Friday, June 26, 2009

Ben Bernanke: Smooth Criminal

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I know this isn't a universally held opinion, but to me there is a simple reality. Between September and December we were facing a sign...
28 comments:
Thursday, June 25, 2009

FOMC: Keep your concentration on the here and now where it belongs

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So the FOMC follows Qui-Gon Jinn's advice and not Obiwan's instincts. Yesterday's FOMC release was a slightly hawkish shade of A...
4 comments:
Wednesday, June 24, 2009

FOMC: Be mindful of the future

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Alright I'm trying something new here... I'm going to call the actual Fed statement. In about an hour you can make fun of how wrong ...
3 comments:
Tuesday, June 23, 2009

California Munis: What is it? Some kind of local trouble?

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Lots of people have asked my take on California. Speaking strictly from a bond holder perspective, there are two issues. First, what are the...
10 comments:
Tuesday, June 16, 2009

Black Swan: Fallen from the pure faith

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This story in today's Wall Street Journey has me scratching my head. (I know, it was reported a couple weeks ago as well, I'm a bus...
19 comments:
Monday, June 15, 2009

Fed: Deflation? Over my dead body.

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Many Accrued Interest readers will gafaw at the memory of John Ryding, economist at Bear Stearns from 1991 until the bitter end in 2008. Int...
11 comments:
Friday, June 12, 2009

James Grant: Depends greatly on our own point of view

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James Grant (of Grant's Interest Rate Observer) have a great interview on CNBC Wednesday, you can see it for yourself here . I'd say...
18 comments:
Wednesday, June 10, 2009

US Dollar: He's no Jedi

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Some quick thoughts on the dollar. After the inflation SMACKDOWN from last week, especially my comments that I didn't see a dollar crisi...
4 comments:

10-year Auction: This place can get a little rough

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The 10-year auction was horrible. Non-fixed income people don't realize how big a miss 3bps is on a 10-year auction. The ancillary stats...
6 comments:
Tuesday, June 09, 2009

Jefferson County: How many languages do you speak?

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Apparently SMACKDOWN week was popular, as we haven't got a single vote against doing it again. We got a few Ooteedee votes, but those ar...
1 comment:
Monday, June 08, 2009

SMACKDOWN WEEK: Epiloge: At that speed are you sure we'll be able to pull out in time?

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So Accrued Interest has settled it once and for all. Inflation risk is low. The Poll proves it! I posted a new poll asking if readers like t...
14 comments:
Thursday, June 04, 2009

SMACKDOWN WEEK: Now consumers are all but extinct

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Today on SMACKDOWN we'll look at just how inflationary the Fed's programs have been to date. My premise remains that consumer inflat...
14 comments:
Tuesday, June 02, 2009

SMACKDOWN WEEK: China: If you leave now...

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Thanks to the readers for all the e-mails so far. Most have concentrated on the problem of foreign ownership of U.S. debt, and the potential...
18 comments:

SMACKDOWN WEEK: Prequel

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Later today I'll post my first extended rebuttal to the inflation argument, specifically on the concept of debt monetization and foreign...
2 comments:
Monday, June 01, 2009

Treasury Market: Gonk!

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John Maynard Keynes once famously said "The market can remain irrational longer than you can remain solvent." Now, I believe in a ...
8 comments:
Friday, May 29, 2009

Treasuries: Have you ever heard the tragedy of Darth Plagueis the Wise?

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I remain a believer in lower interest rates. I remain of the mind that deflation is a much bigger risk than either inflation or the dollar (...
3 comments:
Wednesday, May 27, 2009

Yeah but this time I've got the money!

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It was shades of 2002, only in reverse today. Mortgage servicers sold intermediate/long rates, which drove rates higher, which brought out m...
9 comments:
Thursday, May 21, 2009

Bill Gross: Do you trust him?

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No... but he's got no love for the Empire, I can tell you that. This morning, S&P put the AAA rating of the United Kingdom on negati...
10 comments:

Treasuries and Stocks: If he could be turned...

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Interesting to watch the Treasury market turn weaker today even as losses in stocks accelerate. I've been feeling for a while that the c...
1 comment:
Friday, May 15, 2009

Municipals and Chrysler: What happens to one will affect the other

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I've been notably absent in expressing my outrage over how the Obama Administration treated Chrysler's secured debt holders. Let it ...
7 comments: