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To: tom pope who wrote (104233)	9/9/2011 1:36:48 PM
From: Dale Baker	Read Replies (1) \| Respond to of 118717

The idea that bond vigilantes would bury the US is pretty much toast now; they are voting with their feet like markets always do, and we all know bond money carries the real weight. Interesting that the US preferred market doesn't seem to be ruffled at all. No concerns for US corporate credit, just a lemming run in equities.

To: tom pope who wrote (104233)	9/9/2011 1:49:16 PM
From: IRWIN JAMES FRANKEL	Read Replies (1) \| Respond to of 118717

ST yields are dropping fast. Banks are cutting what little they pay for deposits. I was talking to an investor that told me they were getting 18 bips and had parked millions at that rate. Even at those levels, it seems likely to me those rates will sink to zero and more banks may adopt the NYB-Mellon approach of charging for deposits. Fed should cut the 25bips they pay on excess reserves - perhaps even this month. But this could just be a step toward the FED charging banks for holding excess reserves. ij