All,
Further to these comments regarding the US bond market, the Dow was down a lazy 0.8% but the banks were SMASHED on big volumes....
JP Morgan DOWN 4.8%
Citigroup DOWN 3.0%
Bank of America DOWN 2.2%
Similarly Fannie May and Freddie Mac continued their downward spirals. These movements were driven on fears of large bond losses as the banks scramble to hedge thier portfolios. Shades of what we saw in 1998 with Russian Bonds and concerns of systemic failure again??
It will be interesting to see how our banks perform on Monday - if these concerns of systemic issues in the American banking system start to cause some declines in our banks as we saw in 1998.
Cheers,
Jaysee
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All,Further to these comments regarding the US bond market, the...
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