Treasury auction met higher demand than opposing opinions expected and in turn MBS recovered from earlier lows. The FNMA 30 year 3.5% coupon ended the day at 100.66 – up 19bp.
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Stock slid on news that existing home sales plummeted in July.
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Contrary to the
op-ed last week in the WSJ, The Great American Bond Bubble , we are heading into a depression. How painful will it get before mainstream and our policy makers lay down their foolish ideals, accept the truth and respond appropriately?
Make no mistake – there is an appropriate response that can fix our economy and fix it fast. Our only constraints are political.
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