Archive for January, 2009
Monday, January 5th, 2009
bor US$ Fixing
1/05 1/02 Change
OVERNIGHT 0.11750 0.12375 -0.00625
1 WEEK 0.29000 0.31375 -0.02375
2 WEEKS 0.33625 0.36500 -0.02875
1 MONTH 0.42875 0.43000 -0.00125
2 MONTH 1.09750 1.09875 -0.00125
3 MONTH 1.42125 1.41250 0.00875
4 MONTH 1.54750 1.54625 0.00125
5 MONTH 1.67625 1.65000 0.02625
6 MONTH 1.79375 1.75250 0.04125
9 MONTH 1.95875 1.90625 0.05250
12 MONTH 2.09250 2.02375 0.06875
Posted in Uncategorized | 3 Comments »
Monday, January 5th, 2009
Prices of Treasury coupon securities slumped in overseas trading as the retreat which began last week has turned into a mini rout in bond prices. Investor sentiment has shifted and risk averse assets have lost some of their allure as investors flock to stocks and a host of other assets ...
Posted in Uncategorized | 4 Comments »
Friday, January 2nd, 2009
The December ISM manufacturing survey was grim. The composite index
declined from 36.2 to 32.4, the lowest reading since June 1980, while
the new orders and production indices dropped to the lowest level since
the survey began in 1948. Most everything else was negative as well,
including employment, customer inventories, order backlogs, and export
orders. ...
Posted in Uncategorized | 10 Comments »
Friday, January 2nd, 2009
Treasury bond prices have reversed course and have broken down and the 10 year note is now down nearly 3/4 point after being up about 1/2 point earlier.
One commenter on the blog notes that volume in the Treasury market is higher today. Participants with whom I speak report very thin ...
Posted in Uncategorized | 1 Comment »
Friday, January 2nd, 2009
Mortgage volumes are extremely light but participants are reporting that MBS are marginally tighter to 10 year Treasuries.
Posted in Uncategorized | 3 Comments »
Friday, January 2nd, 2009
I am referring to the ISM report on manufacturing. This is as ugly as it gets. The report covers thirteen industry sectors and there was not one sector reporting growth.
Regarding the once rampant belief that world economies could decouple from the US, some of the comments contained in the ISM ...
Posted in Uncategorized | Comments Off on Res Ipsa Loquitur
Friday, January 2nd, 2009
The Treasury market is posting sharp gains with the 10 year note up a little less than 1/2 point and the Long Bond gaining over a point.
There is virtually nothing going on and the gains have been achieved in very thin and very professional trading.
Some of the gains are a ...
Posted in Uncategorized | 1 Comment »
Friday, January 2nd, 2009
One of the leading surprises for the market in calendar year 2009, I think, will be the vexations and perturbations resulting from the heavy schedule of issuance by the US Treasury.Some of that supply will be evident next week. On December 31 the Treasury announced that it will auction $8 ...
Posted in Uncategorized | 6 Comments »
Friday, January 2nd, 2009
Prices of Treasury coupon securities have registered modest gains in overseas trading as the markets greet the new trading year quietly.Economic data released in the overnight session suggest ongoing economic weakness around the global. Manufacturing appears particularly weak as the New Year beckons.
In Australia manufacturing contracted for the seventh month ...
Posted in Uncategorized | 3 Comments »