Archive for February, 2009
Tuesday, February 24th, 2009
Mortgage traders report robust demand for high coupns today. One trader specifically reports money manager and total rate of return account buying. The 6 and 6 1/2 coupons are nearly 1/4 point better on the session while 4 1/2s are unchanged.
There was a story out this morning about legal challenges ...
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Tuesday, February 24th, 2009
Bernanke’s speech did not provide anything that was dramatically new given his recent speeches and the release of the last FOMC minutes which provided the FOMC’s new economic projections. On the margin, however, it appears Bernanke is somewhat more worried than the average of FOMC participants, highlighting that he believes ...
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Tuesday, February 24th, 2009
Chairman Bernanke has delivered his testimony and there is nothing earth shattering in it. The Federal Reserve realizes that the global economy is a sewer and will act according. The entire document will fortify and strengthen those who believe that the funds rate will be held low for a very ...
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Tuesday, February 24th, 2009
Regular readers know (especially Sharon) that on a daily basis I post Libor levels which a money market trader forwards to me daily.
Sadly, that trader and friend and former colleague will fall victim to the financial meltdown when he leaves work tomorrow.
I have known him for over 20 years and ...
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Tuesday, February 24th, 2009
IG 11 is opening 2 basis points wider at 219/222.
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Tuesday, February 24th, 2009
I rarely watch CNBC. There is no television set in this room at the global headquarters of Across the Curve. I was just in the other room and flipped the tube on and there was the former President pontificating to Becky Quick (who glowed in his presence like a 16 year old ...
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Tuesday, February 24th, 2009
Libor US$ Fixing
2/24 2/23 Change
OVERNIGHT 0.26625 0.26500 0.00125
1 WEEK 0.37625 0.36375 0.01250
2 WEEKS 0.41125 0.40750 0.00375
1 MONTH 0.47688 0.47375 0.00313
2 MONTH 0.95063 0.94938 ...
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Tuesday, February 24th, 2009
Prices of most benchmark Treasury securities have posted tiny losses in overnight trading. The Long Bond bucked the trend and is dramatically unchanged.
The yield on the 2 year note has climbed 3 basis points to 0.96 percent. The yield on the 3 year note has also climbed 3 basis ...
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Monday, February 23rd, 2009
Prices of Treasury coupon securities are, on balance, posting small mixed changes. Only the Long Bond posted more than a minimal change. In its honor I will work in reverse chronological order today.
The yield on the 30 year bond declined 5 basis points to 3.52 percent. The yield on ...
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Monday, February 23rd, 2009
Swap spreads are tighter by 1 ¾ basis points in the 2 year sector at 62 ½. Five year spreads are 2 ½ basis points tighter at 63 basis points. Ten year spreads are 1 ¾ basis points tighter at 24 basis points. Thirty year spreads inverted another ¾ basis ...
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