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June 2, 2008
Overnight Index Swaps And LIBOR While short-term interest swaps may be moving from LIBOR to the overnight index swap market, spreads have narrowed, not widened, during this shift.
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May 30, 2008
Commitments of Traders Update/Analysis Statistics cover the CoT report for May 27, 2008. Further charts and comments include: Federal Fund Futures: Is This The OIS Trade? Crude Oil Futures: LOL, LMAO And YFKM. The Text- Message Market Canadian Dollar...
Two Views of Crude Oil Production, You Won’t Believe The Truth!
May 30, 2008
MarketBeat (WSJ Blog) – Mark Gongloff: Those Amazing Shrinking Oil ExportsAs crude oil slumps despite an Energy Department report of surprisingly weak inventory growth, it’s worth revisiting the must-read story today from Neil King about...
Gross And Greenspan – Viewing Their Relationship Through The...
May 22, 2008
Forbes – Can Gross Get His Groove Back? (May 2007) Will Alan Greenspan help the bond whiz behind Pacific Investment Management get his mojo back? Star manager Bill Gross probably hopes so. For years Gross’ power to move bond markets has...
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May 19, 2008
The Latest On The Credit Crunch And Commodity Speculation Audio Link of Conference Call A transcript of the May 15, 2008 conference call.
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May 16, 2008
Commodity Speculators And U.S. Refining Margins Changes in U.S. refining economics are independent of long-only commodity index funds’ activities.
Betting On Elections
May 14, 2008
MarketBeat (WSJ Blog) – Betting on Votes So-called “prediction” markets such as Intrade and Iowa Electronic Markets are, like the stock and every other market, only as reliable as the information they process. They generally do a...
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May 9, 2008
Who Are The Commodity Speculators? If “speculators” are driving commodities higher, then they are not done. The popularity of long-only funds and commodity ETFs is not waning. The buyers of these funds do not think they are part of the...
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May 8, 2008
Revisiting Freight Rates And Industrial Commodities Changes in the Baltic Dry Freight index and in industrial materials prices since January underscore global industrial strength.
The Fed Readies To Stoke Inflation
May 7, 2008
The Wall Street Journal – Fed Seeks Approval to Pay Interest to Banks The Federal Reserve is formally asking Congress for authority — starting this year — to pay interest on commercial-bank reserves, in an effort to gain better...
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May 2, 2008
April Total Return Review: Treasuries Vastly Outperform Stocks Over The Past 10 Years The attached tables and comments update the total returns through April. Over the last 10 years stocks have underperformed bonds to a degree not seen since 1941....
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April 25, 2008
Financials’ Cost Of Capital The financial firms at the heart of the credit crunch have been rewarded with low current weighted average costs of capital.