Archive for July, 2008
Tuesday, July 22nd, 2008
Agency bonds are finishing one basis point or two basis points weaker on the day. Traders with whom I spoke felt that it was normal and healthy profit taking after the stellar spread performance of recent days. Other felt that since Congress has yet to pass any legislation authorizing taxpayer ...
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Tuesday, July 22nd, 2008
Corporate bonds are a tad tighter today when observed by the IG10. The market opened weaker following the Wachovia earnings and the American Express earnings but has subsequently stabilized and edged tighter. Cash market trading is by appointment only as most trading (for the last several months) has been dominated ...
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Tuesday, July 22nd, 2008
Federal Reserve Bank of Philadelphia President Plosser is burnishing his superhawk credentials. He might also be choosing to ignore the real world facts or he might be engaging in some intellectual self deception regarding the lessons of history. He spoke this morning and stated that the Federal Reserve should raise ...
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Tuesday, July 22nd, 2008
Overnight Treasury Flow:Banks sellers of 10s.
Spec sellers of 5s.
Hedge fund buyers of 2s.
Central Bank buyers 5s
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Tuesday, July 22nd, 2008
The IG 10 traded as tight as 132 yesterday and closed around 138. It is opening around 140 this morning. One trader noted that the market still feels "too short" to move significantly wider.
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Tuesday, July 22nd, 2008
Prices of Treasury coupon securities have jumped in overnight trading as economic news from around the globe frames a picture of a global economy traipsing through a very rough patch.The proximate cause of the firm bond market and the sloppy stock market is the troubling report from American Express which ...
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Monday, July 21st, 2008
Prices of Treasury coupon securities waffled about today in a very narrow range and posted mixed results. The yield on the benchmark 2 year note edged higher by a basis point to 2.64 percent. The yield on the 5 year note dropped a basis point to 3.40 percent. The yield ...
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Monday, July 21st, 2008
Corporate bond spreads as measured by the IG 10 are about 3 basis point tighter. Cash is tighter, too, but participants were hesitant to venture a guess as so little was trading. The tone of the market is firm and the better than expected B of A earnings bolstered sentiment.WAMU ...
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Monday, July 21st, 2008
A paid up subscriber has made serial inquiry regarding the Home Loan System and advances which they have made to troubled credits.I just spoke with a research analyst at a major firm. He does not think that Home Loan has a problem or will have a problem. There bonds have ...
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Monday, July 21st, 2008
Mortgages are bouncing back after what one dealer described as an early swoon. There has been some buying by real money this morning. The same dealer characterized the rally as a relief rally. The buying is described as not broad based and lacking in broad sponsorship.International accounts, according to this ...
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