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Source Data:
FRB: Selected Interest Rates
Hotels: Occupancy Rate Decreased 3.5% Year-over-year
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From STR: U.S. hotel results for week ending 16 November
Due to the Veteran’s Day calendar shift, the U.S. hotel industry reported
mixed year-over-year per...
4 hours ago
2 comments:
OK Mark you got to explain the analogy a little more.
Thanks
tg,
The treasury markets were orderly until August, 2007 (i.e., the can just sat there).
There were hints something was wrong on August 9, 2007 (i.e., the bullet was entering the can).
On August 20, 2007 ("credit crunch" day) things really came unglued (i.e., the bullet exited the can and the contents of the can became very visible to us).
It is late November. The contents of the can are still being revealed (and we still don't like what we are seeing). As the website Calculated Risk puts it, the confessional is now open.
In other words, treasury market order turned to chaos and order has yet to be restored. In my opinion, the volatility in the three month treasury bill vs. the fed funds rate shows a lot of confusion (as fear and greed fight it out).
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