Dollars and Jens
Monday, August 13, 2007
the market today
After the Fed's operation on Aug. 10, the funds traded close to zero percent, pushing the weighted average to 4.68 percent, according to the central bank.

The London interbank offered rate on the dollar fell to 5.77 percent from Aug. 10, when it was 5.96 percent, the highest since January 2001, the British Bankers Association said.
It was basically a return toward normalcy today; three month bills moved to a yield 14 bps higher than they had been, closer to the fed funds target and the rest of the curve.

The fed reports that the effective fed funds rate for last Thursday was 5.41%. One of the more jarring figures from that table is the four-week treasury yields for the last three days of the week:

4.94 4.60 4.28
Um, yeah. But what most surprise me are the daily closing yields for BBB corporate bonds for the week:

6.61 6.60 6.71 6.70 6.69
Complete equanimity. Go figure.

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