When 2 trillion of market cap moves into a complete liquidity vacuum, it’s a problem. The explanations for the recent Italian debt price moves seem to be all over the map. Domestics exiting, foreign central bank selling and then of course foreign central bank buying...
The post payroll price action has been less eventful than I would have thought given the size of the miss. The mortgage and corporate credit markets are only a touch softer and equities are down about 1% - all certainly within one standard dev for a payroll day! The...
Everything about that report stinks. Household survey showed -445k employed and +173 unemployed with the participation rate falling. Headline payrolls very soft at +18k with private payrolls only +57k. And the U6 rate went up to 16.2 from 15.8! A very bad report and...
Yesterday’s commentary on the ratings agencies – “A last gasp of hot NRSRO air” - was luckily well timed. From yesterday’s note I opined – “If anyone believes that the Europeans are going to rely on American based rating agencies to govern their public sector...
Section 939A of the Dodd-Frank Wall Street Reform and Consumer Protection Act, enacted on July 21, 2010, requires the Fed, FDIC and OCC to review their regulations that require the use of an assessment of creditworthiness of a security or money market instrument and...
Section 939A of the Dodd-Frank Wall Street Reform and Consumer Protection Act, enacted on July 21, 2010, requires the Fed, FDIC and OCC to review their regulations that require the use of an assessment of creditworthiness of a security or money market instrument and make reference to, or have requirements regarding, credit ratings. The agencies […]
