We have been bouncing along the bottom end of the 2010 trading range in 2yr, 5yr and 10yr Treasury yields for the last few sessions (80bps in 2s, 2.25 in 5s and 3.60 in 10s give or take a few bps). Given what’s going on in risk asset markets, this morning’s little...
It’s a slow pre-payroll day with the range trade very much in play. First some Fed appointment thoughts: the leading “mainstream/insider” candidates seem to be Romer, Yellen and Tarullo for Vice Chairman. In all cases this would be a dovish tilt from Kohn. That said,...
This is a surprise in terms of the timing of the announcement, but the idea that he would leave after his term is up in the late spring is not a great surprise. He has been talking of retirement for some time and maybe he did not get a warm and fuzzy feeling from the...
As I look at “MOVE Index GP W” on my Bloomberg, I cannot help but think that the vol market is saying something quite different than the panicky global headlines would suggests. MOVE, a gamma index for Treasury implied volatilities, is flirting with lows not seen...
Just a quick note today in between meetings on the west coast - First, there are no surprises I can find in the HH testimony today. It was a classic Ben Bernanke “dovish” speech, with the classic market reaction taking stocks and bonds higher. The extended period is...
Just a quick note today in between meetings on the west coast - First, there are no surprises I can find in the HH testimony today. It was a classic Ben Bernanke “dovish” speech, with the classic market reaction taking stocks and bonds higher. The extended period is alive and well and the economic outlook […]
