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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory

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To: Jim Willie CB who wrote (1158)	9/30/2003 8:38:34 PM
From: mishedlo	Read Replies (1) of 110194

15:06 ET Bond Market Summary : Treasuries go into the futures close with an impressive up day; the 10-year note is currently up +1 04/32nds to yield 3.936%, based on strong fundamental and technical support. The market began pushing higher on good volume early in the day following this morning's consumer confidence and the Chicago PMI numbers, which came in much weaker than expected. The run continued with the news that the Bank of Japan had spent $40.5B in Sept in an attempt to stem the dollar's fall and had been unsuccessful. Later in the day rumors and confirmations of Fed intervention, buying dollars against the yen on behalf of the BOJ helped push yields to below 4%, where they have spent the latter part of the session, although on lighter volume. MBS players have been in cleaning up month-end loose ends helping to bulge the belly of the curve. Finally, agency spreads came under pressure after SEC Chairman Donaldson said they are investigating fraud allegations against Freddie Mac. Looking ahead, tomorrow's economic calendar comprises construction spending, the ISM index, and auto sales data.

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