A Bear In China?
Commodities imports stalling; Baltic Dry Index again collapsing; Equities sharply lower…
Archive for the ‘Markets’ Category
PIGS Spreads Update
Spreads tighter…
Reversal?
I’ll interrupt my blogging silence with a short update on markets. Usual service continues as scheduled on Monday.
Looks we have trading themes reversing course.
Market summary: Shanghai down; U.S. Dollar up; PIGS spreads record wide…
Tainted Alpha Blog Returns On November 15, 2010
I’ll be away from my computer for the next week or so. Have a nice weekend, will be back shortly!
Ben S. Bernanke: What the Fed did and why: supporting the recovery and sustaining price stability
And the view from the man himself. The Washington Post: What the Fed did and why: supporting the recovery and sustaining price stability. By Ben S. Bernanke Thursday, November 4, 2010 Two years have passed since the worst financial crisis since the 1930s dealt a body blow to the world economy. Working with policymakers at […]
Gavyn Davies: QE2 is about asset prices, not the economy
This is the best QE2 analysis out-there. FT Blogs Post: QE2 is about asset prices, not the economy
FOMC Statement – November 3, 2010
$600 million over 8 months. More than consensus, but less what was expected before WSJ story. The pace of asset buying on lower bound of expectations. FED Press Release. Slow recovery confirmed. Core inflation measures moved lower. Information received since the Federal Open Market Committee met in September confirms that the pace of recovery in […]
New New Highs For Irish Government Bond Spreads
Irish spreads reached a new high today an German demands of determining a burden sharing plan on any future bailouts. In short Germany refuses to underwrite all of the peripheral Europe new debt. This raised some restructuring talk in the markets. In the mean time Ireland is working on a 2011 budget, it remains to be seen whether they can bring […]
Greece 2009 Budget Deficit Revised to 15% of GDP
Initially Greece planed a under 3% deficit, then they were reporting 6% , it was 12 % a month ago, and now its 15%. Bloomberg story: Greek Bonds Tumble as Government Says Tax Revenue Falling Short. Spreads wider… Chart 1. Greece vs. Germany 10 Year Government Bond Yield Spread
WSJ: Smaller Than Expected QE 2
The newspaper with the best track record on guessing (or maybe pre-announcing) FED policy changes reports that the QE 2 size will be smaller than market expects. The central bank is likely to unveil a program of U.S. Treasury bond purchases worth a few hundred billion dollars over several months, a measured approach in contrast to purchases of […]
TIPS First Ever Negative Yield Auction
Bloomberg story: Treasury Draws Negative Yield for First Time During TIPS Sale. The Treasury sold $10 billion of five-year Treasury Inflation Protected Securities at a negative yield for the first time at a U.S. debt auction as investors bet the Federal Reserve will be successful in sparking inflation.
Bloomberg: Pimco, New York Fed Said to Seek BofA Repurchase of Mortgages
Bloomberg story: Pimco, New York Fed Said to Seek BofA Repurchase of Mortgages. Pacific Investment Management Co., BlackRock Inc. and the Federal Reserve Bank of New York are seeking to force Bank of America Corp. to repurchase soured mortgages packaged into $47 billion of bonds by its Countrywide Financial Corp. unit, people familiar with the […]
The Economist World Debt Clock
This is nice: World Debt Clock.
Markets and Foreclosure Crisis – Part II
You should read this. Naked Capitalism: Josh Rosner: “Could Violations of PSA’s Dwarf Lehman Weekend?”.
FOMC Minutes – October 12, 2010
Nothing special here, FOMC is determinate to provide further monetary stimulus by purchasing longer-dated treasuries. The question which they debated on is whether to provide these measures in case the speed of growth doesn’t pick up or in case the economic condition worsen. My take is, I would not bet that they will announce asset buying programe during November meeting, and […]