Wednesday, April 29, 2009

Late Day Chartology

Some relevant charts to back up the greenness (or lack thereoff) of any shoots that may have appeared today (compliments of Alex).

The next chart compares the 30 Yr UST with the 30 Yr FN current coupon (MTGEFNCL). Welcome to the bizzaro world of negative mortgage spreads: somehow a 30 year mortgage has become cheaper than US Sovereign debt...Maybe taxpayer subsidies into Fannie/Freddie have something to do with it? Hit tip to Dirk for the idea.

And by popular request, a comparison with the 10 YR TSY over the past 10 years. The pattern is unmistakable. The credit/housing bubble coming back with a vengeance, compliments of the idiots who are reverse engineering Greenspan 2.0.

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