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Tuesday, December 01 2009 00:00 |
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We Don't Know
What we don’t know. Treasuries jumped (and Treasury rates dipped) on the news from Dubai last week. In spite of the subsequent worldwide recovery of the stock markets, the US bond market held on to some gains resulting in great rates on Agency loans.
The Dubai story, and the breathless cable commentary about it, highlights that in the daily tug of the bond market’s search for a yield that will satisfy investors, tomorrow’s market moving news is not known today.
Bank rates from our major correspondents held steady after being lowered by several banks in the last few weeks. In spite of lower rates, indicating that Banks are hungrier for deals, Bank underwriting remains tight. |