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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: Ramsey Su who wrote (32079)	5/10/2005 11:36:55 AM
From: SeaViewer	Read Replies (1) \| Respond to of 110194

One coupon pass at $898 million.

To: Ramsey Su who wrote (32079)	5/10/2005 12:06:53 PM
From: russwinter	Respond to of 110194

<Is the Fed doing anything out of the ordinary today regarding coupon pass?> I think they are. They've done four in two weeks, and at a time when the Treasury had a temporary surplus, combined with huge TIOs. That's a lot of easy money right at the time they raised rates. Here's the hedge fund news; Dollar hit by hedge fund rumors By MarketWatch Last Update: 10:14 AM ET May 10, 2005 NEW YORK (MarketWatch) -- The dollar dipped against the yen and the euro in early New York trade, pushed down by talk in the market of troubled hedge funds. Action Economics said the talk may have been sparked by a press report suggesting the rapid expansion of the hedge fund industry has made it difficult to make profitable trades, as evidenced by the Hennessee Hedge Fund Index registering a 1.6% drop for the year on Monday. Speculation in Europe and New York trading rooms suggested that some funds may have been caught out by exposure to General Motors Corp. (GM: news, chart, profile) bonds following their credit rating downgrade last week. There was also talk of funds taking a hit from exposure to scandal-tainted American International Group (AIG: news, chart, profile) . "The associated decline in some large European bank shares may have limited follow-through buying in EUR-USD," said Action Economics.