Archive for October, 2008
Saturday, October 4th, 2008
This is very short notice (20 minutes) but I will be on the Mike Feder Show on the TalkLeft channel at Sirius Sattelite Radio. I will be on at 600PM New York time which is now just 17 minutes away.
If you are not a subscriber, you can access it via ...
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Friday, October 3rd, 2008
Prices of Treasury coupon securities took a roller coaster ride today as a very volatile week ended in very volatile fashion. The drama associated with passage into law of the gargantuan rescue package and the monthly labor data provided the backdrop for the price swings.The yield on the benchmark 2 ...
Posted in Uncategorized | 10 Comments »
Friday, October 3rd, 2008
The short end of the agency market was "en fuego" today. Agency discount notes in the three month sector are about 100 basis points better over the last week. The three month bill trades around 50 basis points for the entire period while the yield on the agency disco has ...
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Friday, October 3rd, 2008
My money market source has actually spoken some optimistic thoughts today. He said that he does not wish to overstate the case or suggest that investors are about to have a sudden change of heart.But he did state that the tenor of the conversation with big money clients shifted today ...
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Friday, October 3rd, 2008
The labor report was another clear indication of a domestic economy on its heels. There was weakness in nearly every component piece.The Treasury market is not trading as if it was a weak number as the market has retreated since the release of the report.
Traders report central bank selling of ...
Posted in Uncategorized | 8 Comments »
Friday, October 3rd, 2008
WFC hybrids down 5 points; WB hybrids up initial 20 points, now up 30 points.-CDS WFC wider 20 bps, C 35 wider, WB 160 tighter from the close.
-Broader market, as evidenced by IG 10, 15 tighter from the close, currently 169/171.
Posted in Uncategorized | 3 Comments »
Friday, October 3rd, 2008
The IG 10 has been made redundant as we roll onto a new lead contract the IG 11. This new index opened 166/168 and is currently 170/171.
Posted in Uncategorized | Comments Off on IG 11
Friday, October 3rd, 2008
Three month Libor set at its highest level since January at 4.33 percent. Below is a Bloomberg story on the topic.
By Lukanyo Mnyanda
Oct. 3 (Bloomberg) -- The cost of borrowing in dollars for
three months in London rose to the highest level since January,
the British Bankers' Association said.
The London ...
Posted in Uncategorized | Comments Off on Libor
Friday, October 3rd, 2008
Prices of Treasury coupon securities continued their inexorable grind higher in overnight trading as fears of a global economic slowdown widen and fears of a calamitous conclusion to this historic financial episode mount. The yield on the benchmark 2 year note has dropped 4 basis points to 1.57 percent. The ...
Posted in Uncategorized | Comments Off on Opening Comments October 3 2008
Friday, October 3rd, 2008
Here is the JPMorgan take on the Fed balance sheet:
Assets on the Fed balance sheet increased $285 billion last week to $1.498 trillion, the biggest one-week increase ever. In fact, many features of this week's report were superlative, as there were staggering increases in the usage of several facilities (see ...
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