David Ader
David Ader
given global insight monetary song swan
Given this is a swan song for Greenspan, I think it's going to be one more of these global topics. There will be very little if anything that will give us any insight into monetary policy.
against cannot core figures outer rate revision solace takes
We cannot take solace from these figures as the upward revision to the core PCE deflator takes the year-on-year rate to 1.9 percent, up against the Fed's outer boundary.
anyone apparently failed hardly impressed momentum percent print rather seem
Does anyone seem impressed that tens got to 4.99 percent and failed to print a 5 percent handle? Apparently not. There was hardly a momentum rejection, rather a yawn.
ahead billion continue corporate estimates factor major next treasury weeks
Corporate issuance will continue to be a major factor (in the Treasury market) in the weeks ahead with estimates ranging from $40 billion to $60 billion over the next month.
above calling move numbers ugly yields
These are ugly numbers for bonds. I have been calling for 10-year yields to move back above 4.6 percent.
news people sooner
This is big news. People sort-of thought it was inevitable, but it's still come sooner than many expected.
absent backed buy emerged expected finally money near step supporting temporary view yields
The suspiciously absent real money buyers, that were expected to step in and buy as yields backed up, have finally emerged -- supporting our view that we are near a temporary floor.
change figure framework plans provide semester trying
The suggestions provide framework of how to change our culture. We are going through semester plans and are trying to figure out how to use the suggestions.
market stopped
It's not that the market is bullish, it's that it stopped being bearish.
amount enormous hit influence
We are getting hit with an enormous amount of supply. That is having an exaggerated influence.
benefit data extend gains impetus
Without the benefit of data or issuance, the impetus to extend those gains is limited.
bullish critical market people push rally short willing
Without more critical information, people are not going to be willing to push it. I don't think the market has been short enough or bullish enough to push this rally further.
demand receiving
There are some receiving demand on the back of the supply.
action buying deem fed impact instead last lost market motivation panic view
We deem this action representative of a market that has lost the flurry of last week's panic buying and instead is rethinking its view as to the near-term motivation of the Fed and the impact of Katrina.