Archive for August, 2009
Sunday, August 9th, 2009
Zero Hedge has responded to my post with a lengthy analysis of Open Market Operations and Federal Reserve purchases of newly minted Treasury debt.
There are alot of neat graphs for you perusal.
I will respond at a later time.
Posted in Uncategorized | 14 Comments »
Saturday, August 8th, 2009
Late Thursday evening I pennned a piece which responded to a post at the blog Zero Hedge which had originally been written and posted at the blog of blogger Chris Martenson.The piece by Mr Martenson discussed the most recent 7 year note auction and the subsequent Open Market Desk purchase ...
Posted in Uncategorized | 21 Comments »
Friday, August 7th, 2009
I will not be writing my usual closing piece today.
It is a beautiful non humid summer Friday and my daughter and granddaughter will be arriving to spend sometime with myself and my wife. So I am knocking off early to prepare for that and the trip to the airport.
My post ...
Posted in Uncategorized | Comments Off on Administrative Note
Friday, August 7th, 2009
Swap spreads are wider across the yield curve.
Two year spreads are wider by 2 1/2 basis points at 46 3/4. Three year swap spreads are 4 basis points wider at 60. Five year spreads are 4 basis points wider at 48 1/2. Seven year spreads are 4 3/4 basis points ...
Posted in Uncategorized | 4 Comments »
Friday, August 7th, 2009
Corporate bond spreads, in the words of one salesman and friend of the blog, are violently unchanged and there is very little trading today.
There is some issuance but it is modest and from innocuous and non marquee names.
The GECC 10 year which priced early in the week at 235 hovers ...
Posted in Uncategorized | Comments Off on Corporate Bonds
Friday, August 7th, 2009
The Treasury market has recovered from the worst levels of the day which were attained in the immediate aftermath of the labor report.
The 2 year note traded in the mid 140s and the 5 year note touched 2.90.
I have heard of prop accounts as well as real money establishing various ...
Posted in Uncategorized | Comments Off on Treasury Update
Friday, August 7th, 2009
Swap spreads are mixed this morning.
Two year spreads are unchanged at 45 1/2. Five year spreads are 3 basis points wider at47 1/2. Ten year spreads are also 3 basis points wider at 32 1/2. Three basis points works again in the 30 year sector as those spreads are that ...
Posted in Uncategorized | Comments Off on Swap Spreads
Friday, August 7th, 2009
Yields have increased rather sharply following the better than experted labor report. This is a free option for the street to pummel the upcoming supply in advance of the auctions next week.
The 2year/10 year spread is 255 basis points. That is just a basis point narrower than the 256 just ...
Posted in Uncategorized | 4 Comments »
Friday, August 7th, 2009
Prices of Treasury coupon securities have posted very modest gains in overnight trading as participants await the monthly assessment of the US labor market.
Yields on benchmark securities are uniformly about one basis point lower. The yield on the 2 year note is 1.19 percent and the yield on the 3 ...
Posted in Uncategorized | 4 Comments »
Thursday, August 6th, 2009
I am not sure where to begin here. A blogger named Chris Martenson wrote a story which alleges that the Federal Reserve System is secretly monetizing the debt. The Zero Hedge Blog links to the story and describes it as a phenomenal piece of investigative reporting. The story also received ...
Posted in Uncategorized | 73 Comments »