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Tim:
Look at the spreads, Treasury to MBS, Treasury to Muni's, Treasury to
Commercial Paper and Junk....... Lots of trouble with domestic accounts
that have hedged exposure with Treasury Bond shorts.
When we talked last week about bonds beginning to take on a life of their
own (outside what was going on in the shares)... Im sure that much of that
bid was provided by accounts who needed to end the pain in these spreads.
Anyway.... Hope all is well.
Stewart
Stewart Taylor
Taylor Fixed Income Outlook
Voice: 501-219-9774
Fax: 501-228-0963
E-Mail: staylor@xxxxxxx
Web Site: http://www.cei.net/~staylor/
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