Archive for November, 2013

November 25 2013 Opening

Monday, November 25th, 2013

Prices of Treasury coupon securities are registering small losses in overseas trading,though losses have been trimmed from opening levels when the risk on nature of the Iran deal bolstered risk and disfavored safe haven assets. On that news Brent crude has shed a little more than $2 and equities jumped ...

Holiday Shopping

Sunday, November 24th, 2013

I thank the good folks at Action Economics for this post from Shopper Trak which predicts less traffic in stores in the upcoming holiday season. I have written about retail sales and the holiday season previously and should note that the respected blog Calculated Risk believes that retailer hiring patterns are ...

A Sober Look at Credit Markets

Sunday, November 24th, 2013

I was reading a note from a fully paid up subscriber and he suggested reading a blog with the appellation  Sober Look. It is a financial blog and the author has an excellent commentary and some very informative charts on the state of the credit markets. He suggests that it ...

Tokyo Open

Sunday, November 24th, 2013

The 5s 30s spread is opening in Tokyo at about 247.5. I recommended that spread as a tactical flattener into supply when it was trading at 253.5. With the roll on the WI the optics on that trade will have the new issue trading at 244. I would book profit ...

Stratfor on Iran Deal

Sunday, November 24th, 2013

Stratfor is a private intelligence firm to which I subscribe. Here is that firm's analysis of the deal with Iran. Succinctly stated they view it as a first step and they surmise that there are unannounced side agreements which would deal with the geo politics of the region. Iran would ...

Forward Guidance

Sunday, November 24th, 2013

Professor James Hamilton at the Econbrowser blog has an excellent article on forward curves and Federal Reserve tightening episodes and the market's current view of Fed policy. I would agree with his summation that the market is believing that the funding rate will be very low for a very long ...

Friday Night Special

Friday, November 22nd, 2013

I am a retired institutional bond salesman with emphasis on RETIRED. So I barely blogged today. In my first incarnation as a blogger in the thrilling and riveting saga of the financial crisis circa 2008/2009 I would never take time away from this blog and the markets and the screens. ...

Regulatory Ruckus

Friday, November 22nd, 2013

The WSJ is carrying an article which notes that the five regulatory agencies mandated to implement the Dodd Frank Volcker rule are at odds over the best way to proceed and some may inaugurate rules on their own. Via WSJ   By Scott Patterson Nov. 22, 2013 6:10 p.m. ET WASHINGTON—Bank regulators are considering passing the ...

November 22 2013 Opening

Friday, November 22nd, 2013

Prices of Treasury coupon securities are registering very small changes in overnight trading amidst very light client activity. In reports I have observed this morning dealers have reported real money buying in off the run Long Bonds and fast money short covering in the 10 year sector. Real money also ...

Late in the Day MBS Story

Thursday, November 21st, 2013

I have been away from Across the Curve.com global headquarters since mid afternoon and I am just reviewing some messages and I uncovered this little nugget. The Harry Reid nuclear option deed which effectively killed the filibuster on Presidential nominees resulted in a sell off in the mortgage market. One ...