Archive for May, 2008
Wednesday, May 7th, 2008
HSBC: US MAR PENDING HOME SALES - DOWN FURTHER
* Weak overall report asMarch pending home sales fell -1% as
expected but February sales were revised to -2.8% from -1.9%
* Pending sales are down 35% from the peak in mid-2005 and
are down -21.7% from a year ago
* Existing home sales ...
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Wednesday, May 7th, 2008
Mortgage backed securities are a tad tighter to the curve in spite of higher volatility and higher rates.There has been a constant drumbeat of buying by both foreign and domestic end users. Selling has been sparse and dominated by servicers. The up in coupon trade has been in vogue and ...
Posted in Uncategorized | Comments Off on MBS
Wednesday, May 7th, 2008
Prices of Treasury coupon securities have posted modest declines in overseas trading. The yield on the benchmark 2 year note has increased by 1 basis point to 2.39 percent. The yield on the 5 year note has increased by 3 basis points to 3.18 percent. The yield on the 10 ...
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Wednesday, May 7th, 2008
A Bloomberg reporter with sleep patterns very much like mine reports that the Federal Reserve will soon ask for the authority to pay interest onreserve balances.
And Federal Reserve Bank of Kansas City President Hoenig compares current level of inflation psychology to that which ravaged the economy in the 1970s and ...
Posted in Uncategorized | Comments Off on Links for Insomiacs
Tuesday, May 6th, 2008
Agency spreads leaked wider today on the FNMA news. Spreads in the 2year sector are about 1/2 basis point wider to Treasury paper. Agency paper in the 5 year sector is about 5 basis points wider and 10 year paper is 3 basis points wider.
One dealer with whom I spoke ...
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Tuesday, May 6th, 2008
Prices of Treasury coupon securities posted mixed results today as benchmark securities with maturiites of 5 years and less registered gains while issues with longer maturities langushed in relative ignominy. The yield on the benchmark 2 year note declined 4 basis points to 2.38 percent. The yield on the benchmark ...
Posted in Uncategorized | Comments Off on Closing Comments May 06 2008
Tuesday, May 6th, 2008
Corporate bonds opened the day 4 basis points to 5 basis points wider in cash trading as the FNMA news instilled the fear of God in some participants. Stock market stability has tended to benefit corporate spreads and that is the case today as stocks have rallied from their worst ...
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Tuesday, May 6th, 2008
Bloomberg is reporting a story that so called Level 3 assets increased by 70 percent at the above captioned brokerage firm from a not insignificant $48billion to $82 billion at the end of Q1. Level 3 assets are the most mysterious and most opaque assets which require teams of programmers, statisticians ...
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Tuesday, May 6th, 2008
Mortgages are about 3 ticks wider on the day. There has been robust buying by end users as well as fast money clients. Some participants, however, have taken a wait and see approach as they absorb the news from FNMA and that organization's effort to raise capital.
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Tuesday, May 6th, 2008
Prices of Treasury coupon securities have posted minimal changes in overseas trading. The yield on the 2year note is unchanged at 2.42 percent and the yield on the 5 year is steady at 3.16 percent. The yield on the benchmark 10 year has dropped by one basis point to 3.86 ...
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