{"id":6874,"date":"2009-06-12T12:24:17","date_gmt":"2009-06-12T16:24:17","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=6874"},"modified":"2009-06-12T12:24:17","modified_gmt":"2009-06-12T16:24:17","slug":"boe-publishes-2q09-quarterly-bulletin","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=6874","title":{"rendered":"BoE Publishes 2Q09 Quarterly Bulletin"},"content":{"rendered":"<p>The Bank of England has released its <a href=\"http:\/\/www.bankofengland.co.uk\/publications\/quarterlybulletin\/qb0902.pdf\">Quarterly Bulletin 2Q09<\/a>, filled with the usual charts and top-quality research.<\/p>\n<p>Corporate bond liquidity, as measured by bid\/offer spreads, is healing:<\/p>\n<div align=\"center\"><img decoding=\"async\" src=\"http:\/\/www.prefblog.com\/wp-content\/uploads\/2009\/06\/corpbaspreads.jpg\"><\/div>\n<p>There is still a huge CDS basis, implying poor ability to borrow for leverage:<\/p>\n<div align=\"center\"><img decoding=\"async\" src=\"http:\/\/www.prefblog.com\/wp-content\/uploads\/2009\/06\/cdsbasis.jpg\"><\/div>\n<p>In addition to the general review, there are longer &#8220;Research and Analysis&#8221; articles on:<\/p>\n<ul>\n<li>Quantitative Easing\n<li>Public Attitudes to Inflation and Monetary Policy\n<li>The Economics and Estimation of Negative Equity\n<li>Summaries of recent Boe Working Papers<\/ul>\n<p>Sadly, there is no chart of the decomposition of corporate bond spreads into default \/ default uncertainty \/ liquidity. It is my understanding that the system has been so stressed that they are reviewing all their embedded assumptions and calculations in their model to take a view on whether they can still trust it. A lot of quant models have blown up over the past two years!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Bank of England has released its Quarterly Bulletin 2Q09, filled with the usual charts and top-quality research. Corporate bond liquidity, as measured by bid\/offer spreads, is healing: There is still a huge CDS basis, &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12],"tags":[],"class_list":["post-6874","post","type-post","status-publish","format-standard","hentry","category-interesting-external-papers"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/6874","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=6874"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/6874\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=6874"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=6874"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=6874"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}