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spreads

Macro: Banking: Senior Loan Officer’s Survey and Lending

By |2023-11-08T14:08:47-05:00November 8th, 2023|Economy|

Banks continue to tighten lending standards across all sectors. This has eased a bit from the July survey. Banks continue to widen spreads across all sectors. The percentage of banks widening spreads has also eased a tad. Banks are not seeing increasing demand for loans. I'm just posting survey results for C&I loans, the graph is very similar for commercial [...]

Fed Not Buying TIPS, But Sudden Interest In 5-Year

By |2014-04-25T15:26:31-04:00April 25th, 2014|Bonds, Federal Reserve/Monetary Policy, Markets|

Unfortunately, the SOMA details for the week ended April 23 show no Open Market purchases of any TIPS. I say that is unfortunate because it would have provided an easy answer to the breakevens mystery I noted on Wednesday. As it is, the 5-year breakevens remain elevated on apparently well-bid 5-year TIPS. Swap spreads have decompressed almost fully in the [...]

Curve Crazy, Updates

By |2013-12-10T17:45:30-05:00December 10th, 2013|Markets|

There is definitely some disturbance in swaps markets as spreads have been far more volatile lately than at any point since the dramatic shift in March. While most of the action had been concentrated in the 10-year, there has also been a noticeable change in 5-year spread volatility. I don’t think there is much doubt that recent volatility in treasury [...]

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