Baby We Were Born to Run

By Peter Boockvar - June 2nd, 2009, 7:33AM

“In the day we sweat it out in the streets of a runaway American dream,
at night we ride thru mansions of glory in suicide machines, sprung from
cages out on highway 9, chrome wheeled, fuel injected and steppin out
over the line.” Sorry but knowing that each and every one of us own a
piece of GM and ahead of May vehicle sales today I couldn’t help but
sing Springsteen’s ‘Born to Run’. May SAAR is expected to total 9.4mm vs
9.3mm in April and would be 300k above the Feb level which was the
lowest since Dec ’81. April Pending Home Sales are expected to rise .5%
when the 30 yr mortgage rate averaged 4.95% according to Bankrate.com.
The average 30 yr mortgage rate today reached 5.32%, the highest since
Feb 10th and is up 32 bps in a week. Geithner in China basically said
that China still loves us and our treasuries. After a failed 40 yr Gilt
auction back in March, the UK successfully completed one today with a
bid to cover of 2.3.

PERMALINK
Category: MacroNotes.

Comments

Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data, ability to repeat discredited memes, and lack of respect for scientific knowledge. Also, be sure to create straw men and argue against things I have neither said nor even implied. Any irrelevancies you can mention will also be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.

One Response to “Baby We Were Born to Run”

Gene Says:
June 2nd, 2009 at 10:23 am
Treasurys turn down after pending home sales data
Treasurys up as Geithner, China inspire confidence
Treasurys up after China, Geithner comments
Treasury prices plunge as investors warm to risk
Treasurys stay down after ISM report
Treasurys stay up after spending data
Treasury yields drop most since March after run-up

Just some headlines regarding Treasurys over the last several days. It appears that gerbils are in charge of Treasury pricing.