Welcome to the world of the Bernanke put. In the end the data ex government/census noise looks decent with private payrolls on the same trend at 80k/mth or so. But headline seems to be the focus for govvies which now have to anticipate the Fed buying 6 yards a day...
There are many news stories floating around on the Fed's near certain restart of a Treasury LSAP program in November. You have some commentators suggesting that tea party candidates want to reign in Fed intervention in the Treasury market. The idea is that the Fed is...
Private payrolls miss by almost 50k and the spoo is flat on the day at 5 month highs!!! Anyone that does not believe in the Bernanke Put needs to rethink the situation. The only issue that confounds the full throttle reflation trade is implementation. At present, the...
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...
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 in a way that makes me more confident that we […]
