Archive for April, 2008
Tuesday, April 29th, 2008
In early trading this morning the Treasury curve had steepened out and the biggest gains were in the shortest maturities. As the day has progressed that pattern has altered as the back end has caught a bid and at this juncture the curve has experienced a mostly parallel shift. Dealers ...
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Tuesday, April 29th, 2008
Mortgages are about unchanged on spread this morning. Dealers report better selling by originators and hot money types. As in other market sectors, participants are poised to parse the pasteurized and poignant pause prose of the prattled FOMC tomorrow. Some expect that mortgages will continue their strong run as an ...
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Tuesday, April 29th, 2008
The Case Shiller Housing index, while close to consensus, contains an underlying theme of a market sector “in extremis”. On a year over year basis the index declined 12.7 versus the consensus forecast of 12 percent. That is about all the upbeat information in this report.
The index is a compilation ...
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Tuesday, April 29th, 2008
Bank buyer of 2s versus 10s.
Japanese bank seller of 10s.
Spec buyers of 5s.
Real sellers of 2s
Posted in Uncategorized | Comments Off on Some Overnight Treasury Flow
Tuesday, April 29th, 2008
The above caption represents the stages that one passes through when confronting grief and tragedy. They were famously described by Elisabeth Kubler Ross in her 1969 work "On Death And Dying".
I am about to enter withdrawal. Financial delirium tremens. I have been in denial for the longest time about this ...
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Tuesday, April 29th, 2008
Prices of Treasury coupon securities are posting modest gains in quiet overseas trading.The yield on the benchmark 2 year note has declined by 2 basis points to 2.32 percent. The yield on the 5 year note is down by a basis point to 3.11 percent. The yields on the 10 ...
Posted in Uncategorized | Comments Off on Opening Comments April 29th 2008
Monday, April 28th, 2008
Prices of Treasury coupon securities are posting very modest gains in a lacklustre trading session in which ennui reigned supreme. Most traders and investors have positioned themselves for the Federal Reserve statement on Wednesday and the very light volume is a reflection that today's market is mostly about professional traders ...
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Monday, April 28th, 2008
Agency spreads continue to creep tighter and the higher yields which resulted from the significant adjustment in the Treasury market has attracted many buyers to the relatively safe sanctuary of Agency debt. One trader noted that when the 2 year noted had significantly breached the 2.00 percent level central bank ...
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Monday, April 28th, 2008
The US Treasury yield curve has manifested a predeliction to steepen today with 2 year/10 year 3 basis points steeper and 2year/ 30 year spread 5 basis points steeper. Market participants cite several reasons for this episode. Back on March 31 the yield on the 2 year note was about ...
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Monday, April 28th, 2008
Mortgage market activity on the light side today. MBS reflects the steepening Treasury curve as paper is a tad weaker versus 5 year Treasury and a tad improved versus 10 year Treasury. Foreign investors have been better,albeit,modest buyers of 5 ½ percent and 6 percent coupons. Selling by originators has ...
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