Futures are up this morning and showing some life after yesterday’s slow downward slide. News is light once again.
Yesterday’s slide represents a lack of liquidity more than anything. It simply makes no sense that the Fed minutes had anything to do with the sell-off: the Fed cut the discount rate on August 17th. That is the relevant thinking and attitude. August 7th’s minutes simply represent what the Fed used to think. Thus there should have been minimal impact yesterday. More likely that State Street selling off nearly 5% on asset-backed commercial paper exposure helped take us down.
Expect more choppiness in the mkts as “vacation week” continues.
Oil slightly above $72/barrel and the 10-year note yields 4.52%.
Rockbay News: DAI GY trading slightly lower on earnings, more talk of MO spinning off int’l arm
Vito’s Trivia: Name the top 5 countries ranked by per capita beer consumption. (Nota bene: data is from 2002)
Yesterday’s Answer: Andorra (83.52 years) boasts the highest life expectancy at birth, followed by Macau (82.27), Japan (82.02), San Marino (81.8), and Singapore (81.79). Swaziland suffers the lowest (32.23), most likely due to HIV-related deaths.