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October 17, 2007
Inflation Watch Update The attached tables update inflation rates through September 2007. In this month’s update, we also take a look at how the overall CPI statistics reflect changing energy prices
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October 12, 2007
Mergers & Acquisitions: Then And Now Prior to July 10, announced M&A activity was an important force driving the stock market. As private equity companies took public stock private, the float shrunk, which in turn sent the market higher....
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October 4, 2007
Distorted LIBOR Continues To Show Stress In Markets It is estimated that $15 trillion in securities, derivatives and loans are tied to LIBOR. For this reason alone, this market bears watching. Until all 16 reporting banks can once again offer similar...
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September 28, 2007
Commitments of Traders Update/Analysis Statistics cover the CoT report for September 25, 2007. Further charts and comments include: 5-Year Note Futures: Large Speculators Late To Long Side S&P 500 Futures: Commercials Buy Massively; What’s...
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September 26, 2007
Commodity-Currency Correlation Not Very High A correlation study of individual commodities as a function of individual currencies shows most relationships are insignificant statistically.
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September 13, 2007
TIPS, Treasuries And Insurance The low TIPS breakeven rate of inflation can be explained by the relative value of financial crisis insurance relative to inflation insurance.
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September 11, 2007
Credit Stress And The Fed’s Response September 11 San Francisco Presentation Package.
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September 5, 2007
Charts of the Week Topics Covered This Week Include: Updating The Effective Rate Effective Federal Funds Divergence Is Ineffective Policy Asset-Backed Commercial Paper Volatile T-Bills, Jumping Loan Growth Mapping The Path To Libor Stress The Fed Continues To Pump In Liquidity Bond Issuance Updated Volatility Update Measuring The Stock Market’s Pain Financial Stocks Updating Mortgage… Continue reading
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August 29, 2007
Why Subprime Is Not The Problem In The Capital Markets While the resetting of teaser-rate subprime mortgages will stress those borrowers somewhat, this problem is quite limited in comparison to the larger capital market problems of opacity and...
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August 27, 2007
Why The Federal Reserve Might Be Changing The Way It Conducts Monetary Policy The effective funds rate has diverged from the target funds rate to a degree never seen before. Meanwhile, the Fed is supplying huge amounts of liquidity and pinpointing it...
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August 10, 2007
Asset-Backed Commercial Paper’s Selloff The jump in asset-backed commercial paper yields illustrates the extent to which panic is driving financial markets.
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July 31, 2007
Mutual Fund Flows Update Tables updated through June 30, 2007 with data released July 30, 2007. Comments on Stock Funds, Bond Funds and Hybrid Funds, and the public’s break-even level.