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...
Someone should drop off a copy of the “Mortgage Portfolio Selling for Dummies” book to 20th and Constitution Ave in DC. It’s a pretty simple book as it has only 3 basic rules. 1. Be opportunistic with your sales - never commit to any program. 2. When the market chokes...
Well, the near collapse of the global financial system has been averted after many sleepless June nights! Syntagma square has firmly cemented its place in modern financial history, and the Greek people are now resigned to their plight of lower wealth and lower income...
Well, the near collapse of the global financial system has been averted after many sleepless June nights! Syntagma square has firmly cemented its place in modern financial history, and the Greek people are now resigned to their plight of lower wealth and lower income as the public sector Ponzi scheme shuts down. As time goes […]
