Credit Bubble Bulletin

One-month Treasury costs rates ended the year at 5 bps and three-month bills shut at 12 bps. There have been no debt issues this week. 335 million (from EPFR). Freddie Mac 30-calendar-year fixed home loan rates rose 5 bus the other day to a 7-month high 4.86% (down 28bps y-o-y). Fifteen-year-set rates increased 5 up to 4.20% (down 34bps y-o-y).

One-year ARMs sank 14 bps to 3.26% (down 107bps y-o-y). Bankrate’s survey of jumbo mortgage borrowing costs got 30-yr fixed jumbo rates up 9 up to 5.60% (down 60bps-y-o-y). 301bn y-t-d, or 3.6% annualized. December 29 – Bloomberg (Brendan A. McGrail and Ashley Lutz): “Tax-exempt municipal bonds are at risk of their most severe quarterly performance in more than 16 years as producing soared amid a U.S. Treasury selloff and the looming expiration of Build America Bonds.

162.7 billion in 2009… Yields on investment-grade corporate bonds worldwide dropped to typically 3.36% on Oct. 11, the cheapest ever level for the daily data that began in 1996… Companies in the U.S. December 29 – Bloomberg (Tim Watts): “Companies sold almost twice as much personal debt with the cheapest ratings this year as they required benefit of plunging yields to refinance looming maturities at lower costs. December 29 – Bloomberg (Kristen Haunss): “Leveraged-loan issuance in the U.S. 75 billion, up as much as 23% from 2010… according to Barclays Capital. December 30 – Bloomberg (Rita Nazareth): “Marc Faber… said U.S. Treasuries is a ‘suicidal’ investment.

Government bonds will probably drop, said Faber, who publishes the Gloom, Boom, and Doom record… ‘This is a suicidal investment,’ Faber said… ‘Over time, interest rates on U.S. Treasuries will go up. Investors shall steadily understand that the Federal Reserve wants to have negative real interest rates. The worst investment is within U.S. December 30 – Bloomberg (Emma Charlton): “Switzerland’s Franco jumped to a record against the euro and the buck as investors wager its economy is defined to outperform the euro area and U.S. December 30 – Bloomberg (Monami Yui): “The Australian Buick traded close to the highest level since 1982 as signals the U.S.

December 29 – Bloomberg: “Chinese executives are reducing support for a stronger yuan as they criticize U.S. Shen Wenrong, chairman of Jiangsu Shagang Group Co., the nation’s biggest private steelmaker, said China should only allow a ‘token’ gratitude while the U.S. December 30 – Financial Times (Javier Blas): “Cereals, iron ore, and oil.

The three goods, the main for the day-to-day working of economies throughout the global world, season could derail the recovery next. December 29 – Bloomberg (Jeff Wilson): “Rice futures rose the most allowed by the Chicago Board of Trade after flooding reduced production in Thailand, the world’s biggest exporter… ‘Asian destinations are more aggressive buyers of U.S. December 27 – Bloomberg: “Chinese industrial companies’ revenue rose 49.4% in the 11 months through November from a to earlier, putting strain on the central bank to add to this year’s two interest-rate raises.

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  • To Discourage The Imports :-

December 28 – Bloomberg: “Beijing will raise the minimum income by 20.8% in 2011, becoming the latest municipality to lift pay in a country where inflation is working at the quickest clip in more than two years. December 30 – Bloomberg (Tushar Dhara): “India’s Finance Minister Pranab Mukherjee elevated his inflation forecast for the existing 12 months after an index of food prices surged to a 10-week high.

December 29 – Bloomberg: “Vietnam’s financial development accelerated in the fourth quarter, adding pressure on the central bank or investment company to suppress credit growth to prevent overheating. December 29 – Bloomberg (Katya Kazakina and Scott Reyburn): “The value of the world’s most expensive items sold at auction more than doubled in 2010 2010 as the very best end of the market bounced back from the financial meltdown. December 27 – Bloomberg (David Altaner): “U.S.

U.S. families to pay and the difference is widening, based on the Commonwealth Fund. …private-insurance monthly premiums for families rose three times faster than median household income over six years… Deductibles… rose almost five times faster, the account said. December 27 – Bloomberg (Toru Fujioka): “A Bank or investment company of Japan board member said there’s doubt about the U.S.