes you think. And an excellent story in the FT contemplating the Fed's next move. And a thought provoking ...

Some Opening Comments for March 18 2008

Tuesday, March 18th, 2008

Prices of Treasury coupon securities sagged in overnight trading as some of the gloom and doom which permeated the market place as a result of the dissolution of Bear Stearns dissipated.Equity markets around the globe are rebounding from the sell off of the preceeding day and the dollar is imitating ...

Closing Commentary March 17 2008

Monday, March 17th, 2008

 Prices of Treasury coupon securities surged today following the momentous events of the weekend but while still posting solid gains they have retreated from the best levels of the day. The benchmark 2 year note has seen its yield tumble 13 basis points to 1.35 percent while the yield on ...

JPM and the Bear

Monday, March 17th, 2008

For anyone interested in the JPMorgan investor presentation on the arranged marriage,I refer you to their website.

Corporate

Monday, March 17th, 2008

 Corporate bonds spreads are wider by about 5 basis points for industrial names. Financial names are wider by 10 basis points or so.A former colleague noted that GS,Bof A and American Express 10 year paper has each traded about 10 wider to Friday closing levels. He notes that while the ...

St Patrick Day Miscellany

Monday, March 17th, 2008

 Trading in Treasury securities this morning very light as many traders have been forewarned to keep their activity to a minimum. Senior mangement does not want someone lobbing a plugged in toaster into the crowded swimming pool. So until participants can figure out how the next act unfolds liquidity should ...

Option One

Monday, March 17th, 2008

Sounds as though the vultures are beginning to feed on the carcasses.

Reprise

Monday, March 17th, 2008

In late January I wrote a piece which attempted to place the low yields which the market had just reached in some historical context. Since we are plumbing the depths once again and since I have many more readers now than I did then I offer that discussion again.

Some Opening Comments March 17 ,2008

Monday, March 17th, 2008

 Prices of Treasury coupon securities have surged sharply higher in response to the daring,bold and historic dismantling of Bear Stearns by the Federal Reserve and JPMorgan. In other stunning actions to combat the metastasizing credit crisis, the Federal Reserve Board has made the Discount Window available to the primary dealer ...

Even the Mighty Stumble

Monday, March 17th, 2008

Goldman Sachs takes a wrong turn,too