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Federal Reserve Communication

November 24, 2010

The Federal Reserve – Minutes of the Federal Open Market Committee The Committee met by videoconference on October 15 to discuss issues associated with its monetary policy framework, including alternative ways to express and communicate the Committee’s objectives, possibilities for supplementing the Committee’s communication about its policy decisions, the merits of smaller and more frequent… Continue reading Federal Reserve Communication

Newsclips

Stock-Bond Correlation

November 24, 2010

Bloomberg.com – Greed Beats Fear With Stock-Bond Correlation at Three-Year Low For the first time since the financial crisis started, U.S. shares are moving independently of the bond market, a sign that profits and valuations are guiding investors more than concern about the economy. The 30-day correlation coefficient measuring how often the Standard & Poor’s… Continue reading Stock-Bond Correlation

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Newsclips

Europe’s Domino Effect

November 24, 2010

<Click on chart for larger image> The Wall Street Journal – Fears of Domino Effect Pervade Europe Loss of Confidence Extends From Ireland to Spain, Portugal; Bond Spreads Widen as Euro Tumbles. Contagion once again emerged in Europe as investors turned from Ireland’s debt crisis and set their sights on Portugal and Spain. Both Spanish… Continue reading Europe’s Domino Effect

Newsclips

Corporate Issuance

November 24, 2010

<Click on chart for larger image> <Click on chart for larger image> The Wall Street Journal – Corporate Issuers Freeze Up Corporations have sold $1.24 billion of bonds so far this week, the lowest total since the week of Sept. 15, 2008, when just $536.6 million was sold, according to data provider Dealogic. One deal… Continue reading Corporate Issuance

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Newsclips

BABs

November 24, 2010

<Click on chart for larger image> The Wall Street Journal – BAB Program Likely to Get Another Year BABs account for an estimated 30% of municipal-bond market issuance so far this year, according to analysts. More than $150 billion of BABs have been issued between the program’s start in April 2009 and Oct. 31 of… Continue reading BABs

Newsclips

Problem Banks

November 24, 2010

The Wall Street Journal – Big Banks Exhale, Tiny Ones Wheeze A report released Tuesday by the Federal Deposit Insurance Corp. showed that the nation’s largest financial institutions are recovering from the financial crisis at a far faster pace than their smaller rivals. That is largely due to fewer nonperforming loans among the giants. The… Continue reading Problem Banks

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Newsclips

Cartoons

November 24, 2010

None Today

Charts of the Week

Untitled

November 23, 2010

Conference Call Presentation/Charts of the Week Topics Covered This Week Include: Unconventional Policy Is Different From Conventional Policy How Did The Federal Reserve Arrive At $600 Billion? Inflation Expectations Is QE2′s Purpose To Create A Stock Market Bubble? Did Larry Meyer Beg The Fed To Create An Equity Bubble? Owners’ Equivalent Rent: An Update The… Continue reading Untitled

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Newsclips

The Federal Reserve’s Unconventional Policy

November 23, 2010

Real Time Economics (WSJ Blog) – Fed’s Kocherlakota: Policy Makers Would Prefer to Cut Rates Federal Reserve policy makers would have rather cut the central bank’s key target rate to spur growth, Federal Reserve Bank of Minneapolis President Narayana Kocherlakota said, but with that target already set essentially at zero, the central bank’s economic kick-starting… Continue reading The Federal Reserve’s Unconventional Policy

Newsclips

Muni Rates vs. Treasury Rates

November 23, 2010

<Click on chart for larger image> Bloomberg.com – Munis Yielding More Than Treasuries for First Time Since Crisis Tax-exempt bonds are yielding more than Treasuries for the first time since the financial crisis, a relationship that history shows doesn’t last, especially as the Federal Reserve kindles inflation expectations. Investors buying AAA municipal general obligation bonds… Continue reading Muni Rates vs. Treasury Rates

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Newsclips

Long Live The Federal Reserve, Largest Holder Of U.S. Debt

November 23, 2010

<Click on chart for larger image> Zero Hedge (Blog) – The Beginning Of The Ponzi End: As Of Today, The Biggest Holder Of US Debt Is Ben Bernanke Well, folks, it’s official – mark November 22, 2010 in your calendars – today is the day the Ponzi starts in earnest. With today’s $8.3 billion POMO… Continue reading Long Live The Federal Reserve, Largest Holder Of U.S. Debt

Newsclips

Corporate Profits

November 23, 2010

The Wall Street Journal – Getting Winded in the Race for Profit Gains An economic recovery is more marathon than sprint. And that’s why the initial surge in corporate profits could leave investors gasping. The sharp, early rebound in profits coming out of the recession has been a recovery bright spot. Year-on-year, pretax corporate-profit growth… Continue reading Corporate Profits