The worst trouble-spot in the US credit infrastructure is finally being addressed.
Got You Covered
Friday, January 23, 2009
Treasuries: Too Late to Buy, But Too Early to Sell
Friday, January 16, 2009
The Fed's going to hold the whole curve down for quite a while... but then, look out.
Peeking Out of the Bunker
Monday, January 12, 2009
Lagging macro news is horrible, and may be for a while -- but risk-tolerance is coming back.
Signs of Life
Tuesday, December 30, 2008
With the Fed maximally easy now, risk tolerance gradually returns to credit markets.
Deflation and Inflation: A Delicate Balance
Friday, December 19, 2008
Deflation-fighting is the Fed's Job One now -- unfortunately its best weapon is inflation.
1/2% Funds: History-Making, But Irrelevant
Monday, December 15, 2008
Tomorrow's likely record low funds rate has little to do with how the Fed now operates.
Feeding Frenzy in Treasuries
Tuesday, December 2, 2008
Safe haven or mo-mo trade, at this point it offers little potential upside and much risk.
It's a Recession -- Not the End of the World
Friday, November 21, 2008
Non-investment grade bonds are pricing for default rates that aren't going to happen.
Vicious Cycle Visions
Monday, November 10, 2008
This recession will end like they all do -- when risk premia coax capital back to work.
Tuesday, November 4, 2008
The worst is over for the emerging markets, but the road to recovery will be rocky.