Archive for May, 2009


Thursday, May 28th, 2009

My daughter Sara is the executive director and c0-founder of the Charlottesville Ballet. I will be traveling the down to that beautiful region most of the rest of today so blogging will be hit and miss for the remainder of the day. The Charlottesville ballet is performing in Charlottesville this weekend and ...


Thursday, May 28th, 2009

Benchmark 10 year and 30 year Treasury securities are sharply higher. Some participants report that the highest yields in six months have attracted some buyers. There was also rumor that the Fed bought $ 10 billion mortgages. The best story I ever heard about rumors is that a rumor is a good rumor ...

JFK Quote

Thursday, May 28th, 2009

A loyal reader suggested the following apropos JFK quote: "A nation that is afraid to let its people judge the truth and falsehood in an open market is a nation that is afraid of its people."

IG 12 and Some CDS

Thursday, May 28th, 2009

- 5yr Snr Bank CDS: BAC 152/162 (unch), CITI 335/355 (unch), JPM 95/105 (unch), WFC 115/125 (unch) - 5yr Snr Broker CDS: GS 135/145 (+2), MS 230/240 (unch) - CDS Index: IG12 144/145.5 (-2.5)

JFK Footnote

Thursday, May 28th, 2009

Had he lived, John Kennedy would be turning 92 years old tomorrow. His death was a tragic punctuation point in American history and the 1960s ( a time warp in which I am sometimes trapped) as we know and love them did not begin in earnest until that day in November ...


Thursday, May 28th, 2009

I did not note the close on TIPS last night but I observe the 10 year breakeven at 193  basis points this morning. Once again I note that it traded 140 in April when the Treasury sold the current 10 year TIPS. That spread generally moves glacially so 50 odd basis ...


Thursday, May 28th, 2009

Three month Libor set at 0.66750 this morning versus 0.67375 yesterday.

Bond Market Open May 28, 2009

Thursday, May 28th, 2009

Prices of Treasury coupon securities have actually posted solid gains in overseas trading. I do not observe any particular news story which might have prompted the advance but believe that the recent bond market rout has left the market at levels which at least some found enticing or interesting. The yield ...

Economic Data May 28 2009

Thursday, May 28th, 2009

There are several items of interest on the economic calendar this day. Durable goods orders for April probably rebounded in (consensus is + 0.5) after falling (-0.8) in March. The consensus anticipates a modest increase in new home sales to 360K in April from 356K in March. Initial claims probably fell slightly with ...

Administrative Note

Wednesday, May 27th, 2009

I will not write a closing piece as i have some personal business to attend to. This has been another historic day in the bond market and I thank the myriad of folks who commented. How about some closing levels for the record: The yield on the 2 year note increased 2 ...