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Markets
Meredith Whitney: Next Shoe to Drop Is Municipal Bonds
Meredith Whitney has a new report out that she has been working on for two years called "Tragedy of the Commons" in which she rates several U.S. states. Based on Whitney's analysis, problems in municipal finance could be the next…
David Rosenberg on Why David Tepper is Wrong
This an excerpt from yesterday's daily commentary from David Rosenberg. Two things happened on Friday: First, a very successful hedge fund manager was on CNBC and (between songs, apparently) told viewers that the equity market now…
Stat of the Day: Belgium worst-performing euro zone bonds
Belgium has a caretaker government. It has been unable to form a government since the June election after the previous government collapsed in April. The Netherlands is also struggling to put a coalition together. Italy comes to the fore…
Is Brazil Considering Encaje-Type Approach To BRL Strength?
from BBH's Win Thin on capital controls in Brazil Finance Minister Mantega said that Brazil is considering a tax on short-term fixed income investments but not on long-term. No further details were given, but he noted that the central bank…
Andy Xie is much less bearish on Chinese housing market
Recently I pointed to some comments by Andy Xie which indicated he was taking a less apocalyptic stance toward the Chinese property market. It was difficult to discern how much of a climb down this was for the China bear. But, judging from…
Where is the Bottom for Housing? We May Not Know for Years
How far are we from a bottom in U.S. home prices? There are many estimates that there could be another 10% or more for the national average and median prices to decline. This author estimated that 2010 had a most probable…
The Pig in the Python
by Annaly Salvos The title of this post may sound like a fable told by Aesop, but we assure you it’s not. We spent the early part of this week in Dallas attending the 3rd Zelman & Associates Housing Summit. The conference was attended…
India, Brazil, Mexico Update
India: Earlier today India lifted the cap on foreign ownership of government and corporate bonds. This had been anticipated, but it runs counter to the rash of media reports suggesting that rise of beggar-thy-neighbor policies…
How Much Higher Can Bonds Go?
by John Lounsbury David Rosenberg, chief economist at Toronto's Gluskin Sheff, says at least two more years to a top with rates significantly lower than today. Here is Rosenberg's graph: From today's "Breakfast With…
Stat of the Day: Ireland now fifth for highest government default probabilities in the world
This morning, BBH's Marc Chandler noted: In today’s European trading session, Ireland sold €100 of bills with an average yield of 2.23% with a maturity set for April 18, 2011. On the whole, Ireland auctioned €400M of bills, less than…