The payroll number missed expectations for private sector jobs buy 140k in May and we had another 15k in missed revisions. So it was a net miss of over 150k jobs and the 10y yield has fallen from 3.33 pre-number to 3.25 post number – 8bps on a 150k miss seems a little...
There are 2 story links below that are worth a quick read this morning. The first is “Blackrock’s Fink Says US Stocks Ready to Rock” and the second “Covered Bond Sales Surge, Transocean Tumbles: Credit Markets”. NSN L3EOYZ1A1I4H NSN L3FLPW0YHQ0X The first article is...
It’s a calm day with not much new news so I’ll keep it short. The EURO still looks sick at just around 122, while equities trade a little better and bonds a little softer. Peripheral Europe is trading very poorly this morning with the 10yr Bund/BTP spread almost at...
The following is an excerpt from a letter dated April 27, 1999 to Antonio Martino, a founding member of Forza Italia, from Milton Friedman http://www.cato.org/pubs/journal/cj28n2/cj28n2-10.pdf “Your views and mine are currently very much the same on the euro. . . ....
First of all it’s nice to be back stateside after a long and fascinating trip to Asia. Given the issues in Korea we skipped our last stop in Seoul, thankfully, and I made it back a day early. I want to spend some time this morning on the issues that came up during our...
First of all it’s nice to be back stateside after a long and fascinating trip to Asia. Given the issues in Korea we skipped our last stop in Seoul, thankfully, and I made it back a day early. I want to spend some time this morning on the issues that came up during our discussions […]
