Archive for January, 2014

Yellen First Testimony

Friday, January 31st, 2014

Via Bloomberg Yellen to Give First Testimony as Fed Chairman on Feb. 11 2014-01-31 16:30:03.735 GMT By Peter S. Green Jan. 31 (Bloomberg) -- New Fed Chairman Janet Yellen will testify to House Financial Services Cmte on Fed’s semi-annual Monetary Policy Report to Congress, discuss state of the U.S. economy, cmte Chairman Jeb Hensarling, R-Texas, says in ...

Corporate Bonds

Friday, January 31st, 2014

Corporate bond spreads are wider today as that market responds to the turmoil in equities and emerging markets. TMT paper is out 2 to 3 basis points, bank and finance paper is out the same amount and industrials are wider by just one basis point. Expectation for next week are for ...

Hungary Bond Maturity Monday

Friday, January 31st, 2014

I just had a long chat with Michael Craig at Sprott Asset Management in Toronto. He is in a select group of fixed income market participants who enjoyed my mellifluous tones and dulcet New York accent as I was his sales coverage in my time at TD Securities. He has ...

S and P

Friday, January 31st, 2014

The S and P Index has traded to 1771 this week but for the most part 1175 has held and the lower prices have attracted fresh buying interest. It will be important to see if that trend continues today. In addition, the 100 day moving average on the index is ...

Treasury Market Update

Friday, January 31st, 2014

The belly of the curve is performing quite well in this risk off move this morning. The Curve has steepened from levels which prevailed when I first marked the curve at about 530AM New York time. So 5s 10s has moved from 115.2 to 115.8 and 5s 30s has steepened ...

Future of Fannie and Freddie

Friday, January 31st, 2014

FNMA and Freddie Mac are wards of the state and have been such since late summer 2008 when the financial world imploded. has an interesting post on the future direction of those entities with former Congressman Mel Watt in charge.

Res Ipsa Loquitur

Friday, January 31st, 2014

This is a story from the FT on the rent a boyfriend business in China. I will just say res ipsa loquitur on this one. Via the FT: January 30, 2014 10:55 am For rent: a boyfriend at Chinese new year By Patti Waldmeir in Beijing ©Sim Chi Yin  Pity the single women of China at ...

Norway Housing Slump: Deja Vu All Over Again

Friday, January 31st, 2014

Bloomberg has a story about a slump in house prices in Norway. I post it because it reads like something from 2006 or 2007 here in the States.

January 31 2014 Opening

Friday, January 31st, 2014

Prices of Treasury coupon securities have pushed higher in overseas trading with the benchmark 10 year note firmly entrenched below 2.70 percent. I can not describe a sole factor for the price gains but instead attribute the move to a confluence of fixed income favorable circumstances. Major equity markets are ...

Emerging Market Europe

Thursday, January 30th, 2014

In my very first post this morning I mentioned the weakness in the Hungary bond market and the rout of the currency. That was courtey of a research piece from my former employer. The WSJ picks up on that them with a lead article on weakness in Emerging Market Europe. Via ...