Mar

17

A couple of non-equity market indicators at the close of today I think may be worthwhile to look at: Inflation — the 5 year, 5 year forward inflation breakeven fell 33bps to 2.32%. The high was on March 6 at 2.80%. Credit — opened wider but closed 5bps tighter on investment grade CDS, 10 year swap spreads down 9bps.  Commodities — after being up around 3% Gold closed unchanged, other barometers were down much more with the DJAIG down 4.5%. Currencies — opened weak and DXY closed down .28% from an initial move of down 1% plus depending on the pair, the dollar was noticeably stronger versus GBP, NZD, AUD.


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4 Comments so far

  1. Anatoly Veltman on March 17, 2008 9:29 pm

    Three fundamentally unrelated Daily charts - Soybeans, Coffee and Palladium are identical V-tops: up to 50% Feb gain recapitulated symmetrically in March; despite Dollar’s doubled-up depreciation!

  2. Lon Evans on March 18, 2008 3:50 am

    At the risk of sounding "communiss" (or is today's more proper pronunciation "terroiss?"), well, I guess it matters which idiot you subscribe to.

    Anyway, ain't it interesting that as the Fed slathers dollars upon miscreants with our great-great-great-great-great-great-great-great-great (did I miss a great, or should I add another?) grand-children's potential earnings, the commodity markets suggest an implosion equal to that of the equity markets?

    As it seems to me, suddenly producers are to pay the price for bloodsuckers.

    And we call ourselves both democratic and capitalistic?

    Who is John Galt?

    lon

  3. moshe liber on March 18, 2008 4:21 am

    hi, where can i get a chart for CDS, or quotes that update during the trading session? thanks moshe

  4. Stephen on March 18, 2008 4:38 pm

    Lon writes, “Who is John Galt?”

    Coincidentally Caroline Baum wrote of Galt metaphorically in her column on the US financial system last week,
    http://www.bloomberg.com/apps/news?pid=20601039&sid=avFnuh9oWHVo&refer=home

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