Archive for September, 2009
Monday, September 7th, 2009
Australian business confidence pops to six year high and rebound has some talking about rate hikes down under.
Four digit gold futures. As an aside when i last wrote about TIPS (prior to my weekend jaunt to Virginia) the breakeven spread on 10 year TIPS was 163. Currently that spread via ...
Posted in Uncategorized | 1 Comment »
Monday, September 7th, 2009
"Now the UN is weighing in on the need for a new global reserve currency. UN agency UNCTAD released a report calling for reducing the dollar’s role in global finance in order to protect emerging market countries from the “confidence game” of financial speculation. Huh? Last time we checked, the ...
Posted in Uncategorized | 4 Comments »
Wednesday, September 2nd, 2009
I will be traveling the remainder of today and for a bit tomorrow.
I am not writing a closing post and I am not sure how much I will be blogging Thursday and Friday.
We are heading down to Richmond and Charlottesville, Virginia to see our daughter.
Comment away in my absence. If ...
Posted in Uncategorized | 45 Comments »
Wednesday, September 2nd, 2009
TIPS bonds are taking a clubbing once again today but the pace has really accelerated in the 30 year sector.
When I wrote my closing post yesterday at around 400PM New York time (is there any other time) the breakeven spread on 30 year TIPS was 202 basis points. It would ...
Posted in Uncategorized | 7 Comments »
Wednesday, September 2nd, 2009
The treasury market continues to grind higher in price and lower in yield. The latest iteration of higher prices is supported by the pricing of the EIB 3 year which probably sparked buying of 3 year Treasuries as the deal priced.
One salesman and friend of the blog noted that the ...
Posted in Uncategorized | 5 Comments »
Wednesday, September 2nd, 2009
Zero Hedge has an excellent post which quotes extensively from a piece written by Albert Edwards. When I had a cup of coffee at the then primary dealer Dresdner in 2004 and 2005 he was a London based analyst for that firm.
I never met him but he produced some interesting ...
Posted in Uncategorized | 16 Comments »
Wednesday, September 2nd, 2009
Mortgages are probably close to unchanged this morning. I am ambiguous because two trader emails spaced about 15 minutes apart provided divergent views. One had them a tad tighter and the other a tad wider (to swaps). In either case the movements were minimal.
One trader reported that a consistent theme ...
Posted in Uncategorized | Comments Off on Swaps and MBS and VOL
Wednesday, September 2nd, 2009
A interesting piece of equity market history and trivia from David Killian of Goldman Sachs:
Trivia: According to my data, I found five other occurrences besides today where SPX was down more than 1.9% on the first trading day of September. The years were 1937, 1946, 1974, 1987, and 2002. This ...
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Wednesday, September 2nd, 2009
- 5yr Snr Bank CDS: BAC 162/170 (unch), CITI 270/280 (unch), JPM 70/75 (unch), WFC 94/99 (unch)
- 5yr Snr Broker CDS: GS 141/146 (-1), MS 172/182 (-1)
- CDS Index: IG12 122.5/123.5 (+1)
Posted in Uncategorized | Comments Off on IG 12 and Some CDS
Wednesday, September 2nd, 2009
In my closing post yesterday I wrote about a procedural change by the Open Market Desk by which the Desk would switch its focus in its ongoing purchase of GSE debt to on the run securities from off the run securities.
My close personal friend(s) Tyler Durden at Zero Hedge excerpted ...
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