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Why Portugal

February 29, 2012
The periphery bonds have generally rallied this year. Ireland's 10-year bond yield is off 138 bp and Italy's is off 179 bp, for example. The Iberian peninsula stands out as an exception. The Spanish 10-year benchmark yield is down only 4 bp and that includes today's 5 bp decline. Portugal is the real outlier. The 10-year yield is up 20…
Why Portugal Why Portugal Reviewed by Marc Chandler on February 29, 2012 Rating: 5
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Great Graphic: Why We Should Be Glad We Didn't 'Let Detroit Go Bankrupt'

February 29, 2012
Yesterday was the great state of Michigan's primary and we took the opportunity to explore what the state is know for: football and cars. We weren't the only ones, President Obama spoke at the UAW:


In his speech he reminded everyone of Mitt Romney's 2008 NYTimes OpEd Let Detroit Go Bankrupt. This great graphic from Think Progress illus…
Great Graphic: Why We Should Be Glad We Didn't 'Let Detroit Go Bankrupt' Great Graphic: Why We Should Be Glad We Didn't 'Let Detroit Go Bankrupt' Reviewed by magonomics on February 29, 2012 Rating: 5
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Euro Gyrates, but Doesn't Break

February 29, 2012
The euro fell amid a mild bout of buy the rumor sell the fact on news of the LTRO.  800 banks took down 529.5 bln euros, slightly above consensus but within expectations. A little more than 200 bln euros reflects the rolling of other borrowing facilities into the three-year tenor. 
That more banks participated (800 vs 525) this time is not surpr…
Euro Gyrates, but Doesn't Break Euro Gyrates, but Doesn't Break Reviewed by Marc Chandler on February 29, 2012 Rating: 5
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Last Thoughts on LTRO

February 28, 2012
At this late date there still seems to be a great deal of misunderstanding and uncertainty surrounding Wed's 3-year LTRO by the ECB.
Ironically even the size of the first LTRO is unclear. Many observers and the media continue to cite the take down as 523 bln euros. That is true, but is misconstrued. The bulk of that amount reflected the rolli…
Last Thoughts on LTRO Last Thoughts on LTRO Reviewed by magonomics on February 28, 2012 Rating: 5
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Great Lakes Great Times: All Eyes on Michigan

February 28, 2012
The Michigan Primary is today and with the winner poised to be the GOP front runner all eyes are on this majestic state with its 64,980 inland lakes (which is over five times the amount that Minnesota, "Land of 10,000 Lakes" has), 3,126 miles of freshwater shoreline (which is more than any other state has), and 19,000,000 acres of fores…
Great Lakes Great Times: All Eyes on Michigan Great Lakes Great Times: All Eyes on Michigan Reviewed by magonomics on February 28, 2012 Rating: 5
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Collective European Bonds Exist

February 28, 2012
There are many voices that continue to clamor for a European bond; one that is backed collectively by the various members. Germany and the other creditor nations are understandably skeptical especially without greater fiscal unity.
We have argued that Europe is constructing a fiscal union in a similar way that a skyscraper is built. Scaffolding …
Collective European Bonds Exist Collective European Bonds Exist Reviewed by Marc Chandler on February 28, 2012 Rating: 5
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Waiting for LTRO

February 28, 2012
The consolidative tone that was seen yesterday in the foreign exchange market has largely carried over into today's session as the market awaits tomorrow's 3-year funding operation by the ECB.  The major currencies are largely confined to yesterday's trading ranges.  
The market took that S&P downgrade of Greece to "selective d…
Waiting for LTRO Waiting for LTRO Reviewed by Marc Chandler on February 28, 2012 Rating: 5
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