You ain’t a beauty, but hey you’re alright…Talking its position as the 2nd biggest foreign holder of US Treasuries, Japan’s Finance Minister said “We continue to see US debt as an attractive investment.” Geithner, our Chief Treasury Salesman, will be making the rounds today discussing S&P’s move and likely doing his best in convincing the rest of the world to keep on buying. It’s not what S&P said per se that matters as we all know our current debt plight, it’s what the political response to it that matters. The UK got its stable AAA outlook back from negative 17 months after S&P’s move on them after the UK government responded with a tough budget. European stocks are bouncing after Euro Zone manufacturing and services composite index was better than expected led again by Germany and France. Greece sold 87 day paper at a yield of 4.1% vs 3.85% two months ago. That is 336 bps above the German 3 mo yield and another Greek official said there is “no such thought and no such decision” to restructure its debt. Lastly, Canada’s Mar CPI was 3.3% y/o/y, well above expectations of 2.8%, the highest since Sept ’08 and comes one week after the BoC left rates unchanged at 1%.

Category: MacroNotes

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3 Responses to “You ain’t a beauty, but hey you’re alright”

  1. JohnL says:

    oh yeah, and that’s alright with me

  2. bigal says:

    the door’s open but the ride ain’t free

  3. Christopher says:

    I heard Asian girls actually like the taste of semen….