I spent the bulk of Friday last week trying to convince numerous clients, traders, salespeople and even some reporters that the discount rate move was not meaningful for the monetary policy outlook. More importantly, I tried to refocus attention to the data from last...
It used to be painful to read a Plosser speech. I recall this little gem from early 2008: “I am still optimistic that the economy will improve appreciably by the third and fourth quarters of 2008, and that is when any monetary policy action today will begin to have...
1. Record Steepness - 5s30s at 234 and 2s10s at 288 are new records for the curve which were set late Friday and into the Asia session this morning. While it is no doubt difficult to for all asset managers to buy the record highs, the fact remains that we have broken...
And so the headlines read -- “European Leaders Agree to Rescue Greece”, “EU Sends Clear Message of Greek Support”, and “EU vows Solidarity”. Bottom line - the EU got cold feet in pushing too hard on its first test case of a rogue member nation. The banks squealed and...
Yesterday's announcements by FNM and FRE that they will be buying out the bulk of their delinquent loans from existing pools in coming months rattled the mortgage market and sent high coupons (6s and 6.5s) swooning lower. As it stands it looks as though FNM will be...
Yesterday's announcements by FNM and FRE that they will be buying out the bulk of their delinquent loans from existing pools in coming months rattled the mortgage market and sent high coupons (6s and 6.5s) swooning lower. As it stands it looks as though FNM will be buying out 127b and FRE 70b although those […]
