Dec

18

It should be a good day especially in the last hour. But there's one thing I don't like. As far as I can see, this is the first qualitative tightening move in 6 years. The tightening moves tend to come in waves. An average run is about 12 with the old things like discount rate changes. Many more will follow, all the while with many Governors trotted out to say "once is enough" or "we are mostly done". I'll sell a little of my longs now and buy them back in an hour. Then sell at close. It doesn't augur well for short term rates, I think. There should be a substantial flattening of the yield curve. But I don't know anything about this subject except for the long runs and perhaps I missed a qualitative change thing in the past. I am ready to be educated and to collect some cat food from Rocky.


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