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Bill Berliner


3/9/10 Print
Tuesday, 09 March 2010 07:29

Treasuries underwent a bearish steepener on Monday.  The yield on the 2-year ended the day unchanged, while the yield on the 5- and 10-year rose by 3-3.5 basis points.  Price action seemed to reflect some followup to Friday’s selloff.  The short end shrugged off the implications of the Fed’s announcement that it will include money-market funds for reverse repo transactions undertaken to drain reserves from the financial system.

 
3/8/10 Print
Monday, 08 March 2010 07:45

Treasuries backed off on Friday, with yields on the long end leading the way.  The relatively positive employment report gave stocks a boost and pushed Treasury prices down, with the 10-year off by around 5/8 of a point.  The yield curve (2-10s) steepened by 3-4 basis points, pushing the spread back to +278.  The market also noted an increase in consumer credit for January, which rose for the first time in a year.

 
3/4/10 Print
Thursday, 04 March 2010 07:45

Treasury prices ended the day off marginally.  The curve (2-10s) was roughly unchanged, while the 5-year outperformed by about a basis point or so.

 
3/5/10 Print
Friday, 05 March 2010 08:08

The short end of the curve sold off on Friday, as investors positioned themselves in front of Friday’s employment numbers.  The short end also gave up ground after investors grew more positive on Greece’s ability to cut its deficit and finance itself.  Longer maturities performed better, with the 10-year yield declining by about 1.5 basis points to yield 3.60%.  The yield curve flattened by about 5 basis points to +274 basis points (2-10s).

 
3/3/10 Print
Wednesday, 03 March 2010 07:32

Treasuries were little changed on Tuesday, although the belly of the curve did improve modestly.  With a thin economic calendar and little movement in equities, prices mostly marked time.

 
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Bill Berliner is a mortgage and capital markets consultant based in Southern California.  Before starting Berliner Consulting & Research, he was the head of Trade Strategies for Countrywide Securities Corp.  To access the web site of Berliner Consulting & Research, click here.

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