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Japan Currency Intervention, Oil, and Data Causing Some Selling
Japan's Ministry of Finance (MOF) and central bank (BOJ) are a bit more closely linked than Treasury and the Fed. For example, the MOF can instruct the BOJ to sell a bunch of securities to pop up the value of domestic currency. They did this in relatively grand fashion yesterday, but the selling did
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Bullets Dodged
Bullets Dodged We've seen our fair share of bonds punishing the market on occasions where bond traders were forced to worry about a significant change in a fiscal or monetary regime (or the absence of a desired change). Wednesday's reaction to the Fed ran the risk of setting the stage for similar mo
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UAD 3.6, Reverse, AI, Co-Issue Products; Freddie Clocks in at $3.8 Billion; Morgan Stanley Did What in Mortgages?
I was recently doing some bike riding in the Napa Valley and spent some time speaking with a wine maker. She told me that because of the increase in temperatures, growers are buying land to the south and planting vineyards there, nearer the San Francisco Bay where it is cooler. Their livelihood is a
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Sideways Start is a Victory
This morning could have been much worse. The bond market could have continued spiraling on fear that it is now responsible for conducting monetary policy--something that sounds weird when you first read it, but is actually central to the discussion based on Warsh's comments in yesterday's press conf
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