Again, very brief commentary. Sorry, folks!<\/p>\n
Fed will get hit by mark-to-market accounting rules<\/a>. Haha! This will fuel political debates for CENTURIES!<\/p>\n The Fed will announce its quarterly estimate of the fair value of Maiden Lane LLC’s $30 billion of holdings that JPMorgan Chase & Co. considered too risky when it acquired Bear Stearns in March, Bank of America analysts Jeffrey Rosenberg and Hans Mikkelsen wrote in a client note. The central bank valued the assets at $29 billion as of June 30, according to the report.<\/p>\n “With the worsening in mortgage markets since last quarter, we estimate a range of $2 billion to $6 billion of unrealized losses,” the New York-based analysts wrote.<\/p><\/blockquote>\n Discount window working overtime<\/a><\/p>\n Market for short term paper on strike<\/a>; and some anecdotal colour thereof<\/a>.<\/p>\n Corporate bond market completely illiquid<\/a>:<\/p>\n The so-called bid-ask spread on Dallas-based AT&T Inc.’s $600 million of 6.8 percent bonds due in 2036 averaged 121 basis points last week, up from 7 basis points in early 2007, according to data compiled by Bloomberg.<\/p><\/blockquote>\n Preferred got smacked today in the backwash from a horrible, horrible, horrible day in equities. A bit more commentary, with an emphasis on the sloppiness of the market at Sloppy, Indeed!<\/a><\/p>\n