Archive for June, 2008
Friday, June 20th, 2008
I wish to thank everyone who posted their condolences and well wishes on reading of my father's death. Many others sent their good wishes via email. To each and every one of you I offer my heartfelt thanks. I was surprised at the extent of the response. Maybe there really ...
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Monday, June 16th, 2008
My father died in his home on Saturday night surrounded by many loving members of his family. He attained his final wish: to die in the home into which he poured his intense energy. He arrived home from the hospital at 430PM to a hospice at home and died peacefully ...
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Friday, June 13th, 2008
I have mentioned several times here that my 86 year old father is ill. He took a turn for the worse last night and I have spent the entire evening at the hospital.
I will not blog today.
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Thursday, June 12th, 2008
Prices of Treasury coupon securities plummeted precipitously today as fears of inflation and subsequent rate hikes by central banks around the globe weighed on sentiment. The Treasury sold $11 billion 10 year notes into that investment vacuum and the lack of demand resulted in the highest rates since December.
The yield ...
Posted in Uncategorized | Comments Off on Closing Comments June 12 2008
Thursday, June 12th, 2008
JPMorgan, a once venerable firm kind enough to employ me for a 11 years, has changed its Fed forecast. The economists there predict that the FOMC will raise rates 25 basis points at the September meeting and then once again in Q1 2009. By the end of 2009 the JPM ...
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Thursday, June 12th, 2008
The strong retail sales report in conjunction with hawkish comments by Federal Reserve Bank of Philadelphia President Plosser has sent the treasury market reeling.The Long Bond is the star performer of the day as its yield has jumped by 6 basis points to 4.75 percent. Each of the other benchmark ...
Posted in Uncategorized | Comments Off on Some Early Morning Thoughts
Thursday, June 12th, 2008
Following the management change, Lehman CDS quoted about 5 minutes ago (910AM here on the sunny south shore of Long Island) 265/275.
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Thursday, June 12th, 2008
HSBC comments on a robust retail sales report:
HSBC: US MAY RETAIL SALES - STRONG RISE
* May retail sales much better than expected with ex-autos
up 1.2% (consensus +0.7%, HSBC +0.9%). Total sales +1.0%
* Ex-auto and gasoline sales +1.0% (HSBC +0.4%), more than
double our estimate
* Significant upward revisions as ex-autos and gas ...
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Thursday, June 12th, 2008
As a follow up to the previous post, Lehman CDS opened 290/300 and are now quoted 268/278. The fear and loathing evident yesterday has already fizzled!
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Thursday, June 12th, 2008
I never thought about this yesterday but the turmoil in Lehman stock did cause a sharp fissure in the CDS of the firm. The CDS was 35 basis points wider and closed 290/310.
Posted in Uncategorized | Comments Off on Lehman CDS Yesterday