A quick look at the speeds shows that most cohorts came in slower than expected. Add to that a crushing of vol (swaptions are down 7 normals on 10y tails today) and mortgages are ripping into the close. The big Fed holdings in FNM 2009 4.5s came in at 22 (we were...
It’s sooo nice to back in front of the screens after 2 plus weeks on the road. Today I want to discuss the BoJ decision from last night which is incredibly important for all securities markets. First, the link to the statement is here -...
Bill Dudley's speech on Friday all but announced the LSAP 2 program. "We have tools that can provide additional stimulus at costs that do not appear to be prohibitive. Thus, I conclude that further action is likely to be warranted unless the economic outlook evolves...
As I arrived at my hotel in Madrid late last night, there was a banner hanging above the entry. It said "The hotel staff will be on strike tomorrow for the first time in over 100 years. Not even during the Spanish Civil War did the hotel staff miss a day at work". It...
I have a couple more days in Europe before I head to the West coast. I have had some amazing discussions with clients on Europe, the US and China. The diversity of views is staggering and it’s clear that those in the "optimistic" camp have been very frustrated by the...
I have a couple more days in Europe before I head to the West coast. I have had some amazing discussions with clients on Europe, the US and China. The diversity of views is staggering and it’s clear that those in the "optimistic" camp have been very frustrated by the US and German bond markets […]
