Archive for August, 2008
Tuesday, August 5th, 2008
A fully paid up subscriber has suggested that this story has given some added impetus to the break in oil prices. The story claims that researchers at MIT have found an easy and efficient way to harness the power of the sun.
Posted in Uncategorized | 3 Comments »
Tuesday, August 5th, 2008
Swaps have returned some of their earlier gains and that has led to some MBS softness. Servicers and originators are better sellers while banks money managers and hedge funds have been better buyers.
Posted in Uncategorized | Comments Off on More MBS
Tuesday, August 5th, 2008
Mortgages leaked wider by about 4 basis points at the open but subsequent buying has tightened spreads such that they are only about a basis point tighter.Some of the rebound in MBS spreads can be attributed to the recovery in swap spreads which are trading firm for the first time ...
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Tuesday, August 5th, 2008
This is an excellent article on Freddie Mac and FNMA by the paper of record, the New York Times. It describes the financial and political pressures which each firn was subject to as they struggled to carry out their mission.
My quibble with this story is that the Wall Street Journal ...
Posted in Uncategorized | 4 Comments »
Tuesday, August 5th, 2008
The IG 10 has opened 131 1/4 / 132 1/4 this morning. That is about 2 basis points tighter than where it finished in late trading yesterday.
Posted in Uncategorized | Comments Off on Credit Open
Tuesday, August 5th, 2008
Some overnight flow:
Hedge fund buyers of 10s.
Central Bank buying 5s.
Spec sellers of 10s and 30s.
Japanese buyers of short Europe versus short US
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Tuesday, August 5th, 2008
Prices of Treasury coupon securities have barely budged in overnight trading as bond market participants await the outcome of the FOMC meeting today.The yield on the benchmark 2 year note is 2.53 percent .The yield on the benchmark 5 year note is 3.24 percent. The 10 year note yields 3.96 ...
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Tuesday, August 5th, 2008
In a statement very much at variance with statements by the Federal Reserve (in that it meandered ) the Reserve Bank of Australia chose to leave rates unchanged. However, the policy makers summarized their thoughts by noting that with demand slowing the scope to move towards a less restrictive policy is increasing.
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Monday, August 4th, 2008
The Australian service sector slowed in July as the twin bugaboos of high interest rates and high energy costs weighed on sentiment.The AIG Performance of Service Industry Index fell 2.6 points in July to 42.8. The breakeven level for contraction and expansion is 50.
The group which publishes the survey cited ...
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Monday, August 4th, 2008
Economic Releases Scheduled for Overnight
Australian Reserve Bank Rate Decision
Eurozone PMI
UK Industrial Production
UK Purchasing Managers Index
Eurozone Retail Sales
Posted in Uncategorized | 1 Comment »