Archive for August, 2008
Thursday, August 7th, 2008
The 30 year bond auction was an old fashioned food fight and actually stopped three basis points rich to where they were trading in the brokers market at the 100 PM bidding deadline.What does that tell us? It means that someone wanted a ton of these things without tipping their ...
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Thursday, August 7th, 2008
Corporate bonds are violently unchanged in quiet professional trading. The IG 10 is still wrapped around 132.The new issue market is closed.
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Thursday, August 7th, 2008
ECB head honcho Trichet has stated that the Euro zone economy will weaken substantially in the months ahead. He also said that inflation would persist too high but at current time he noted that ECB has no bias.The market has chosen to focus on the economic growth part of his ...
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Thursday, August 7th, 2008
Walmart reported weak same store sales for July and ventured forth that August sales would be up a less than robust 1 percent to 2 percent. The Gap and Pacific Sunwear also reported weak results.
Some analysts are attributing the weakness to the end on the rebate checks.
Those analysts might do ...
Posted in Uncategorized | Comments Off on Morning Miscellany
Thursday, August 7th, 2008
Mortgages are opening about 8 ticks wider to Treasury benchmarks this morning. On a Libor OAS basis one correspondent reports that spreads are on top of the wide levels attained last March during the Bear Stearns death rattle.Real money and Asia accounts are noticeable by their absence. In the meantime ...
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Thursday, August 7th, 2008
Credit is opening a tad weaker with IG 10 2 basis points wider at 133/134
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Thursday, August 7th, 2008
Some overnight Treasury flow:Central bank buying 2s
Real money buyers of 30s
Bank sellers 10s
Central bank and speculative sellers of 10s
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Thursday, August 7th, 2008
The Bank of England in a terse statement left rates unchanged at 5.0 percent.
The financial world now awaits the ECB and the subsequent ex cathedra pontifications of Mr Trichet.
http://www.bankofengland.co.uk/publications/news/2008/044.htm
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Thursday, August 7th, 2008
Prices of Treasury coupon securities surged in overnight trading as the gargantuan write down at AIG, in concert with the travails of Freddie Mac, reminded investors that the financial crisis is still running at full tilt nearly one year after it began with no end in sight.The overnight rally significantly ...
Posted in Uncategorized | Comments Off on Opening Thoughts August 7 2008
Wednesday, August 6th, 2008
The Wall Street Journal commissioned a study of mortgages made in 2007 and compared the level of delinquency and loss to other years. It is not a pretty picture.
Posted in Uncategorized | Comments Off on 2007: Poor Vintage