Archive for January, 2009
Tuesday, January 13th, 2009
Prices of Treasury coupon securities are mysteriously posting modest price decline in overnight trading. Mysteriously? I am talking my book as I remain long the LQD and purchased some IEF last week during the auction process. But the price action is atypical as risk aversion is on the rise once ...
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Monday, January 12th, 2009
Prices of treasury coupon securities surged today as the thick residue of economic weakness made manifest in the labor report on Friday ignited buying of Treasuries. In a sense the Treasury purchases were a second order move as sober reflection on the data and its import led to a rout ...
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Monday, January 12th, 2009
The agency market was as quiet as the other markets today. However spreads continues to tighten. Two year paper is tighter by a basis point. Five year sector paper is about 7 basis points better and 10 year paper is about 5 basis points tighter.The Federal Reserve aided and abetted ...
Posted in Uncategorized | Comments Off on Agency Debt
Monday, January 12th, 2009
Corporate bond spreads as measured by the IG 11 have leaked 4 basis points to 5 basis points wider as it sits 207/209. Industrial bonds are firm and close to unchanged but financial sector paper has widened 5 basis points to 10 basis points.The potential union of the retail brokerage ...
Posted in Uncategorized | Comments Off on Corporate Bonds
Monday, January 12th, 2009
There has been paying in swaps today versus other assets. Two year spreads are one basis point wider at 54 1/4. Three year spreads have moved wider by 2 1/2 basis points to 53. Five year spreads have leaked wider by 2 basis points to 54. Ten year spreads have ...
Posted in Uncategorized | Comments Off on Swaps and MBS
Monday, January 12th, 2009
Mortgages are opening 4 wider to Treasuries. Dealers attribute the weakness to selling late Friday and note that volumes are extremely light today.
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Monday, January 12th, 2009
IG 11 opening one tighter at 200 1/2 / 202 1/2.
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Monday, January 12th, 2009
At 12:15 PM today, Atlanta Fed President Lockhart will deliver an annual economic outlook for the U.S. at the Atlanta Rotary Club.
At 2:00 PM, Treasury Secretary Paulson will speak on "How markets can help address climate change and other environmental problems" at a conference in Washington D.C.
Repo: Fed Funds ex-open ...
Posted in Uncategorized | Comments Off on Libor
Monday, January 12th, 2009
Prices of Treasury coupon securities have posted small mixed changes in what appears to be a lackluster overnight trading session. Economic data released overnight are mostly indicative of global economic weakness but none of the releases are of the top tier variety. The high profile data will arrive later in ...
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Saturday, January 10th, 2009
The incoming Administration had released a document which details its calculation and forecasts regarding the impact of a $775 billion stimulus plan.
Posted in Uncategorized | 11 Comments »