This is going to keep the Fed on hold. |
This was old news and didn't bring any fresh insights. |
To have this quick of a reaction in terms of rate cuts, ... suggests that the Fed was seeing crunch-like conditions. |
Today the collective wisdom is that the economy will improve in the not-too-distant future, and that's hostile for bonds because it suggests that the Fed is done easing monetary policy and that financial markets may confront some interest-rate pressures as the economy improves and borrowing re-accelerates. |
We are also in the grips of liquidations by hedge funds and a lot of dealers don't want to see big exposures, |
We don't know how serious it might be. Such disclosures are always problematic. |
We have seen what is historically very unusual downward move on bond prices. |
We knew the economy slowed down, and there was evidence from some of the monthly price statistics that inflationary pressures diminished during the period. |
We're basking in the glow of negative inflation in the month of November. |
We're down for three reasons. One, we still have the overhang of supply associated with the February refunding auctions, which were not distributed that well, ... Two, the early gains in the Dow Jones industrial average have eliminated some support for Treasury. |
We're down for three reasons. One, we still have the overhang of supply associated with the February refunding auctions, which were not distributed that well. Two, the early gains in the Dow Jones industrial average have eliminated some support for Treasury. |
We're flying solo in the Treasury market, we're responding to the fundamentals. |
We're seeing some moderation in the pace of manufacturing activity as the third quarter gets under way. |
What that suggests is that the recovery in corporate profits may not be as strong as expected. |
What we are reacting to is the somewhat stronger than expected tenor in the November employment data - that's it in a nutshell. |