Bond Outlook [by bridport & cie, October 3rd 2007]
For those of us who view the recent stock market rally with bemusement, there are two very real issues threatening the US economy for the rest of the year: the liquidity crisis and the underlying economy. Let us consider each in turn. |
There are signs of a modest return in bank liquidity. The spread of 3 month USD Libor over T bills is still at about 120 bps (compared with 40 earlier this year), but it is settling down. |
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