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Giving comfort to the Fed.

‘Automatically’ moves their focus to inflation.

2008-05-19 On-the-run Spreads

On-the-run Spreads


2008-05-19 IG6 Spreads

IG6 Spreads


2008-05-19 IG7 Spreads

IG7 Spreads


2008-05-19 IG8 Spreads

IG8 Spreads


2008-05-19 IG9 Spreads


4 Responses

  1. Hey Warren,

    I noticed the crude spreads have slipped back into contango today. Are the ETFs up to their old tricks?

  2. for sure inventory conditions have shifted, but they always seasonally shift up around this time. could be etf’s to some degree.

    more interesting, if the Fed is still up to their old ways, this would signal to them that markets are anticipating higher prices down the road, rather than elevated inventories, and may nudge them to hike sooner than otherwise.

  3. they attract funds and buy the underlying security or commodity and ‘hoard it’

    nothing more than that

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