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What's Up (Down) with Libor?

May 14, 2009
The benchmark three-month LIBOR continues to fall. Since last Friday, it has fallen by about 8 bp, more than in the whole month of March. In April, three-month libor fell about 20 bp and thus far this month it has fallen another 16 and counting. The LIBOR-OIS spread has also fallen sharply. It fell 9 bp today to bring this week's decline to 17…
What's Up (Down) with Libor? What's Up (Down) with Libor? Reviewed by magonomics on May 14, 2009 Rating: 5
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Shifting Drivers in FX

May 13, 2009
We keep a watchful eye on correlations between various currencies and othermarkets, including equities, commodities, and Treasuries. Although it may feel like some of these inter-market relationships are breaking down, a review of some recent correlations suggest otherwise. Believing it is the most rigorous approach, these correlations are run on …
Shifting Drivers in FX Shifting Drivers in FX Reviewed by magonomics on May 13, 2009 Rating: 5
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Disappointing U.S. Retain Sales Did to MXN What S&P Failed to Do Disappointing U.S. Retain Sales Did to MXN What S&P Failed to Do Reviewed by magonomics on May 13, 2009 Rating: 5
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Bipartisan Support in US Congress to Play with Fire

May 12, 2009
Washington contacts report that there is a bipartisan group in the Congress that is attempting to resurrect legislation that would punish China for not appreciating the yuan faster.
The Democrat Senator from Michigan (Stabenow) and the Republican Senator from Kentucky (Bunning) are leading the move in the upper chamber. They will reportedly meet to…
Bipartisan Support in US Congress to Play with Fire Bipartisan Support in US Congress to Play with Fire Reviewed by magonomics on May 12, 2009 Rating: 5
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Playing With Fire

May 12, 2009
Old men should know that playing with fire is dangerous. Yet that is precisely what they have done. Many have argued that the large US external imbalance was a major risk to the world economy. The previous solution was for the US to boost domestic savings, for Europe and Japan to make structural reforms to boost domestic demand, and for Asia to ad…
Playing With Fire Playing With Fire Reviewed by magonomics on May 12, 2009 Rating: 5
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Covered Bonds: Back to the Future

May 11, 2009
The European Central Bank seems to surprise the market once a year. Last July the ECB surprised the market and arguably common sense when it hiked interest rates at the peak in commodities, especially oil, just as the region’s economy and other major industrialized economies were about to fall off a cliff. It appears to have gotten this year’s sur…
Covered Bonds: Back to the Future Covered Bonds: Back to the Future Reviewed by magonomics on May 11, 2009 Rating: 5
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US Inflation: Where and When

May 01, 2009
There are two main issues that are worrying investors. The first is the future of the dollar as the numeraire—the key metric in the world economy. Recent Special FX pieces have argued that this concern is misplaced. The dollar’s share of reported reserves remains fairly stable. Its use as an invoicing currency remains pervasive. Numerous commoditi…
US Inflation: Where and When US Inflation: Where and When Reviewed by magonomics on May 01, 2009 Rating: 5
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