Archive for May, 2008
Wednesday, May 21st, 2008
Read this story for a laugh. Based on the location cited in the article, this establishment is probably a very popular take out destination for the famished at the Goldman Sachs headquarter building on Broad Street. And if memory serves me well, there is a McDonald's nearby on Water Street ...
Posted in Uncategorized | Comments Off on Parvenu Heaven
Tuesday, May 20th, 2008
Quis custodiet ipsos custodes? Via the FT
Nobel prize winner (in economics) castigates proponents of inflation targeting.
Are high oil prices the result of rampant speculation or are real world fundamental driving the price? Read this informative article by Professor Hamilton.
Posted in Uncategorized | Comments Off on Some Links for Insomniacs
Tuesday, May 20th, 2008
Prices of Treasury coupon securities surged today as a tumbling equity market and credit fears drove investors to the safety of the Treasury market. The yield on the benchmark 2 year note dropped 9 basis points to 2.31 percent. The yield on the 5 year note fell 8 basis points ...
Posted in Uncategorized | Comments Off on Closing Comments May 20 2008
Tuesday, May 20th, 2008
Agency spreads are a tad tighter today with spreads anywhere from ½ basis point to 1 basis point tighter depending upon the point of reference on the yield curve. Dealers report that customers were gripped by ennui today and the level of activity was light.The Senate Banking Committee passed a ...
Posted in Uncategorized | Comments Off on Agency Recap
Tuesday, May 20th, 2008
The corporate bond market remains in a sodden and soggy state today with recently priced issues languishing and investors clamoring for juicier prices on new issues. In an earlier post I related the travails of several issues which priced yesterday. They remain underwater relative to pricing levels but have rebounded ...
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Tuesday, May 20th, 2008
I think the following is the meaningful quote from the Kohn speech and indicates that the funds rate will be at 2 percent for a very long time. And so he spoke:
With the information now in hand, it is my judgment that monetary policy appears to be appropriately calibrated for ...
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Tuesday, May 20th, 2008
Agency spreads are a tad tighter this morning. In the initial flurry of trading post the PPI report the Treasury market backed up and the higher yields there made spread product look attractive. The markets have recently been plagued by a little bit if supply pressure. Freddie Mac has announced ...
Posted in Uncategorized | Comments Off on Agency Market
Tuesday, May 20th, 2008
The new issue corporate market has opened with a round of financial dyspepsia. As I noted in an earlier post, that market closed a bit squeamishly and the unsettled tone continues this morning. Dealers and investors are drowning in a sea of corporate bond spittle. Some of the new issues ...
Posted in Uncategorized | Comments Off on Mini Corporate Convulsion
Tuesday, May 20th, 2008
The MBS market is witnessing active two way flow this morning. For now the buyers are having the better of it as MBS is about 2/32 better versus swaps and Treasuries. Hot money clients have been spotted taking some profits but they are butting heads with both domestic and foreign ...
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Tuesday, May 20th, 2008
In a late email yesterday which I regularly receive from a dealer, I am detecting the first faint signs of indigestion in the corporate bond market. The following information is based on levels which prevailed in late trading yesterday and I am guessing is still the case this morning as ...
Posted in Uncategorized | Comments Off on Corporate Bond Update